Important Government Insurance Schemes in India

The Government of India has introduced various insurance schemes to provide financial security and protection to its citizens. These schemes aim to cover different aspects of life, including health, life, and property. Here are some of the important government insurance schemes in India:

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

• Launched in 2015, PMJJBY is a term life insurance scheme that provides a life cover of Rs. 2 lakhs to individuals between the ages of 18 and 50 years.
• The annual premium for PMJJBY is Rs. 330, which is automatically deducted from the subscriber’s bank account.
• The scheme is available to all savings bank account holders in India.

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• PMSBY is an accident insurance scheme that provides a death cover of Rs. 2 lakhs and a disability cover of Rs. 1 lakh to individuals between the ages of 18 and 70 years.
• The annual premium for PMSBY is Rs. 12, which is automatically deducted from the subscriber’s bank account.
• The scheme is available to all savings bank account holders in India.

3. Atal Pension Yojana (APY)

• APY is a pension scheme that provides a guaranteed monthly pension to individuals after they reach the age of 60 years.
• The monthly pension ranges from Rs. 1,000 to Rs. 5,000, depending on the contribution made by the subscriber.
• The scheme is available to all citizens of India between the ages of 18 and 40 years.

4. Pradhan Mantri Fasal Bima Yojana (PMFBY)

• PMFBY is a crop insurance scheme that provides financial support to farmers in the event of crop loss due to natural calamities, pests, and diseases.
• The scheme covers a wide range of crops, including food crops, oilseeds, and commercial crops.
• The premium for PMFBY is subsidized by the government, and the farmers’ contribution is based on the crop and the area sown.

5. Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY)

• AB-PMJAY is a health insurance scheme that provides cashless hospitalization and treatment to economically weaker sections of society.

• The scheme covers a wide range of medical procedures, including surgeries, hospitalization, and medicines.

• The annual premium for AB-PMJAY is Rs. 500 per family, and the scheme is available to families with an annual income of less than Rs. 5 lakhs.

• The annual premium for AB-PMJAY is Rs. 500 per family, and the scheme is available to families with an annual income of less than Rs. 5 lakhs.

• The Yojana will provide a coverage up to Rs. 5,00,000 per family per year, for secondary and tertiary care hospitalization through a network of Empanelled Health Care Providers (EHCP).

These are just a few of the important government insurance schemes in India. These schemes play a vital role in providing financial security and protection to the citizens of India, especially those belonging to economically weaker sections of society.

Government Insurance Schemes in India FAQs

What is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

• PMJJBY is a government-sponsored life insurance scheme that provides a life cover of Rs. 2 lakhs to people between the ages of 18 and 50 years.
• The premium for PMJJBY is Rs. 330 per year and is automatically deducted from the policyholder’s bank account.
• The scheme is available to all savings bank account holders in India.

What is the Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

• PMSBY is a government-sponsored accident insurance scheme that provides a death cover of Rs. 2 lakhs and a disability cover of Rs. 1 lakh to people between the ages of 18 and 70 years.
• The premium for PMSBY is Rs. 12 per year and is automatically deducted from the policyholder’s bank account.
• The scheme is available to all savings bank account holders in India.

What is the Atal Pension Yojana (APY)?

• APY is a government-sponsored pension scheme that provides a guaranteed monthly pension to people after they retire.
• The minimum monthly pension under APY is Rs. 1,000 and the maximum monthly pension is Rs. 5,000.
• The premium for APY depends on the age of the policyholder and the desired monthly pension.
• The scheme is available to all Indian citizens between the ages of 18 and 40 years.

What is the Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

• PMVVY is a government-sponsored annuity scheme that provides a guaranteed monthly income to people after they retire.
• The minimum investment under PMVVY is Rs. 1,000 and the maximum investment is Rs. 15 lakhs.
• The interest rate on PMVVY is 7.4% per annum.
• The scheme is available to all Indian citizens who are at least 60 years of age.

What is the National Pension System (NPS)?

• NPS is a government-sponsored pension scheme that provides a tax-efficient way to save for retirement.
• The minimum contribution under NPS is Rs. 500 per month and the maximum contribution is Rs. 1.5 lakhs per year.
• The returns on NPS are market-linked and the scheme offers a variety of investment options.
• The scheme is available to all Indian citizens between the ages of 18 and 60 years.

Conclusion

These are some of the most popular government insurance schemes in India. These schemes provide a safety net to people in case of unforeseen events and help them to save for their future.