Government Schemes: Events like illness, accidents, or untimely death never come with prior notice. In such situations, not only does the individual suffer physical pain, but the entire family also faces a financial crisis. A large number of people in India cannot afford the expensive health or life insurance offered by private companies. Understanding this need, the central government has launched several affordable insurance schemes aimed at providing social security to low-income groups, the middle class, and workers in the unorganised sector.
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Pradhan Mantri Suraksha Bima Yojana
The Pradhan Mantri Suraksha Bima Yojana is designed for those who want accident insurance at a very low cost. This scheme requires an annual premium of only Rs. 20, which is automatically debited from the bank account. If the insured person dies in a road accident or other accident, or becomes completely disabled, their family receives Rs. 2 lakh in assistance. In case of partial disability, a cover of Rs. 1 lakh is provided. Any Indian citizen between the ages of 18 and 70 can join this scheme.
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Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana works like a term life insurance. By paying an annual premium of Rs. 436, the family receives Rs. 2 lakh in financial assistance in case of death due to any reason. People aged 18 to 50 can join this scheme, and the insurance cover continues until the age of 55. This scheme is very useful for low-income families, as it provides financial support in the event of the death of the earning member of the family.
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Ayushman Bharat Pradhan Mantri Jan Arogya Yojana
In the field of health insurance, the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana is considered the government’s biggest initiative. Under this scheme, eligible families are provided cashless treatment up to Rs. 5 lakh every year. No premium is required for this. The scheme covers the entire cost of hospitalisation, surgery, tests, and medicines in government and empanelled private hospitals. This scheme has brought great relief to families who were burdened with debt due to serious illnesses.
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Aam Aadmi Bima Yojana
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The Aam Aadmi Bima Yojana is being implemented for labourers in rural areas and the unorganised sector. It has a fixed annual premium of Rs. 200, of which Rs. 100 is contributed by the government. In case of natural death, a benefit of Rs. 30,000 is provided, and in case of accidental death or total disability, the benefit is Rs. 75,000. This scheme provides essential social security to the most economically vulnerable sections of society.