Government Sponsored Socially Oriented Insurance Schemes
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Government Sponsored Socially Oriented Insurance Schemes.
Aam Aadmi Bima Yojana(AABY)
AAM ADMI BIMA YOJANA, a Social Security Scheme for rural landless household was launched on 2nd October, 2007 at the hands of the then Hon'ble Finance Minister at Shimla. The head of the family or one earning member in the family of such a household is covered under the scheme. The premium of Rs.200/- per person per annum is shared equally by the Central Government and the State Government. The member to be covered should be aged between 18 and 59 years.
A separate fund called "Aam Admi Bima Yojana Premium Fund" has been set up by Central Govt. to pay the Govt. contribution. Fund is maintained by LIC. A free add-on benefit in the form of scholarship to children is also available under the Scheme.
More Information : http://financialservices.gov.in/insurance/gssois/aaby.asp
The scheme was launched on 31st December, 2001. Scholarship as a free add-on benefit is provided under both Janashree Bima Yojana and Aam Admi Bima Yojana to maximum of two children of the beneficiary studying between 9th to 12th standard (including ITI courses) @ Rs. 100 per month for each child payable half yearly on 1st July and 1st January, every year. The benefit is without any additional premium.
For meeting the expenditure on Scholarship benefit under Aam Admi Bima Yojana a separate Fund has been set up by Govt. of India called "Aam Admi Bima Yojana Scholarship Fund. Fund is maintained by LIC of India. For Jana Shree Bima Yojana scholarship expenditure is paid out of Social Security Fund.
Apart from above two schemes, the earlier old Social Security Schemes namely Social Security Group Scheme, Integrated Rural Development Programme (IRDP), Swarnjayanti Gram Swarojar Yojana(SGSY) for the existing lives continued to be administered by LIC. These schemes are closed for the new lives from the year 2000 onwards.
More Information : http://financialservices.gov.in/insurance/gssois/ssy.asp
Janashree Bima Yojana (JBY) was launched on 10th August 2000. The Scheme has replaced Social Security Group Insurance Scheme (SSGIS) and Rural Group Life Insurance Scheme (RGLIS). 45 occupational groups have been covered under this scheme
More Information : http://financialservices.gov.in/insurance/gssois/jby.asp
"Jeevan Madhur" a simple savings related life insurance plan for low income persons was launched in 2006. On surviving to the date of maturity, sum assured is paid alongwith vested bonus if any. On death of the policy holder, death benefit amount equal to the total premiums payable during the entire term of the policy will be paid alongwith vested bonus if any.
"Jeevan Mangal", LIC's second Micro Insurance product, was launched in 2009. It is a term insurance plan with return of premiums paid on maturity, provided the policy is in force. On death during the term of the policy, the sum assured under the basic plan is payable, provided the policy is in force.
More Information : http://financialservices.gov.in/insurance/gssois/microinsurance.asp
VPBY meant for senior citizens aged 55 years and above was launched on 14.7.2003. Under the scheme the pensioner gets an effective yield of 9% per annum on the investment. The difference between the effective yield of 9% paid to the pensioner and that earned by LIC is compensated as subsidy to LIC by the Government of India.
More Information : http://financialservices.gov.in/insurance/gssois/vpby.asp
The four public sector general insurance companies have been implementing Universal Health Insurance Scheme for improving the access of health care to poor families. The scheme provides for reimbursement of medical expenses upto Rs.30,000/- towards hospitalization floated amongst the entire family, death cover due to an accident @ Rs.25,000/- to the earning head of the family and compensation due to loss of earning of the earning member @ Rs.50/- per day upto maximum of 15 days. The Universal Health Insurance Scheme (UHIS) has been redesigned targeting only the BPL families. The premium subsidy has been enhanced from Rs.100 to Rs.200 for an individual, Rs.300 for a family of five and Rs.400 for a family of seven, without any reduction in benefits.
