The Indian government has introduced several general insurance schemes to provide financial protection to individuals, farmers, businesses, and vulnerable sections of society. These schemes aim to ensure risk mitigation, financial stability, and social security for different sectors, including health, agriculture, and disaster management.
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Pradhan Mantri Fasal Bima Yojana (PMFBY)
Launched in 2016, PMFBY provides crop insurance to farmers against natural calamities, pest attacks, and diseases. It ensures financial stability by compensating for crop losses due to droughts, floods, cyclones, and other climatic risks. Farmers pay only 2% of the sum insured for Kharif crops and 1.5% for Rabi crops, while the remaining premium is subsidized by the government. This scheme enhances agricultural sustainability and rural economic growth by safeguarding farmers from financial losses.
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Rashtriya Swasthya Bima Yojana (RSBY)
Introduced in 2008, RSBY aims to provide health insurance to families living below the poverty line (BPL). It offers coverage up to ₹30,000 per family per year for hospitalization expenses. The premium is mostly subsidized by the government, making healthcare services accessible and affordable for economically weaker sections. The scheme covers pre-existing diseases, transportation costs, and maternity benefits, ensuring that low-income families receive quality medical treatment without financial stress.
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Ayushman Bharat: Pradhan Mantri Jan Arogya Yojana (PMJAY)
Launched in 2018, PMJAY is the world’s largest health insurance scheme, providing coverage of ₹5 lakh per family per year for secondary and tertiary care hospitalization. It targets poor and vulnerable families, covering hospitalization, surgeries, and medicines. The scheme benefits over 50 crore Indians, ensuring financial protection against high medical expenses. PMJAY allows beneficiaries to avail cashless treatment at empaneled public and private hospitals, significantly reducing healthcare costs for low-income households.
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Pradhan Mantri Suraksha Bima Yojana (PMSBY)
PMSBY, launched in 2015, is an accident insurance scheme offering coverage of ₹2 lakh for accidental death or permanent disability and ₹1 lakh for partial disability. The scheme is available for individuals aged 18-70 years with a low annual premium of ₹20. It provides financial security to families affected by accidental deaths or disabilities, ensuring that policyholders have affordable and accessible accident insurance coverage for unforeseen circumstances.
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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
PMJJBY is a life and general insurance scheme offering a ₹2 lakh coverage for natural or accidental death for individuals aged 18-50 years. The annual premium is ₹436, making it an affordable life insurance option for the underprivileged. The scheme plays a crucial role in providing financial protection to families after the sudden demise of the primary earner, ensuring that they receive essential monetary support.
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Weather-Based Crop Insurance Scheme (WBCIS)
WBCIS provides financial support to farmers against weather-related risks such as drought, floods, temperature variations, and unseasonal rainfall. Unlike traditional crop insurance, it uses weather data as a trigger for claims, ensuring quick and efficient compensation. The government subsidizes the premium, making it affordable for farmers. By protecting farmers from climate-related losses, WBCIS promotes agricultural stability and resilience against extreme weather conditions.
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Universal Health Insurance Scheme (UHIS)
UHIS was launched to provide low-cost health insurance to economically weaker sections, covering hospitalization expenses, accident cover, and disability benefits. It offers coverage for medical treatment up to ₹30,000 per family, ensuring that low-income households can access quality healthcare. The scheme covers pre-existing diseases, making it a comprehensive health insurance plan for families who struggle with medical costs.
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Varishtha Pension Bima Yojana (VPBY)
VPBY is a pension insurance scheme designed for senior citizens aged 60 years and above. It ensures financial security in old age by providing a guaranteed pension through the Life Insurance Corporation of India (LIC). The scheme offers an assured return of 8% per annum on the invested amount, helping retirees manage their post-retirement expenses. By offering financial stability to elderly individuals, VPBY promotes economic well-being and social security for senior citizens.
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Mukhyamantri Beema Yojana (State–Level Insurance Schemes)
Many state governments have introduced Mukhyamantri Beema Yojanas for different groups, including farmers, artisans, and unorganized workers. These schemes provide insurance coverage for accidental deaths, disabilities, and health expenses, ensuring financial support for vulnerable sections. Some state-specific schemes also cover property damage, crop loss, and livestock insurance, enhancing financial security for rural populations.
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Employees’ State Insurance Scheme (ESIS)
ESIS is a social security insurance scheme designed for workers in factories and establishments. It provides medical, maternity, disability, and dependent benefits to employees earning ₹21,000 or less per month. Funded by contributions from both employers and employees, ESIS ensures that workers receive affordable healthcare and financial aid in case of job-related illnesses or accidents. This scheme is crucial in protecting the workforce from health risks and financial instability.