{"id":3374,"date":"2020-03-12T09:10:54","date_gmt":"2020-03-12T09:10:54","guid":{"rendered":"https:\/\/www.ixambee.com\/blog\/?p=3374"},"modified":"2021-02-11T12:45:47","modified_gmt":"2021-02-11T07:15:47","slug":"insurance-schemes-launched-by-the-government-of-india","status":"publish","type":"post","link":"https:\/\/blog.ixambee.com\/insurance-schemes-launched-by-the-government-of-india","title":{"rendered":"Insurance Schemes Launched by the Government of India"},"content":{"rendered":"\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 One of the most important things that the Government keeps in mind while framing the Annual Budget is the Social Security of the citizens<\/strong>. It is one of the most crucial aspects as it contributes heavily to the overall growth of the nation. The Government of India has launched various Insurance-related schemes in the past. Be it Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Aam Aadmi Bima Yojana (AABY) or Pradhan Mantri Fasal Bima Yojana (PMFBY),<\/strong> the Government always ensured that maximum benefit of the scheme must be provided to the citizens so that their economical, as well as overall development, can be achieved. <\/p>\n\n\n\n

LIC AAO 2020<\/a> <\/strong>notification has been released and the Prelims examination of the same has been scheduled to be held on April 04, 2020. In order to assist you in the General awareness section, I have come up with Insurance-related schemes launched by the Government of India. This topic will be very helpful from the exam point of view. Questions of 1 to 2 marks can be expected from this topic in the LIC AAO Mains exam 2020.<\/a><\/strong> <\/p>\n\n\n\n

Following are some of the very important Insurances schemes that have been launched by the Government of India:<\/p>\n\n\n\n

Pradhan Mantri Jeevan\nJyoti Bima Yojana (PMJJBY)<\/strong><\/h2>\n\n\n\n

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) <\/strong>is a government-backed Life insurance scheme. It was launched on May 09, 2015, in Kolkata, India. It is a renewable term insurance policy being LIC as the major insurer of the scheme. Other Insurer can also offer this scheme provided they have to link with the banks. The life cover can be availed till the attainment of 55 years of age. <\/strong>This scheme is linked under the bank accounts opened under Pradhan Mantri Jan Dhan Yojana scheme. <\/p>\n\n\n\n

Some major key features of the scheme are given below:<\/p>\n\n\n\n

  1. It covers accidental and natural death risk.<\/li>
  2. The risk cover of the scheme is rupees 2 lakh. <\/li>
  3. The edibility of this scheme is that a person should fall under the age of 18 to 50 years <\/strong>and must have a bank account. <\/li>
  4. The premium to be deducted for this scheme is rupees 330 per annum. This premium will be debited for the bank account of the subscriber.<\/li>
  5. The cover period is 1st June of each year to 31st May of the subsequent year.<\/li>
  6. It offers tax benefits under 80C of the Income-tax Act.<\/li>
  7. It is a group insurance scheme and does not require a health certificate or information on pre-existing diseases for joining.<\/li><\/ol>\n\n\n\n

    Pradhan Mantri\nSuraksha Bima Yojana (PMSBY)<\/strong><\/h2>\n\n\n\n

    Pradhan Mantri Suraksha Bima Yojana (PMSBY) <\/strong>is a centrally sponsored scheme launched on May 09, 2015, <\/strong>alongside Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). It was launched in Kolkata, India. The scheme will be offered by all Public Sector General Insurance Companies<\/strong>. Other insurers who are willing to join the scheme need to tie-up with banks for this purpose. <\/p>\n\n\n\n

    Some major key features of the scheme are provided below:<\/p>\n\n\n\n

    1. It is an accidental death and disability insurance scheme.<\/li>
    2. A person should be in between 18 to 70 years of age to avail the benefit of this scheme. Having a bank account is also mandatory. <\/li>
    3. Risk cover of this scheme is as follows: