India, as a developing country, has a vast population with varying income levels. To provide social security and financial protection to its citizens, especially to those from the low-income groups, the Government of India has launched several insurance schemes over the years. These schemes aim to offer affordable life, health, and accident insurance coverage to safeguard families from unforeseen financial crises.
In this blog post, we will explore some of the top government insurance schemes in India that every Indian citizen should be aware of.
1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Launched: 2015
Type: Life Insurance
Age Group: 18 to 50 years (with a bank account)
Premium: ₹436 per annum
Coverage: ₹2 lakh in case of the policyholder’s death (natural or accidental)
Key Features:
- Affordable life insurance for all savings bank account holders.
- One-year cover, renewable every year.
- Direct auto-debit from the bank account ensures ease of payment.
Who Should Enroll: Anyone seeking low-cost life insurance coverage to financially protect their family.
2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Launched: 2015
Type: Accidental Death and Disability Insurance
Age Group: 18 to 70 years (with a bank account)
Premium: ₹20 per annum
Coverage:
- ₹2 lakh for accidental death or full disability.
- ₹1 lakh for partial disability.
Key Features:
- Very low premium, highly affordable.
- Easy enrollment via banks.
- Direct debit ensures automatic yearly renewal.
Who Should Enroll: Individuals looking for financial protection in case of accidents.
3. Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)
Launched: 2018
Type: Health Insurance
Coverage: ₹5 lakh per family per year for secondary and tertiary care hospitalization.
Beneficiaries: Economically weaker sections (identified based on SECC data).
Key Features:
- Cashless and paperless access to health services.
- Covers over 10 crore poor and vulnerable families.
- Access to empaneled public and private hospitals.
Who Should Enroll: Families eligible under SECC data; no separate enrollment needed if eligible.
4. Employees’ State Insurance Scheme (ESI)
Launched: 1952
Type: Health and Social Security Insurance
Eligibility: Employees earning up to ₹21,000 per month in factories and establishments.
Contribution:
- Employee: 0.75% of wages.
- Employer: 3.25% of wages.
Key Features:
- Medical care for insured persons and their families.
- Sickness, maternity, disability, and dependents’ benefits.
- Funeral expenses and vocational rehabilitation.
Who Should Enroll: Employees working in registered organizations falling under ESI Act.
5. Varishtha Pension Bima Yojana (VPBY)
Launched: 2003 (revised in 2014)
Type: Pension cum Insurance Scheme
Eligibility: Senior Citizens (60 years and above)
Premium/Investment: Lump-sum payment to get guaranteed monthly pension.
Key Features:
- Guaranteed monthly pension for senior citizens.
- Helps ensure regular income in old age.
- Managed by LIC of India.
Who Should Enroll: Senior citizens seeking regular pension income.
6. Atal Pension Yojana (APY)
Launched: 2015
Type: Pension Scheme
Eligibility: Unorganized sector workers aged 18 to 40 years.
Contribution: Monthly contributions based on chosen pension amount.
Pension Amount: ₹1,000 to ₹5,000 per month (from age 60).
Key Features:
- Guaranteed minimum monthly pension after 60 years.
- Government co-contribution for eligible subscribers.
- Auto-debit from bank account.
Who Should Enroll: Workers from unorganized sectors and individuals without formal pension coverage.
7. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
Launched: 2017
Type: Pension Scheme for Senior Citizens
Eligibility: Indian citizens aged 60 years and above.
Premium/Investment: Lump-sum investment for 10-year pension plan.
Key Features:
- Guaranteed pension based on investment.
- 10-year duration with fixed returns.
- Return of purchase price on maturity/death.
Who Should Enroll: Senior citizens looking for a secure fixed-income investment option.
✅ Conclusion
The Government of India has launched these insurance schemes with the vision of “Insurance for All” to protect citizens, especially the vulnerable sections of society, from financial distress. Whether it is life insurance, health insurance, accident coverage, or pension schemes, there are various affordable options available for different needs.
If you haven’t enrolled in any of these schemes yet, consider opting for the one that best suits your needs to secure a better future for yourself and your family.
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