Life can be unpredictable, and it’s essential to be prepared for unexpected situations. Insurance can provide that security, but the high premiums often make it unaffordable for those with low incomes.
To help people in such circumstances, the government offers three schemes that provide financial assistance to families in the event of an accident, the policyholder’s absence, or even a source of regular income in old age.
The premiums for these schemes are so affordable that even those earning Rs 5,000 to 10,000 per month can pay them. Let’s take a look at these schemes:
1. Pradhan Mantri Jeevan Jyoti Bima Yojana
This is a term insurance plan that offers financial support to the family of the policyholder in case of their death.
Under this scheme, the family receives up to Rs 2 lakh in case of the policyholder’s death. The premium is incredibly affordable—only Rs 436 annually, which breaks down to about Rs 36 per month.
This small amount makes it accessible to even those with limited income. The scheme is available to individuals between the ages of 18 and 50.
It can provide essential financial support during difficult times, helping families cover their needs.
2. Pradhan Mantri Suraksha Bima Yojana
This scheme is particularly beneficial for financially weaker sections of society who struggle to afford private insurance premiums.
Launched in 2015, it provides an insurance cover of up to Rs 2 lakh in case of an accident. The annual premium is just Rs 20, making it extremely affordable for even the poorest individuals.
If the insured person dies in an accident, the nominee receives the insurance amount. If the policyholder becomes disabled due to an accident, they receive Rs 1 lakh.
This scheme is available for individuals aged between 18 and 70 years. If the beneficiary reaches 70, the scheme terminates.
3. Atal Pension Yojana
The Atal Pension Yojana (APY) is a great option for anyone looking to secure a regular income after retirement.
Under this scheme, you can receive a monthly pension of up to Rs 5,000, depending on your investment.
To participate, individuals aged 18 to 40 who are not taxpayers can contribute to this government scheme.
The amount you need to invest depends on your age—those who start younger will pay a lower premium.
The contributions must continue until the age of 60. This scheme is an excellent way to ensure a stable source of income during your old age.
These government-run schemes provide affordable options for individuals with low incomes to secure financial protection for themselves and their families, whether in times of crisis or for their future.
By enrolling in these schemes, you can gain peace of mind knowing that you and your loved ones are protected.
