Government Insurance Schemes

Here you will get a brief of some Government Insurance Schemes. Moreover, these Government Insurance Schemes are very beneficial and are available at very cheap rates. Some Government Insurance Schemes:

1.Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)

  • The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join/enable auto-debit.
  • Aadhar would be the primary KYC for the bank account.
  • The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable.
  • Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.
  • The premium is Rs. 330 per annum which is to be auto-debited in one installment from the subscriber’s bank account as per the option is given by him on or before 31st May of each annual coverage period under the scheme.
  • The scheme is being offered by Life Insurance Corporation and all other life insurers,
    • who are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose.

2.Pradhan Mantri Suraksha Bima Yojana(PMSBY)

.Pradhan Mantri Suraksha Bima Yojana(PMSBY)
PMSBY
  • The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join/enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.
  • Aadhar would be the primary KYC for the bank account.
  • The risk coverage under the scheme isRs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.
  • Indeed, The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through an ‘auto-debit’ facility in one installment.
  • Moreover, the scheme is offered by Public Sector General Insurance Companies or any other General Insurance Company,
    • who are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose.

3.Life Cover under Pradhan Mantri Jan Dhan Yojana (PMJDY)

.Life Cover under Pradhan Mantri Jan Dhan Yojana (PMJDY)
PMJDY
  • The Hon’ble Prime Minister in his Independence Day Speech announced a comprehensive program of Financial Inclusion,
    • targeting a large number of people who are currently deprived of even rudimentary financial services.
  • In this direction, the Pradhan Mantri Jan DhanYojana (PMJDY) sets out to provide a basic Bank account to every family who till now had no account.
  • The bank account comes with a RuPay debit card with a built-in accidental insurance cover of Rs. 1 lakh.
  • During the launch on 28.08.14 in New Delhi, Hon’ble Prime Minister also announced a life cover of Rs. 30,000/-
    • for those subscribing to a bank account with a RuPay debit card before 26th January 2015 to complement the Rs. 1 lakh accident insurance cover.
  • This life insurance cover of Rs. 30,000/- under Pradhan Mantri Jan DhanYojana, gives life insurance cover,
    • on the death of the life assured, due to any reason, to the deceased’s family.
  • The scheme aims to provide security to families,
    • from economically weaker sections who cannot afford the direct purchase of such insurance.
  • Moreover, The premium subscription for the life cover under PMJDY is borne by the Government of India.

4.Varishtha Pension Bima Yojana

4.Varishtha Pension Bima Yojana
Varishtha Pension Bima Yojana
  • The NDA Government during its last term in office had introduced the Varishtha Pension BimaYojana (VPBY) as a pension scheme for senior citizens.
  • Under the scheme, a total no. of 3.16 lakh annuitants being benefited and the corpus amounts to Rs. 6,095 crore.
  • For the benefit of citizens aged 60 years and above, the Hon’ble Finance Minister in his Budget Speech for the year 2014-15 proposed to revive the scheme for a limited period from 15 August 2014 to 14 August 2015.
  • Accordingly, the revived Varishtha Pension BimaYojana (VPBY) formally launched by the Finance Minister on 14.08.2014 and opened during the window stretching from 15th August 2014 to 14th August 2015.
  • Thus all those who subscribe to the VPBY during this period will receive an assured guaranteed return of 9% under the policy.
  • The scheme administered through Life Insurance Corporation of India (LIC).
  • Under the Scheme, the subscribers on payment of a lump sum amount get a pension at a guaranteed rate of 9% per annum (payable monthly).
  • Indeed, Any gap in the guaranteed return over the return generated by the LIC on the fund is compensated by the Government of India by way of subsidy payment in the scheme.
  • Moreover, the scheme allows withdrawals of deposit amount by the annuitant after fifteen years of the purchase of the policy.

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