Insurance Schemes

It has already two years for Narendra Modi led NDA Government. In this duration, many welfare or Insurance schemes like Dhan Yojana, PM Awas Yojana, Suraksha Bima Yojana, etc. were launched. Despite having some problems in implementation, these policies have benefitted many people

The Government has launched a few Insurance Schemes, which are of enormous significance for supporting the backward and poor people in India. These schemes were mostly targeted to the people belonging to the Below Poverty Line but are beneficial to everyone who does not even have a bank account.

Atal Pension Yojana (APY)

Pradhan Mantri Atal Pension Yojana has brought up by Modi Government as the Indian Government is striving hard to make the life of Old People by supporting them with financial requirements. APY is the most beneficial among all Insurance Schemes. Many old people utilise this Yojana.

The subscribers would receive a minimum pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, Rs. 5000, Per Month of 60 years age, depending on their contributions.

Cost: To avail pension of Rs 1000, a 40-year-old subscriber will have to invest Rs 291 per month for 20 years, while an 18-year-old will have to contribute Rs 42 per month for 40 years.

Eligibility: The age group of 18-40 can subscribe and must contribute till they turn 60 years.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

It is a Government Accident Insurance Scheme in India. It is officially launched by P.M Narendra Modi on 9th May in Kolkata. This PMSBY scheme will offer through Public Sector General Insurance Companies (PSGICs).

All savings account holders from age group 18 to 70 years are entitled to join. This PMSBY Yojana is most used Insurance Schemes by everybody from youth to old.

Cost: Premium is Rs 12 per year

Eligibility: Any Candidate who is having savings account in the banks can enjoy this scheme


  • Death Rs. 2 Lakh
  • Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot Rs. 2 Lakh
  • Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot Rs. 1 Lakh

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

This Insurance Scheme is offering life insurance for death of any reason. The Pradhan Mantri Jeevan Jyoti Bima Yojana was brought up on May 9, 2015. In case of any death of any cause Modi Government will pay 2 Lakhs for the nominee.

Cost: Premium Rs.330/- per annum per member

Eligibility: The age band should be 18 years to 50 years along with saving account of a bank to enjoy the scheme.

Benefits: Payable on member’s death due to any reason Rs. 200000

Pradhan Mantri Jan Dhan Yojana (PMJDY)

The Pradhan Mantri Jan Dhan Yojana has announced by our honourable PM Modi with the aim to tie every rural and urban area people to open a bank account with Zero Balance. Under this scheme, who is older than 10 years and does not possess a bank account can open account depositing of Zero. Access to financial services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance, etc.

Eligibility: Any candidate, economically backward can use this scheme


  • Accidental insurance cover of Rs. 1 lakh
  • No minimum balance required.
  • It provides life cover of Rs. 30,000/- payable on death of the beneficiary
  • The account holders can take Loan Rs.5000 from the bank after six months from opening the account

Kisan Vikas Patra

It is a saving certificate scheme launched by India Post in the year 1988. Due to some issues, the Government of India closed the scheme in 2011 and again relaunched in the year 2014. This KVP Certificates will be available with denominations of Rs.1000, Rs.5000, Rs.10000 and Rs.50000. The interested rate is 7.7% and investment will be doubled in 100 months.

Cost: The minimum investment is Rs 1,000

Eligibility: All Indian Citizens

Sukanya Samriddhi Scheme (SSY)

As a part of Beti Bachao, Beti Padhao campaign on 22nd January 2015 Prime Minister Narendra Modi launched Sukanya Samriddhi Scheme. It is under the Government Saving Scheme to focus on Parents of Girl Children. It encourages building up their daughter’s future education and marriage expenses through this scheme.

Cost: Minimum Rs.1000 per year and Maximum Rs.1.5 Lakh.

Eligibility: Girl Child who is below 10 years old

Pradhan Mantri Awas Yojana (PMAY)

This PMAY is a social welfare programme to provide housing for rural poor in India even also for urban poor with the aim of Housing for all by 2022

Health insurance

Those who have finically backward can enter into the savings affordable by Modi Government. Hospitalisation expenses due to illness or surgery can cover through this Health Insurance.

Cost: For every year Rs.700 t0 800 should be payable for a cover of Rs. 50000 aged between 18 years to 40 years.

Eligibility: All poor people may use this opportunity

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