Insurance Plans Launched by Prime Minister Narendra Modi

Narendra Modi has been the prime minister of India since 26 May 2014, and under his reign, the Government has introduced many insurance schemes that have benefited millions of people. Because of how inexpensive and accessible these Government-sponsored insurance policies are, one can undoubtedly safeguard the future of their loved ones.

On Modi ji's 72nd birthday, we are providing you with a detailed understanding of all the insurance schemes launched since he took over. Here is the list of schemes, along with the eligibility, specifications, and benefits.

• Pradhan Mantri Jeevan Jyoti Bima Yojana or PMJJBY(2015):

With a focus on the weaker section of the country, the Pradhan Mantri Jeevan Jyoti Bima Yojana is an insurance plan that intends to provide financial security against a nominal premium if a family's sole earner dies following a mishappening event.

Key Features

• The Yojana is offered for one year.
• PMJJBY provides a benefit of INR 2,00,000for a low annual premium of INR 330.
• To enrol for PMJJBY, you must have a savings bank account.

Now, let us look at the eligibility criteria for the Pradhan Mantri Jeevan Jyoti Bima Yojana.

• Pradhan Mantri Suraksha Bima Yojana or PMSBY(2015):

PM Suraksha Bima Yojana is an insurance scheme introduced by the Indian Government on 8 May 2015. General insurance companies in the public sector handle its administration. The bank accounts opened under the Pradhan Mantri Jan Dhan Yojana initiative are connected to this scheme. By implementing this and other programmes, the Government seeks to decrease the number of such zero-balance accounts.

Key Features

• For accidental death and total disability, the risk coverage under the plan is INR 2 lakh, and for partial disability, INR 1 lakh.
• You will have to pay INR 20 annual premium.
• PMSBY is specifically for those who are prone to accidental deaths.

Let us understand the eligibility criteria for PMSBY.

• Atal Pension Yojana:

The Indian Government introduced the Atal Pension Yojana (APY) programme on 9 May 2015. The Pension Fund Regulatory and Development Authority oversees the guaranteed pension scheme APY administration. Depending on your age and income, you can choose a pension amount between INR 1,000 and INR 5,000.

Key Features

• Either 50% of the subscriber's payment or INR 1,000 annually, whichever is less, will be co-contributed by the Government of India.
• You must make this commitment on behalf of your domestic staff, as they might not have someone to take care of them once they stop working.
• For a five-year term, the Indian Government will co-contribute to each eligible subscriber. Please note that the for all subscribers, including the Swavalamban beneficiaries who have moved, the advantage of five years of government co-contribution under APY would not exceed five years.

Here are the eligibility criteria for Atal Pension Yojana:

• Ayushman Bharat Pradhan Mantri Jan Arogya Yojana or PMJAY(2018):

As part of the Nationwide Health Policy 2017, Prime Minister Narendra Modi unveiled Ayushman Bharat , or "Healthy India," a national project aimed at realising the goal of Universal Health Coverage. It aims to give poor and disadvantaged families health protection coverage against financial risks from dangerous medical episodes.

Key Features

• Every year, vulnerable families will be given coverage of up to INR 5 lakh for any type of primary, intermediate, or tertiary healthcare services enrolled under PMJAY.
• During the hospitalisation process, all out-of-pocket costs would be reimbursed.
• Except for a few conditions listed as an exclusion, the beneficiary's pre-existing conditions would be treated without charge.

Let us take a look at the eligibility criteria for PMJAY:

• Pradhan Mantri Jan Dhan Yojana or PMJDY(2014):

PMJDY is a national mission on financial inclusion that employs a coordinated strategy to achieve full financial inclusion for all households in the nation. The plan calls for financial literacy, access to credit, insurance, and pension services, as well as universal access to banking services with at least one basic banking account for every household. The recipients will also receive a RuPay Debit card with a built-in 1 lakh INR accident insurance policy.

Other

• Sukanya Samridhi Scheme(2015):

Prime Minister Narendra Modi introduced the Sukanya Samriddhi Yojana (SSY) programme as part of the Beti Bachao Beti Padhao campaign to secure the future of girl children. It is a kind of child insurance wherein the maximum investment in a single financial year is INR 1,50,000 with a minimum investment of INR 250. The advantages of this programme are available until your daughter becomes 21 or gets married at age 18 or both. If you wish to continue supporting your daughter's education when she becomes 18 years old, you may also partially take a specific amount of money from the deposit.

• Post Office Fixed Deposits:

This government-sponsored programme allows you to open an unlimited number of fixed deposits in Indian post offices. You will obtain returns that will enable you to take care of your financial needs and take advantage of returns at respectable rates. A person can do a INR 200 minimum deposit requirement here.

Conclusion

All these national schemes are part of the initiative taken by the Modi Government to ensure that the weaker sections of our society are uplifted from the clutches of financial instability. Therefore, let's work together to inform everyone in your circle of acquaintances who qualifies for one of the Government's aforementioned health programmes. Happy Birthday Modi Ji!