A life insurance scheme reserves more than a comfortable future, your peace of mind. And when it comes to peace of mind, everyone has a right to it no matter how economically weaker the person may be. Therefore, a number of insurance schemes have been brought up by our honorable Prime Minister and the government of India.
Here’s a list of top 8 such insurance schemes that offer relief and financial support to the poor and economically backward sector of the society.
1. Atal Pension Yojana (APY)
Website: https://npscra.nsdl.co.in/nsdl/scheme-details/APY_Scheme_Details.pdf
This is a highly beneficial scheme for the senior citizen of the nation, enabling them relief after their retirement. Under this scheme, an amount of pension is contributed by the government.
Benefits:
- For every contribution to the pension fund, 50% of the total contribution or Rs. 1000 per annum will be co-contributed by the Government.
Costs (if any): For a pension of Rs. 1000,
- An 18 year old will have to invest Rs. 43 per month for 40 years
- A 40 year old will have to invest Rs. 291 per month upto 20 years
Eligibility: Any person in the age grup of 18-40 years and can contribute to the scheme upto the age of 60 years. Aadhaar Card would be their primary KYC Document
2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Website: https://www.indiapost.gov.in/Financial/DOP_PDFFiles/Rules%20PMSBY.pdf
PMSBY is a government supported accident insurance scheme in India. It aims to provide an accidental insurance cover in case of accident, accident caused disability or death.
Benefits:
- In case of accidental death or permanent disability, the nominee will be paid an amount of Rs. 2 lakhs
- In case of Partial Permanent Disability, the beneficiary will be paid an amount of Rs. 1 lakh
Costs if any): Annual premium of Rs. 12 excluding service tax.
Eligibility: Any person aged between 18 years and 70 years holding a savings account
3. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Website: https://www.indiapost.gov.in/Financial/DOP_PDFFiles/Rules%20PMJJBY.pdf
PMJJBY is a life insurance scheme launched by the government of India to increase the number of persons availing insurance nationwide.
Benefits:
- An amount of Rs. 2 lakh will be payable to the nominee after the death of the scheme’s member
Costs (if any): Annual premium of Rs. 330 excluding service tax.
Eligibility: Any person aged between 18 years and 50 years holding bank account
4. Pradhan Mantri Jan Dhan Yojana (PMJDY)
Website: http://pmjdy.gov.in/
This scheme has been started by the Prime Minister I order to enable urban and rural low income people to open their bank savings accounts with zero balance along with an affordable access to other financial services like remittance, credit, insurance and pension.
Benefits:
- An amount of Rs. 30,000 life cover payable at the death of the person
- After 6 months of opening the bank account, the account holder can avail Rs. 5000 overdraft from the bank
- Under NPCI technology, the beneficiaries can now transfer their funds or check account balance through a normal phone also
- Accidental Insurance cover of Rs. 1 lakh
- Mobile Banking for poor
Costs (if any): No minimum balance required
Eligibility: Any person from Economically Weaker Sections
5. Kisan Vikas Patr
Website: https://www.indiapost.gov.in/Financial/Pages/Content/KVP.aspx
Kisan Vikas Patra is a saving certificate scheme launched by India Post in 1988. After being closed in 2011, it was relaunched in 2014 by the Government of India.
Benefits:
- Rate of Interest is 7.7%
- Certificates can be encashed after 2.5 years from the date of issue
- Maturity of amount invested in 112 months
Costs (if any): Payable in denominations of Rs. 1000 with minimum Investment being Rs. 1000
Eligibility: Can be availed by all Indian citizens by an adult, jointly by two adults or by a trust.
6. Sukanya Samriddhi Yojana (SSY)
Website: http://www.sukanyasamriddhiaccount.net/
Under the Beti Bachao, Beti Padhao campaign, this scheme was launched by the Prime Minister in January 2015. It mainly aims to support girl children with their marriage and education expenses.
Benefits:
- Expenses cover for Higher Education and marriage
- Relaxations on Income Tax
- Upto 2 accounts can be opened for one family. In case of twins and a third girl child, three accounts can be opened.
Costs (if any): Guardian of the girl child can deposit an amount starting from Rs. 1000 to Rs. 1.5 lakhs till she turns 15 years of age.
Eligibility: Girl Child under 10 years of age
7. Pradhan Mantri Awas Yojana (PMAY)
Website: http://pmaymis.gov.in/
Also known as ‘Housing For All’, PMAY was started with an aim to address the housing requirement of the urban poor.
Benefits:
- 2 crore affordable houses will be built for urban poor till 2022
- Preference to differently abled and senior citizens
- Houses will be owned by females promoting women empowerment
- Houses will be manufactured by eco-friendly material
- Government will provide 6.5% interest subsidy to the beneficiaries of house loan from the start of loan till a period of 15 years
Costs (if any):
Only the remaining EMI. No other cost.
Eligibility: Women, Economically Weaker Sections and Low Income Groups
8. Rashtriya Swasthya Bima Yojana (RSBY)
Website: http://www.rsby.gov.in/
Over 36 million families have enrolled in this health insurance scheme run by the Government of India. It aims to provide cheap healthcare and medical facilities to families in Below Poverty Line sector. Owing to its smart card based model, the scheme has won lauds from World Bank, UN and ILO.
Benefits:
- Cashless Hospitalisation in public and private hospitals
- Inpatient medical care upto Rs. 30,000
- Treatment of pre-existing illnesses from Day 1
Costs (if any):
Rs. 700 to Rs. 800 payable annually for a cover of Rs. 50,000 for persons aged between 18 years and 40 years.
Eligibility: All families Below Poverty Line with a Yellow Ration Card
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