For just around Rs 100, several government schemes provide insurance coverage worth lakhs, offering financial security to millions of Indians, especially those in vulnerable sections of society. These schemes, often requiring minimal annual premiums, aim to provide a safety net against unforeseen circumstances like accidents, death, and health emergencies.
Two prominent schemes offering high-value benefits at affordable premiums are the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme that provides coverage for accidental death and disability. Available to individuals aged 18 to 70 years with a savings bank account, PMSBY offers a sum assured of Rs 2 lakh for accidental death or total disability and Rs 1 lakh for partial disability. The annual premium for this scheme is a mere Rs 20, automatically debited from the account. Success Rate of PMSBY is reflected in the claim settlements worth ₹3,121 crore for over 1.57 lakh families until April 2025. Full disability under the scheme is defined as loss of use in both eyes, hands, or feet, while partial disability includes loss of use in one eye, hand, or foot. Death caused by suicide, drug abuse, or alcohol is not covered under PMSBY.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme that provides coverage for death due to any reason. Individuals aged 18 to 50 years with a bank account can enroll in this scheme, which offers a life cover of Rs 2 lakh. The annual premium is Rs 436, auto-debited from the account. As of April 2025, over 23.6 crore enrollments have been recorded under PMJJBY, with claims worth ₹18,398 crore settled for over 9 lakh families. The PMJJBY covers deaths resulting from natural calamities like earthquakes and floods. GST is exempted on Pradhan Mantri Jeevan Jyoti Bima Yojana.
Beyond these, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY) is the world’s largest health assurance scheme providing a health cover of ₹5,00,000 per family per year for secondary and tertiary care hospitalization to over 10.74 crore poor and vulnerable families.
Other significant government health schemes include the Central Government Health Scheme (CGHS) for government employees and the Rashtriya Swasthya Bima Yojana (RSBY) for unorganized sector workers. Some state-specific schemes like the Bhamashah Swasthya Bima Yojana in Rajasthan and the Mahatama Jyotiba Phule Jan Arogya Yojana in Maharashtra also offer substantial health coverage to residents.
These government-backed insurance schemes signify a commitment to social security and aim to financially protect citizens against life's uncertainties. By offering insurance coverage at affordable rates, the government ensures that financial assistance is accessible to those who need it most.
