Government-Sponsored-Insurance-schemes

Government Sponsored Insurance schemes |Insurance Guide

Our Government is taking some necessary steps to help people with various insurance schemes to protect their life. Here we are going to engage with some useful government insurance schemes

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana is available for people between 18 and 50 years with a bank account. It has an annual premium of £ 330 ($ 4.80). GST was released by Pradhan Mantri Jeevan Jyoti Bima Yojana. The amount is automatically deducted from the account. In the case of death, for whatever reason, nominee payments amount to 2 lakhs (2,900 USD).

This system will also be linked to a bank account opened under the Pradhan Mantri Jan Dhan Yojana system. Most of them initially do not have balance. The government is trying to reduce the amount of this zero balance by using this and related systems.

From now on, all bank account holders can use this option through the Net Banking Service or fill out a form at a bank branch at any time of the year.

Premiums are automatically debited from the insured person’s bank account. The insured family member receives a sum of 2 lakh rupees for the insured’s death.



Pradhan Mantri Suraksh Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana is available for people between 18 and 70 years with a bank account. It has an annual premium of 12 17 (17 ¢ US) tax free. GST was released by Pradhan Mantri Suraksha Bima Yojana. The amount is automatically deducted from the account. The accident insurance system is covered for one year from June 1 to May 31 and is offered through banks and managed by public insurance companies.

In the case of death or total disability, the candidate will pay Rs 2 Lakh (USD 2,900) and in the case of permanent disability a portion of £ 1 Lakh (USD 1,400). Total disability is defined as loss of use in both eyes, arms or legs. Permanent disability is partly defined as loss of use of the eyes, arms or legs.

This system will be linked to a bank account opened by the Pradhan Mantri Jan Dhan Yojana system. Most of them initially do not have balance. The government is trying to reduce the amount of this zero balance by using this and related systems. All bank account holders can now access this service through their banking services at any time of the year. 

Life Cover by Pradhan Mantri Jan Dhan Yojana (PMJDY)

Pradhan Mantri Jan Dhan Yojana (PMJDY) is an Indian Government financial inclusion program, which covers the age group of 20 to 65 years, which aims to improve access to financial services such as bank accounts and money transfers. Loans, insurance and pensions. This financial inclusion campaign was launched on 15 August 2014 by Indian Prime Minister Narendra Modi. He announced the program in his first speech on Independence Day on August 15, 2014.

Pradhan Mantri Fasal Bima Yojana (PMFBY)

Pradhan Mantri Fasal Bima Yojana was launched on 18 February 2016 by the Prime Minister of India. The program, which is implemented by the Ministry of Agriculture, aims to reduce and combat pressure and loss of farmers and protect their interests from disasters. The aim is not to reduce the minimum support costs for agricultural products in the weak rainy season.

This scheme is based on a zone approach. This means that certain areas are designated as advertising spaces for plants, which are therefore protected from disasters. It plays an important role in stabilizing the income of farmers. The program also encourages farmers to use new technologies and new crops.

The insured plants in this scheme are food crops, vegetable oil and one-year horticultural crops. There are several risks covered by this system, such as: For example, preventive sowing or sewing problems. Risk insurance is also provided for various risks that cannot be avoided such as drought, flood, drought period, etc., even for insurance afterwards. Harvesting will take place within two weeks, or fourteen days after harvest, under this scheme.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a senior pension scheme managed and managed by Life Insurance Corporation (LIC). This system offers a safe return of 8% per year, paid for 10 years a month (equivalent to 8.3% per year). However, customers can choose to pay monthly, quarterly, semiannually, or annually.

Who can register?

Minimum age: 60 years

Maximum age: no restrictions

Contract period: 10 years (pensions are paid in 10 years)

Validity

According to the announcement in the 2018 budget, the program can be subscribed until March 31, 2020. This program can be purchased offline and online through the LIC website.

Restructured Time-Based Plant Insurance Scheme (RWBCIS) 

This insurance is intended to protect farmers from unjustified meteorological conditions such as rain, temperature, wind speed, fog and more. On 18 February 2016, Prime Minister Narendra Modi launched a time scheduling system to restructure crop insurance. In its implementation year, 12 countries adopted the system in 2016, while 9 countries later adopted it in Rabi 2016-17.

Non-atmospheric risks that affect our plants, such as pests, weeds, etc.can be eliminated by technology. Time risk must be limited by insurance. This scheme is managed by the Ministry of Agriculture and aims to protect farmers from financial losses due to loss of harvest due to bad weather conditions. The risk period takes into account the time between sowing and harvesting. The time parameter is used as a “proxy” in cultivator compensation.

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