More Information : http://financialservices.gov.in/insurance/gssois/uhis.asp
The Government of India introduced the scheme from Rabi 1999-2000 season to protect the farmers against losses suffered by them due to crop failure on account of natural calamities. The scheme is currently implemented by Agriculture Insurance Company of India (AICIL). The scheme is available to all the farmers, loanee and non-loanee, irrespective of size of their holding. The scheme covers all food crops (cereals, millets and pulses) and oil seeds and Annual commercial/ horticultural crops. At present, 10% subsidy on premium is available to small & marginal farmers. NAIS is presently being implemented in 24 States and 2 Union Territories except in States of Punjab & Arunachal Pradesh. Nagaland has given consent to implement the scheme and Rajasthan has decided to implement WBCIS in place of NAIS. Since the inception of the scheme and until up to 31.03.11 about 176 million farmers have been insured, covering an area of 269 million hectares for a sum insured value of Rs. 2,21,213 crore, against a premium of Rs. 6589 crore. Claims to the tune of about Rs. 22190 crore have been reported so far benefiting nearly 47.6 million farmers representing a claim ratio of 1:3.37.
Claims are automatically calculated based on shortfall in the current season yield obtained from crop cutting experiments conducted by State Governments under General Crops Estimation Survey (GCES) as compared to threshold yield and settled through the rural banking network. The Company is making efforts to bring the remaining States/ UTs into the fold of NAIS.
More Information : http://financialservices.gov.in/insurance/gssois/nais.asp
Pilot MNAIS was launched for implementation in 50 districts during Rabi 2010-11 season. Modified NAIS has many improvements over NAIS like the insurance unit for major crops has been lowered down to village / village Panchayat, minimum indemnity level has been raised to 70%, threshold yield is based on past seven years' yield excluding a maximum of two calamity years, pre-sowing and post-harvest loss are covered. Besides these, On-account payment of claims during the season and payment of claims for sowing failure have also been included. The benefit of individual assessment of claims due to localized calamities i.e. hailstorm and landslide has been extended to all the notified areas.
The minimum number of CCEs required to be conducted at village / village Panchayat level, for all crops except groundnut, has been reduced to four.
AIC implemented MNAIS during Rabi 2010-11 in 32 Districts across 12 States. More than 3.45 lac farmers were covered for a sum insured of Rs. 69193 lac. The gross premium was Rs. 45.20 crore, of which premium collected from farmers was Rs. 2293 lac. Claims of Rs. 22.45 lac due to localized calamity i.e. hailstorm have been paid to 3842 farmers in Uttar Pradesh while losses reported in Andhra Pradesh are being assessed and would be paid soon. The final claims due to yield loss, shall be paid after receipt of yield data from the State Governments.
Assam, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh and Mizoram States have so far issued Notification for implementation of MNAIS during Kharif 2011 for 20 districts.
Other States expected to notify the pilot MNAIS during Kharif 2011 season are Andhra Pradesh (3 districts), Bihar (3 districts), Tamilnadu (3 districts), Uttarakhand (2 districts) and Haryana (1 district).
Orissa (5 districts) & Chhatisgarh (1 district) who piloted during Rabi 2010-11 have decided not to implement the pilot during Kharif 2011, mainly due to increased load of CCEs at Village Panchayat level.
More Information : http://financialservices.gov.in/insurance/gssois/mnais.asp
Weather Based Crop Insurance Scheme (WBCIS) aims to mitigate the hardship of the insured farmers against the likelihood of loss on account of anticipated crop loss resulting from incidence of adverse conditions of weather parameters like rainfall, temperature, frost, humidity etc.
While crop insurance specifically indemnifies the cultivator against shortfall in crop yield, WBCIS is built upon the fact that weather conditions affect crop production even when a cultivator has taken all the care to ensure good harvest. Historical correlation studies of crop yield with weather parameters helps in developing weather thresholds (triggers) beyond which crop starts getting affected adversely. Payout structures are developed to compensate cultivators to the extent of losses deemed to have been suffered by them using the weather triggers. In other words, WBCIS uses weather parameters as 'proxy' for crop yield in compensating the cultivators for deemed crop losses. Pursuant to the budget proposals, AICIL introduced a Pilot Weather Based Crop Insurance Scheme (WBCIS) in Karnataka during Kharif 2007 season covering 70 Hoblis in respect of eight rain-fed crops.
