Government Health Insurance Policies
These are a few health programmes in India offered by the Central or State governments to provide equal health benefits to all. These policies are affordable and available to people with low income. Such health schemes in India usually offer a yearly plan. A list of the policies is mentioned below.
1. Ayushman Bharat Yojana:
Ayushman Bharat is one of the most popular healthcare schemes launched by the government of India. Also known as PMJAY, it was launched to provide free healthcare services to more than 40% population of the country. The scheme offers a health cover of Rs 5 Lakh to people availing of the scheme. This covers the expense of medicines, diagnosis, treatment, and pre-hospitalization costs. Families with low income get the benefits of this scheme.
2. Pradhan Mantri Suraksha Bima Yojana:
This insurance is used in case of an accident for people aged between 18 years to 70 years. People are required to have a bank account to use the benefits of this scheme. This policy offers an annual cover of Rs 2 lakh for full disability or death cover and Rs 1 lakh for partial disability. The policy premium will get automatically debited from the policyholder’s bank account.
3. Aam Aadmi Bima Yojana (AABY):
This scheme covers multiple factors which allow you to avail the benefits of this policy. It was meant for people aged between 18 years to 59 years. People in both urban and rural areas are eligible for this scheme. It helps those people who don’t own lands and are living as tenants whether in a rural or urban areas. AABY also provides scholarships to underprivileged children.
The bread earner of the family is given the benefits of this scheme. The premium of 200 rupees per annum is added equally by the state and the central government. In the case of natural death, the family is given the compensation of 30000 rupees. However, if death is caused by a permanent disability, the family is given compensation of 75,000 rupees.
4. Central Government Health Scheme (CGHS):
This scheme was started for the central government officials and people taking pensions. It was basically executed in the big cities of India like Kolkata, Mumbai, Lucknow, Delhi, Nagpur, and Pune. The people who can avail of this scheme have to reside in India. This is the National Health Company Online Renewal program that includes the facility of health education to the beneficiaries. The scheme includes all dispensary related services including domiciliary care. In addition, the insured person has the privilege of getting hospitalized every time they get sick.
Furthermore, you will get an X-ray or laboratory examination free of cost under this scheme. The supreme benefit of this National Health Insurance scheme is that it offers free specialist consultations both at the hospital level and at dispensaries.
5. Employment State Insurance Scheme:
This scheme not only provides social security to you but also provides socio-economic security to all the workers of India. This insurance scheme starts from the first day of insurable employment to all the workers. They are given full medical care insurance for themselves and their families too. Other than this, workers who are covered under this scheme are eligible for a wide range of cash benefits too. They provide cash at times of physical problems such as sickness or any disease. It is one of the best social security schemes in India.
Moreover, if any woman loose the capacity to earn or depends on a person who got injured during the work then, they will be given a monthly pension mainly known as dependents benefits. This scheme is not available to every person or company. It is only available to all permanent factories employing more than ten employees. Recently, the scheme has been updated and now includes many businesses including shops, restaurants, road and motor transports and newspaper entities that have more than 20 people.
6. Janshree Bima Yojana:
Janshree Bima Yojana is planned for the people who fall under the poor category and who are within the age group of 18-59 years. This scheme has important features like Women SHG Groups and Shiksha Sahyog Yojana. Currently, 45 occupational groups are working under this plan.
7. Universal Health Insurance Scheme (UHIS):
UHIS is a scheme that is provided to families who fall under the BPL (Below Poverty Line) category. It covers the medical expenses of each and every member of the family. In case of death due to an accident, this policy provides cover too. The people working on the Universal Health Insurance Scheme are basically the four public sector general insurance companies whose goal is to improve healthcare for the underprivileged people, especially the economically disabled people in India.
Schemes Launched by State Government
State Government has also launched a few healthcare schemes. The people who are residing in that state are eligible for those schemes. Healthcare has always been an important section of society and these schemes have just proved it. Check out the 8 state government schemes launched in India.
1. Chief Minister’s Comprehensive Insurance Scheme:
It is a state government scheme initiated by Tamil Nadu in collaboration with United India Insurance Company Ltd. This scheme was designed in such a way that it provides health care services to families. This scheme covers more than one thousand medical procedures. The policy includes claims for hospitalization up to Rs 5 lakh. The insured person can choose both private and government hospitals under this scheme. The people of Tamil Nadu who earns less than 75000 rupees annually are eligible to register under this scheme. This chief minister comprehensive health insurance scheme has been working quite well in the state.
2. West Bengal Health Scheme:
In 2008, the Government of West Bengal launched this scheme for working people and pensioners. This coverage is provided on both individual and family floater plan up to a sum insured of Rs 1 lakh. The policy also adds on expenses of OPD treatment and medical surgeries.
