Govt to launch two new insurance schemes for poor

The Finance Minister today said that two new insurance schemes for the lower income groups will be launched. In his budget speech, Arun Jaitley said that Suraksha Bima Yojana an accident insurance scheme of Rs 2 lakh sum assured with premium of merely Rs 12 per year will be launched.

Similarly, there will be a Jeevan Jyoti Bima Yojana with a life insurance cover of Rs 2 lakh with an annual premium of Rs 330. This will be for those between the age-group of 18 years to 50 years. Jaitley said that these schemes will be part of a Universal Social Security Scheme. Added to this will be the Atal Pension Yojana where the government will make 50 per cent contribution.

An earlier draft cabinet note circulated in September 2014 had said that the Rashtriya Swasthya Bima Yojana (RSBY), the Aam Aadmi Bima Yojana (AABY) and the Indira Gandhi National Old Age Pension Scheme (IGNOAPS) were sought to be merged.

RSBY was earlier extended to sections such as rickshaw pullers, rag pickers, mine workers, sanitation workers, and auto rickshaw and taxi drivers. This scheme provides cashless health insurance cover of Rs 30,000 a year to Below Poverty Line families (a unit of five persons) in the unorganised sector. 

It already covers street vendors, beedi workers, domestic workers, building and other construction workers and the MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme) workers who have worked more than 15 days during the previous year. Beneficiaries need to pay Rs 30 per family at the time of enrollment.