AICIL implemented the pilot scheme on Weather Based Crop Insurance Scheme (WBCIS) during 2007-08 in 5 States spread over 190 Tehsils / blocks of 30 districts and covered about 6.71 lakh farmers growing in about 10.35 lakh hectares of crops.
More Information : http://financialservices.gov.in/insurance/gssois/wbcis.asp
Aam Aadmi Bima Yojana(AABY)
A separate fund called "Aam Admi Bima Yojana Premium Fund" has been set up by Central Govt. to pay the Govt. contribution. Fund is maintained by LIC. A free add-on benefit in the form of scholarship to children is also available under the Scheme.
More Information : http://financialservices.gov.in/insurance/gssois/aaby.asp
Shiksha Sahayog Yojana (SSY)
The scheme was launched on 31st December, 2001. Scholarship as a free add-on benefit is provided under both Janashree Bima Yojana and Aam Admi Bima Yojana to maximum of two children of the beneficiary studying between 9th to 12th standard (including ITI courses) @ Rs. 100 per month for each child payable half yearly on 1st July and 1st January, every year. The benefit is without any additional premium.
For meeting the expenditure on Scholarship benefit under Aam Admi Bima Yojana a separate Fund has been set up by Govt. of India called "Aam Admi Bima Yojana Scholarship Fund. Fund is maintained by LIC of India. For Jana Shree Bima Yojana scholarship expenditure is paid out of Social Security Fund.
Apart from above two schemes, the earlier old Social Security Schemes namely Social Security Group Scheme, Integrated Rural Development Programme (IRDP), Swarnjayanti Gram Swarojar Yojana(SGSY) for the existing lives continued to be administered by LIC. These schemes are closed for the new lives from the year 2000 onwards.
More Information : http://financialservices.gov.in/insurance/gssois/ssy.asp
Janashree Bima Yojana
Janashree Bima Yojana (JBY) was launched on 10th August 2000. The Scheme has replaced Social Security Group Insurance Scheme (SSGIS) and Rural Group Life Insurance Scheme (RGLIS). 45 occupational groups have been covered under this scheme
More Information : http://financialservices.gov.in/insurance/gssois/jby.asp
Micro-Insurance Products
"Jeevan Madhur" a simple savings related life insurance plan for low income persons was launched in 2006. On surviving to the date of maturity, sum assured is paid alongwith vested bonus if any. On death of the policy holder, death benefit amount equal to the total premiums payable during the entire term of the policy will be paid alongwith vested bonus if any.
"Jeevan Mangal", LIC's second Micro Insurance product, was launched in 2009. It is a term insurance plan with return of premiums paid on maturity, provided the policy is in force. On death during the term of the policy, the sum assured under the basic plan is payable, provided the policy is in force.
More Information : http://financialservices.gov.in/insurance/gssois/microinsurance.asp
Varishtha Pension Bima Yojana (VPBY)
VPBY meant for senior citizens aged 55 years and above was launched on 14.7.2003. Under the scheme the pensioner gets an effective yield of 9% per annum on the investment. The difference between the effective yield of 9% paid to the pensioner and that earned by LIC is compensated as subsidy to LIC by the Government of India.
More Information : http://financialservices.gov.in/insurance/gssois/vpby.asp
Universal Health Insurance Scheme (UHIS)
The four public sector general insurance companies have been implementing Universal Health Insurance Scheme for improving the access of health care to poor families. The scheme provides for reimbursement of medical expenses upto Rs.30,000/- towards hospitalization floated amongst the entire family, death cover due to an accident @ Rs.25,000/- to the earning head of the family and compensation due to loss of earning of the earning member @ Rs.50/- per day upto maximum of 15 days. The Universal Health Insurance Scheme (UHIS) has been redesigned targeting only the BPL families. The premium subsidy has been enhanced from Rs.100 to Rs.200 for an individual, Rs.300 for a family of five and Rs.400 for a family of seven, without any reduction in benefits.
