In today’s times, rising inflation and uncertain economic conditions have created many challenges for the common man. Events like illness, accidents, or sudden death can completely disrupt a family’s financial situation. This is why insurance and health security have become more important than ever. Many people don’t take out insurance, believing it’s too expensive, but the government has launched several schemes that offer significant coverage at a low cost. These schemes aim to provide financial security to the poor and middle class, so that the financial burden on the family is reduced in times of crisis.
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The Government of India’s several social security schemes offer coverage worth millions of rupees at very low premiums. The process of joining these schemes is also quite simple, and registration can be done with a bank account, Aadhaar card, or other basic documents.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The Pradhan Mantri Suraksha Bima Yojana is a low-cost accident insurance scheme. It provides coverage for death or disability due to an accident at a very low premium. Under this scheme, a benefit of up to Rs. 2 lakh is provided in case of accidental death or total disability, and up to Rs. 1 lakh for partial disability. People aged 18 to 70 years can join this scheme, and the premium is deducted directly from the bank account.
According to the current system, the annual premium for this scheme is approximately Rs. 20, making it one of the cheapest insurance schemes in the country.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a low-cost term life insurance scheme. It provides financial assistance to the family in case of the death of the insured person for any reason. The annual premium for this scheme is approximately Rs. 436, and it provides life insurance cover of up to Rs. 2 lakh.
Generally, people aged 18 to 50 years can join this scheme, and the coverage can continue until the age of 55 with regular premium payments.
Ayushman Bharat and Pradhan Mantri Jan Arogya Yojana
The Ayushman Bharat and Pradhan Mantri Jan Arogya Yojana aim to provide better healthcare services to the poor and vulnerable sections of society. Under this scheme, eligible families receive cashless treatment facilities at government and empanelled private hospitals.
The scheme provides health coverage of up to ₹5 lakh per family per year. This includes hospitalisation, surgeries, medicines, diagnostic tests, and other treatment-related services. Pre-existing conditions are also covered, and there are no limitations based on family size or age.
Aam Aadmi Bima Yojana
The Aam Aadmi Bima Yojana aims to provide financial security to people working in rural and unorganised sectors. It offers insurance coverage at low premiums or, in some cases, with government subsidies. Financial assistance is provided in case of natural death, accidental death, or disability. This scheme is considered particularly beneficial for low-income families.
Niramaya Health Insurance Scheme
The Niramaya Health Insurance Scheme is specifically designed to address the healthcare needs of persons with disabilities. It covers the costs of treatment, therapy, medicines, and other health services. This scheme is helpful for families who are unable to bear the long-term costs of treatment.
Stay informed about these schemes
Many people in the country are unable to avail the benefits of these schemes due to a lack of awareness. The very purpose of these schemes is to provide greater security to ordinary people at a low cost. A little information and timely application can protect families from future financial crises.
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Rohit P
My name is Rohit Pal, and I have been working in the field of journalism for the past five years. During this time, I have written on a variety of topics, including business, automobiles, technology, and politics. I have worked with several major organizations and am currently working with Timesbull.
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