Government Schemes and Insurance Policies
Sharing information about government schemes and insurance policies creates significant change by helping individuals access benefits they may not have known existed. It closes the knowledge gap, allowing low-income communities to secure essential resources like healthcare, education, and financial protection. By simplifying these opportunities, we address barriers such as lack of awareness and complicated procedures, leading to greater financial security and stability. This contributes to stronger communities and fosters informed decision-making that supports long-term economic growth.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- A life insurance scheme offering coverage of ₹2 lakh for a premium of just ₹330 per year. It provides financial support to the policyholder's family in case of death, offering peace of mind. The scheme was announced in the 2015-16 budget and formally launched by Prime Minister Narendra Modi in Kolkata in May 2015.
- Eligibility: Individuals between the ages of 18 and 50 who have a savings account at a participating bank or post office are eligible to join.
- Coverage: The scheme offers a one-year cover that can be renewed annually. The insurance cover is for Rs. 2,00,000.
- Premium: The annual premium is Rs. 436, which is automatically debited from the account holder's savings account on or before May 31.
- Claim process: There is a 30-day lien period from the date of enrollment, during which claims will not be paid. However, deaths due to accidents are exempt from this clause.
Atal Pension Yojana
(APY)
- A pension scheme designed for workers in the unorganized sector, providing a steady post-retirement income through government co-contribution. Launched in 2015, the scheme encourages workers in the unorganized sector to save for retirement, with government co-contribution as an incentive for low-income individuals.
- Eligibility: Open to any Indian citizen aged 18 to 40 years, with a savings account. Individuals need to make contributions for at least 20 years to avail of the benefits.
- Coverage: Provides a guaranteed pension of ₹1,000 to ₹5,000 per month depending on the contribution, starting from age 60.
- Premium: The contribution amount varies depending on the desired pension and the age of the subscriber at the time of enrolment. The government co-contributes 50% of the subscriber’s contribution (up to ₹1,000 per annum) for eligible individuals.
- Claim Process: Upon reaching the age of 60, subscribers receive a monthly pension. In case of death before 60, the spouse can continue the scheme or exit with the accumulated corpus.
- Application: Available at all banks and post offices. Applicants can also use the APY mobile app or apply through internet banking.
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- A savings scheme aimed at doubling the investment in a fixed timeframe. First introduced in 1988 and reintroduced in 2014 to encourage rural savings.
- Eligibility: Any adult Indian resident can invest, including minors through guardians.
- Coverage: Investment doubles in 124 months at the prevailing interest rate.
- Premium: Starts at ₹1,000 with no upper limit.
- Claim Process: Investors redeem certificates at post offices by providing identity proof.
- Application: Apply at post offices with KYC documents.
- Launched in 2017 by the Government of India to provide financial security to senior citizens post-retirement.
- Eligibility: Open to senior citizens aged 60 years and above.
- Coverage: Provides a guaranteed pension payout for 10 years based on the amount invested.
- Premium: A lump sum is paid upfront, with a maximum purchase price of ₹15 lakhs.
- Claim Process: On the death of the policyholder, the purchase price is refunded to the nominee. Claims are made through LIC, which administers the scheme.
- Application: Applications are submitted online or through LIC offices.
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Ayushman Bharat
(Pradhan Mantri Jan Arogya Yojana)
- This scheme provides health insurance coverage of up to ₹5 lakh annually for low-income families, helping them access quality healthcare without financial strain.
Eligibility: Families identified under the Socio-Economic Caste Census (SECC) 2011 are eligible. There’s no cap on family size or age. Launched in 2018, PMJAY is one of the world’s largest government-funded health insurance programs, aimed at improving access to healthcare for over 10 crore poor and vulnerable families.
- Coverage: Provides health insurance coverage of up to ₹5 lakh per family annually for secondary and tertiary care hospitalization.
- Premium: The premium is fully funded by the central and state governments, making it free for the beneficiaries.
- Claim Process: Beneficiaries can avail of cashless treatment at empaneled hospitals. Claims are processed directly between the hospital and the insurance provider.
- Application: Families don’t need to apply; eligibility is based on SECC data. Eligible beneficiaries receive an e-card that they can use at empaneled hospitals.
 Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- The scheme is a one-year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident. Launched in May 2015, PMSBY aims to provide affordable accident insurance for low-income individuals and informal sector workers.
- Eligibility: Available to individuals aged 18 to 70 years with a savings bank account.
- Coverage: ₹2 lakh for accidental death or total disability; ₹1 lakh for partial disability.
- Premium: ₹12 per annum, auto-debited from the policyholder’s bank account.
- Claim Process: The nominee needs to submit a death/disability certificate and a claim form at the bank where the policy is held. Claims are processed within 30 to 60 days.
- Application: Enrolment is done through auto-debit at participating banks.
Sukanya Samriddhi Yojana
(SSY)
- A government-backed savings scheme for parents of girls to help them save for their child's education. Launched in 2015 as part of the Beti Bachao Beti Padhao campaign, the scheme encourages savings for a girl’s future education and marriage.
- Eligibility: Open to the parents or legal guardians of a girl child under 10 years of age.
- Coverage: The scheme offers an interest-bearing savings account with tax benefits. The deposit can range from ₹250 to ₹1.5 lakh per year.
- Premium: The amount deposited in the SSY account qualifies for a tax deduction under Section 80C of the Income Tax Act.
- Claim Process: The scheme matures after 21 years from the date of account opening or upon the marriage of the girl after age 18. Withdrawals can be made for higher education after the girl turns 18, up to 50% of the balance.
- Application: The account can be opened at any post office or authorized bank. Parents need to submit the girl child’s birth certificate and identity proof of the guardian.
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Launched: 2017 by the Government of India to provide financial security to senior citizens post-retirement.
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Eligibility: Open to senior citizens aged 60 years and above.
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Coverage: Provides a guaranteed pension payout for 10 years based on the amount invested.
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Premium: A lump sum is paid upfront, with a maximum purchase price of ₹15 lakhs.
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Claim Process: On the death of the policyholder, the purchase price is refunded to the nominee. Claims are made through LIC, which administers the scheme.
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Application: Applications can be submitted online or through LIC offices.