Everyone should always be prepared for unexpected situations in life. That is why having insurance is very important. However, insurance premiums are often so expensive that poor and needy people cannot afford them. To help such people, the government runs three schemes that provide financial support to families in case of accidents or if the policyholder is no longer around. These schemes also ensure a regular income in old age when there is no other source of earnings.
We are talking about the Post Office Jan Suraksha Scheme, which includes three schemes. These schemes have very nominal premiums, making them affordable even for people earning ₹5,000 to ₹10,000 per month. Let’s take a look at these schemes:
First Scheme: Pradhan Mantri Jeevan Jyoti Bima Yojana
This is a term insurance plan that provides financial help to your family in case of your absence. If the policyholder dies, their family will receive financial assistance of up to ₹2 lakhs. This amount can help the family cover many needs during difficult times. The premium for this scheme is just ₹436 annually, which is equivalent to ₹36.3 per month. Anyone between the ages of 18 and 50 can buy this insurance plan.
Second Scheme: Pradhan Mantri Suraksha Bima Yojana
This scheme is especially helpful for people who are financially weak and cannot afford private insurance premiums. Launched in 2015, it provides an insurance cover of up to ₹2 lakhs in case of an accident. The annual premium is only ₹20, which is affordable for even the poorest people. If the insured person dies in an accident, the insurance amount will be given to their nominee. If the policyholder becomes disabled, they will receive ₹1 lakh as per the scheme rules. This scheme is available to people between 18 and 70 years old. However, if the beneficiary is 70 years or older, the scheme will be terminated.
Third Scheme: Atal Pension Yojana
If you want to arrange a regular income for your old age, you can invest in the government’s Atal Pension Yojana (APY). Through this scheme, you can receive a monthly pension of up to ₹5,000. The amount of pension you get depends on how much you invest. Any Indian citizen who is not a taxpayer and is between 18 and 40 years old can contribute to this scheme. You must continue investing until the age of 60. The premium is based on your age—the younger you are, the lower your premium will be.