More Information : http://financialservices.gov.in/insurance/gssois/uhis.asp
National Agricultural Insurance Scheme (NAIS)
Claims are automatically calculated based on shortfall in the current season yield obtained from crop cutting experiments conducted by State Governments under General Crops Estimation Survey (GCES) as compared to threshold yield and settled through the rural banking network. The Company is making efforts to bring the remaining States/ UTs into the fold of NAIS.
More Information : http://financialservices.gov.in/insurance/gssois/nais.asp
Pilot Modified National Agricultural Insurance Scheme (MNAIS)
Pilot MNAIS was launched for implementation in 50 districts during Rabi 2010-11 season. Modified NAIS has many improvements over NAIS like the insurance unit for major crops has been lowered down to village / village Panchayat, minimum indemnity level has been raised to 70%, threshold yield is based on past seven years' yield excluding a maximum of two calamity years, pre-sowing and post-harvest loss are covered. Besides these, On-account payment of claims during the season and payment of claims for sowing failure have also been included. The benefit of individual assessment of claims due to localized calamities i.e. hailstorm and landslide has been extended to all the notified areas.
The minimum number of CCEs required to be conducted at village / village Panchayat level, for all crops except groundnut, has been reduced to four.
AIC implemented MNAIS during Rabi 2010-11 in 32 Districts across 12 States. More than 3.45 lac farmers were covered for a sum insured of Rs. 69193 lac. The gross premium was Rs. 45.20 crore, of which premium collected from farmers was Rs. 2293 lac. Claims of Rs. 22.45 lac due to localized calamity i.e. hailstorm have been paid to 3842 farmers in Uttar Pradesh while losses reported in Andhra Pradesh are being assessed and would be paid soon. The final claims due to yield loss, shall be paid after receipt of yield data from the State Governments.
Assam, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh and Mizoram States have so far issued Notification for implementation of MNAIS during Kharif 2011 for 20 districts.
Other States expected to notify the pilot MNAIS during Kharif 2011 season are Andhra Pradesh (3 districts), Bihar (3 districts), Tamilnadu (3 districts), Uttarakhand (2 districts) and Haryana (1 district).
Orissa (5 districts) & Chhatisgarh (1 district) who piloted during Rabi 2010-11 have decided not to implement the pilot during Kharif 2011, mainly due to increased load of CCEs at Village Panchayat level.
More Information : http://financialservices.gov.in/insurance/gssois/mnais.asp
Pilot Weather based Crop Insurance Scheme (WBCIS)
Weather Based Crop Insurance Scheme (WBCIS) aims to mitigate the hardship of the insured farmers against the likelihood of loss on account of anticipated crop loss resulting from incidence of adverse conditions of weather parameters like rainfall, temperature, frost, humidity etc.
While crop insurance specifically indemnifies the cultivator against shortfall in crop yield, WBCIS is built upon the fact that weather conditions affect crop production even when a cultivator has taken all the care to ensure good harvest. Historical correlation studies of crop yield with weather parameters helps in developing weather thresholds (triggers) beyond which crop starts getting affected adversely. Payout structures are developed to compensate cultivators to the extent of losses deemed to have been suffered by them using the weather triggers. In other words, WBCIS uses weather parameters as 'proxy' for crop yield in compensating the cultivators for deemed crop losses. Pursuant to the budget proposals, AICIL introduced a Pilot Weather Based Crop Insurance Scheme (WBCIS) in Karnataka during Kharif 2007 season covering 70 Hoblis in respect of eight rain-fed crops.
AICIL implemented the pilot scheme on Weather Based Crop Insurance Scheme (WBCIS) during 2007-08 in 5 States spread over 190 Tehsils / blocks of 30 districts and covered about 6.71 lakh farmers growing in about 10.35 lakh hectares of crops.
More Information : http://financialservices.gov.in/insurance/gssois/wbcis.asp
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