Crash course – The Hindu

0

Insurance companies have long offered simple and very inexpensive life accident policies. There are different compensations for permanent and temporary partial incapacity

Insurance companies have long offered simple and very inexpensive life accident policies. There are different compensations for permanent and temporary partial incapacity

When a car crashes, families and futures crash and burn. All because the cost of treatment and the loss of earnings are ruining even the most hardy middle-class families.

Insurance companies have long offered simple and very inexpensive life accident policies. If I had a hospitalization policy, that would cover most of my treatment bills. If I had a personal accident insurance policy for ₹15 lakh on top of that, my family would get ₹15 lakh if ​​I die in an accident or it results in permanent disability. Variable compensation for permanent partial disability and temporary partial disability. All this for an annual premium of less than ₹400 per year for a 30 year old.

A common version of this is the personal insurance policy under the Pradhan Mantri Jan Dhan Yojana (PMJDY) umbrella called Pradhan Mantri Suraksha Bima Yojana (PMSBY).

For a premium of ₹20 per year, PMSBY offers accidental death cover of ₹2 lakh and up to ₹1 lakh in the event of disability for anyone between the ages of 18 and 70 who registers through an account banking with Aadhaar as proof of identity.

The third personal insurance scheme under JDY, PMSBY, like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) life insurance scheme, is administered by banks and offered by all insurance companies. public sector general insurance and any other commercial general insurance that chooses to offer it. With your bank account, you can subscribe to the policy and authorize automatic withdrawal of the premium each year. The bank owns the master policy and you are a member of it. Membership formalities are a one-page form and the bank takes care of the rest. Complaints are also handled by the bank.

This policy can be added to any other policy you have, whether indemnity or benefit policies, and that’s simplicity itself.

The central government had its own initiatives called the Universal Health Insurance Scheme which followed the Jan Arogya Bima Yojana and others.

Ayushman Bharat – The National Health Protection Mission has combined the central schemes Rashtriya Swasthya Bima Yojana (RSBY) and the Health Insurance Scheme for the Elderly (SCHIS).

Ayushman Bharat offers hospital fees of up to ₹5 lakh per beneficiary family across the country. Targeting more than 10 crores below the family poverty line, the program not only offers cashless treatment but is also portable across the country, meeting the needs of migrant workers and their families. The program covers secondary and tertiary treatments in public or private hospitals with which there is a pre-negotiated package.

(Writer K. Nitya Kalyani is a business journalist specializing in insurance and business history)

Share.

Comments are closed.