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Insurance Schemes in India PDF

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Insurance Schemes in India PDF

Government Sponsored Socially Oriented Insurance Schemes

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 f rom the subscriber’s bank account as per the option 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.

Pradhan Mantri JeevanJyoti Bima Yojna (PMJJBY)

Pradhan Mantri Suraksha Bima Yojana (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. The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment. The scheme is being 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.

Life Cover under Pradhan Mantri Jan Dhan Yojana (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 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 direct purchase of such insurance. The premium subscription for the life cover under PMJDY is borne by the Government of India.

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 are 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) was formally launched by the Finance Minister on 14.08.2014 and has been 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 is administered through Life Insurance Corporation of India (LIC). Under the Scheme the subscribers on payment of a lump sum amount get pension at a guaranteed rate of 9% per annum (payable monthly). Any gap in the guaranteed return over the return generated by the LIC on the fund is compensated by Government of India by way of subsidy payment in the scheme. The scheme allows withdrawals of deposit amount by the annuitant after fifteen years of purchase of the policy.

Pradhan Mantri Fasal Bima Yojana(PMFBY)

The Pradhan Mantri Fasal Bima Yojna was launched on 18th February 2016 by Prime Minister Shri Narendra Modi. 21 states implemented the scheme in Kharif 2016 whereas 23 states and 2 UTs have implemented the scheme in Rabi 2016-17. Approximately 3.7 Crores farmers have been insured in the Kharif 2016 for 3.7 crore ha of land at premium of Rs 16212 crore for a sum insured of Rs 128568.94 crore as per figures available on 31.03.2017.

PMFBY provides a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers. The Scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available and for which requisite number of Crop Cutting Experiments (CCEs) are conductedbeing under General Crop Estimation Survey (GCES). The scheme is implemented by empanelled general insurance companies. Selection of Implementing Agency (IA) is done by the concerned State Government through bidding. The scheme is compulsory for loanee farmers availing Crop Loan /KCC account for notified crops and voluntary for other others. The scheme is being administered by Ministry of Agriculture.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Based on the success and popularity of Varishtha Pension Bima Yojana 2003 (VPBY-2003), Varishtha Pension Bima Yojana 2014 (VPBY-2014) schemes, and to protect elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market conditions, as also to provide social security during old age, it is decided to launch a simplified scheme of assured pension of 8% called the ‘प्रधानमंत्रीवयवन्दनायोजना’. ‘प्रधानमंत्रीवयवन्दनायोजना’ is being implemented through Life Insurance Corporation (LIC) of India. As per the scheme, on payment of an initial lump sum amount ranging from a minimum purchase price of Rs. 1, 50,000/- for a minimum pension of Rs 1000/- per month to a maximum purchase price of Rs. 7, 50,000/- for maximum pension of Rs. 5,000/- per month, subscribers will get an assured pension based on a guaranteed rate of return of 8% per annum, payable monthly.

Restructured Weather Based Crop Insurance Scheme (RWBCIS)

The RWBCIS was launched on 18th February 2016 by Hon’ble Prime Minister 12 states implemented the scheme in Kharif 2016 whereas 9 states have implemented the scheme in Rabi 2016-17. Approximately 15 lakhs farmers have been insured in the Kharif 2016 for 16.95 lakh ha of land at premium of Rs983.96 crore for a sum insured of Rs8536.53 crore as per figures available on 31.03.2017.

Weather Based Crop Insurance Scheme (WBCIS) aims to mitigate the hardship of the insured farmers against the likelihood of financial loss on account of anticipated crop loss resulting from adverse weather conditions relating to rainfall, temperature, wind, humidity etc. WBCIS uses weather parameters as “proxy‟ for crop yields in compensating the cultivators for deemed crop losses. Pay-out structures are developed to the extent of losses deemed to have been suffered using the weather triggers.

Weather Station (RWS) or Backup Weather Station (BWS) as the case may be, and the claims process shall commence once the weather data is received. Claims processing are strictly as per the insurance term sheets, payout structure and the Scheme provisions. All standard Claims are processed and paid within 45 days from the end of the risk period. The scheme is being administered by Ministry of Agriculture.