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Crash course – The Hindu

Insurance companies have long offered simple and very cheap personal accident policies. There are different benefits for permanent and temporary partial incapacity for work

Insurance companies have long offered simple and very cheap personal accident policies. There are different benefits for permanent and temporary partial incapacity for work

When a car crashes, families and futures crash. All because treatment costs and loss of income are destroying even robust middle-class families.

Insurance companies have long offered simple and very cheap personal accident policies. If I had a hospitalization policy, that would cover most of my treatment bills. If I had a personal accident policy of ₹15 lakh on top of that, my family would receive ₹15 lakh for accidental death or if it results in permanent disability. Varying compensation in the event of permanent partial incapacity for work and temporary partial incapacity for work. All this at 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 umbrella of Pradhan Mantri Jan Dhan Yojana (PMJDY), called Pradhan Mantri Suraksha Bima Yojana (PMSBY).

For a premium of 20 per annum, PMSBY offers coverage of ₹2 lakh in accidental death and up to ₹1 lakh in disability coverage for every 18-70 year old who registers through a bank account 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 through banks and offered by all public sector general insurance companies and other general insurance company chooses to offer it. With your bank account you can sign up for the policy and allow automatic premium collection every year. The bank has the main policy and you are a member. The application formalities are a one page form and the bank will do the rest. Claims are also handled by the bank.

This policy can be in addition to any other policy you have, whether it be benefits or benefits, and is simplicity itself.

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

Ayushman Bharat – National Health Protection Mission combined the central schemes Rashtriya Swasthya Bima Yojana (RSBY) and the Senior Citizen Health Insurance Scheme (SCHIS).

Ayushman Bharat provides hospitalization costs of up to ₹5 lakh per beneficiary family across the country. Targeting families over 10 crore below the poverty line, the scheme not only provides cashless treatment but is portable across the country and meets the needs of migrant workers and their families. The scheme covers secondary and tertiary treatments in government or private hospitals with which a pre-agreed package rate has been agreed.

(The writer K. Nitya Kalyani is a corporate journalist specializing in insurance and corporate history)

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