There are certain grey areas in the economy which require urgent transformation. There aren’t sufficient insurance plans to cater to the economically backward sections of society in India. In the endeavor to transform society and offer social security to all; the government had introduced insurance schemes which empower Indian citizens by offering adequate insurance cover.
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To ensure social security to the citizens of India; the Government had launched the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme or PMJJBY way back in 2015. The scheme can be availed by any Indian citizen of 18 to 50 years. (life cover up to 55 years). PMJJBY offers a sum assured of Rs 2 Lakhs for a premium of just Rs 330 a year.
This is a pure term insurance plan which aims to cover the insured for a tenure of 1 year; post which the scheme must be renewed. The premium is Rs 330 per person per year. For subsequent years; the premium gets auto-debited from the savings bank account of the policyholder.
The plan offers financial security to the family of the insured in case of death within the policy tenure.
This scheme is popularly known as Ayushman Bharat Scheme and was launched by Prime Minister Narendra Modi on September 23rd, 2019. The scheme aims to provide enhanced healthcare services to the lower strata of society.
An insurance cover of Rs 5 Lakh a year per beneficiary family; is offered free of cost as the premiums are paid by the Central and State governments. The scheme allows the beneficiary family to avail health care at government and private empanelled hospitals across India and avail cashless facility for secondary and tertiary healthcare. The scheme also covers pre and post-hospitalization expenses.
The Pradhan Mantri Suraksha Bima Yojana or PMSBY is an accident insurance scheme. It offers a one-year accidental death and disability cover. This must be renewed each year.
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