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Government Schemes for Term and Health Insurance Research Team | Posted On Wednesday, August 21,2019, 05:27 PM

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Government Schemes for Term and Health Insurance



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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Government Schemes for Term and Health Insurance​

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

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.

See Also: National Health Insurance Scheme in India

Features of the PMJJBY scheme:

  • The policy offers life coverage for 1 year and must be then renewed.
  • The insured can choose to walk out of the scheme and re-join as per convenience.
  • The maximum sum assured offered by the scheme is Rs 2 Lakh.
  • The premium rates of this policy are much lower compared to other term life plans i.e. Rs 330 per year. The rates are the same across age groups.
  • Claim settlement is easy and hassle free.
  • You can avail PMJJBY anytime by submitting the medical certificate and paying the annual premiums.

Pradhan Mantri Jan Arogya Yojana:

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.

See Also: 6 National Health Insurance Scheme in India

Benefits of Ayushman Bharat Scheme:

  • The Ayushman Bharat Scheme offers hospitalization coverage of up to Rs 5 Lakh per beneficiary family per year for secondary and tertiary healthcare. The scheme includes the policyholder, spouse, kids and dependent parents. More than 50 Crore vulnerable citizens are covered under the scheme.
  • The Ayushman Bharat Scheme can be availed free of cost. The beneficiary can check his eligibility through kiosks operated by Arogya Mitras.
  • Cashless facility can be availed at empanelled public and private hospitals across the country.
  • The scheme provides cover for hospitalization and pre-existing ailments.
  • The benefits are portable across India.
  • Around 1.5 Lakh wellness centres will be setup to offer comprehensive health care.

See Also: Health Insurance for Government Employees

Pradhan Mantri Suraksha Bima Yojana:

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.

  • You get risk coverage for accidental death and permanent total disability of Rs 2 Lakhs and Rs 1 Lakh for permanent partial disability.
  • You must be between 18-70 years to join PMSBY.
  • You pay just Rs 12 a year and the amount is auto debited from savings bank account.
  • PMSBY covers death in accidents.
  • On death of the account holder, the claim can be filed by the nominee.

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