India has made remarkable progress in expanding social security for its citizens through various government-backed insurance schemes. These initiatives aim to offer financial protection, especially to low-income families, farmers, and workers in the unorganized sector. In this article, we’ll explore the top government insurance schemes in India that provide affordable and accessible coverage to millions.
1. Pradhan Mantri Jan Arogya Yojana (PM-JAY)
Launched: 2018
Ministry: Ministry of Health and Family Welfare
PM-JAY, popularly known as Ayushman Bharat, is the world’s largest health insurance scheme. It provides cashless treatment up to ₹5 lakhs per family per year for secondary and tertiary care hospitalization in public and empaneled private hospitals.
Key Features:
- Covers over 10 crore poor and vulnerable families
- No cap on family size or age
- Covers pre-existing conditions from day one
2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Launched: 2015
Ministry: Ministry of Finance
PMJJBY is a life insurance scheme aimed at individuals aged 18 to 50 years. It provides a life cover of ₹2 lakhs at a premium of just ₹436 per annum.
Key Features:
- Simple enrolment through banks
- One-year policy, renewable every year
- Covers death due to any reason
3. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Launched: 2015
Ministry: Ministry of Finance
This scheme provides accident insurance to individuals aged 18 to 70 years. For a yearly premium of just ₹20, it offers:
- ₹2 lakhs for accidental death or full disability
- ₹1 lakh for partial disability
Ideal For: Daily wage workers, laborers, and others in risky jobs.
4. Atal Pension Yojana (APY)
Launched: 2015
Ministry: Ministry of Finance
While technically a pension scheme, APY includes insurance coverage during the accumulation phase. It aims to provide a fixed pension (₹1,000–₹5,000 per month) after the age of 60, depending on contributions made.
Key Features:
- Government co-contribution for eligible subscribers
- Meant for unorganized sector workers
- Life and disability cover during the contribution period
5. Employees’ State Insurance Scheme (ESI)
Launched: 1952
Ministry: Ministry of Labour and Employment
ESI provides medical care and cash benefits to employees earning less than ₹21,000 per month in the organized sector.
Benefits Include:
- Medical care for employees and dependents
- Maternity, disability, and unemployment benefits
- Sickness benefit at 70% of wages (up to 91 days/year)
6. Aam Aadmi Bima Yojana (AABY)
Launched: 2007
Ministry: Ministry of Labour and Employment
This scheme targets landless households in rural India. It offers life and disability insurance to the head of the family or one earning member aged 18 to 59 years.
Benefits:
- ₹30,000 for natural death
- ₹75,000 for accidental death
- ₹37,500 for partial disability
Final Thoughts
These government insurance schemes in India play a critical role in improving the lives of economically vulnerable populations. With minimal premiums and broad coverage, they ensure that no one is left behind when it comes to healthcare or financial protection.
If you haven’t yet explored these schemes, now is the time to secure your future and that of your family.