3. Yeshasvini Health Insurance Scheme:
The Karnataka State Government has launched the Yeshasvini Health Insurance Scheme. This scheme is developed for the benefit of peasants and farmers and who are connected with a cooperative society. This health insurance scheme has the coverage of more than 800 medical procedures such as Neurology, Orthopaedic, Angioplasty, etc. Farmers can avail the benefits in their nearby hospitals and it is available for their families too.
4. Mahatma Jyotiba Phule Jan Arogya Yojana
The Government of Maharashtra launched this health insurance scheme for the growth of the healthcare sector of the state. This scheme was built up for people who either fall under the BPL category or work as farmers in the state of Maharashtra. The policy has family healthcare coverage up to Rs 1.5 lakh for some specific illnesses. The best point of this policy is that there is no waiting period, you can claim it after the first day itself unless it is specifically mentioned in the policy terms.
5. Mukhyamantri Amrutam Yojana
The Mukhyamantri Amrutam Yojana was introduced by the Gujarat government in the year 2012 to provide benefits to the poor people residing in Gujarat. People who are earning less than average income and below the poverty line can avail the benefits of this scheme. It is a family floater health insurance policy that offers the cover up to Rs 3 lakh per family. The policyholder can ask for medical treatment from both private and government hospitals, as well as trust-run hospitals.
6. Karunya Health Scheme:
The government of Kerala initiated launched a scheme in 2012, to provide health cover for listed chronic illnesses. It is a plan mainly started for Critical Illness for the poor people and provides coverage of major diseases such as Kidney, Cancer, cardiovascular illnesses, etc. the people who want to avail the benefits of this scheme need to show the income certificate and aadhar card.
7. Telangana State Government Employees and Journalists Health Scheme:
Telangana Government introduced this scheme for the journalists and employees in the state. It is proved to be helpful for the employed, retired, and pensioners. According to the scheme, people can get cashless treatment in the hospitals that are registered under it. The insured people do not have to rush to manage funds in case of a medical emergency.
8. Dr YSR Aarogyasri Health Care Trust:
The Government of Andhra Pradesh launched 5 schemes including this. These schemes provide medical coverage to different people and guide them during a medical emergency. The schemes are given below:
- Dr YSR Aarogyasri scheme for the welfare of the poor
- Arogya Raksha scheme is for people Above the Poverty Line (APL)
- Working Journalist Health Scheme that provides cashless treatment cover for specified procedures
- Employee Health Scheme offers healthcare coverage to the government employees of the state.
Usual Health Insurance Policy vs Government Health Insurance Plan
| Features | Usual Health Insurance | Government Health Insurance Plan |
| Eligibility Criteria | Every section of society are eligible | People with Low-income only |
| Insured Amount | You’ll get up to 1 crore insured amount | Up to 5 lakh insured amount |
| Premium Plan | Starts from Rs 200 monthly (depends on the plan) | Starts from Rs 100 per month or is fully paid by the government (depends on the plan) |
| Coverage in Plan | Provides more coverage | Provides less coverage comparatively |
| Rooms in Private Hospitals | This feature is included but depends on the type of plan | This is not guaranteed here. |
| Policy Purchase | The policy can be purchased immediately | Policy purchase is time-consuming |
| Nearby Hospitals | Wide network of hospital availing services | Wide network of public and private hospitals both |
| Maternity Benefits | It is included according to the selected plan | Available only for a single child under some cases |
| Ambulance Charges | Covers under most of the plans | Covers under few plans |
| Domiciliary Hospitalization Cover | Available according to the plan you have selected | It is not provided here |
| Online Renewing System | Possible in this case | May or may not be renewable in online mode |
| Cumulative Bonus | Possible only if no claim was filed in the last policy year | Not possible in this case |
| Basic Health Check-up | The facility provided under few plans | The facility doesn’t include |
| Monthly Installment For Premium | Possible under few plans | Not possible here |
| Tax Benefits | Available under Income Tax Act 1961 | Not available |
Government Investment Schemes
Everybody wants to earn money without making efforts and investment plans are the best way to do so. Investment is considered a risky deal but there are many safe options too. The government has introduced multiple plans and best investment schemes to promote investments that are ideal for the people. These government saving schemes are worth the try.
1. Fixed Deposit (FD)
It is the safest investment in India and this option is used by people for last so many years. You can deposit your money in any nationalized bank or post office and decide a particular period of time when you need your money back. You will get interested in the amount of the FD after it matures. The risk rate is nearly zero in the case of a fixed deposit.
2. Public Provident Fund (PPF)
PPF is again, most recommended and popular option for investment with the lowest risk. You can invest your money ranging from Rs. 500 to 1.5 lakh in a financial year for a duration of a maximum of 15 years.
The Government fixes the interest rate of PPF every quarter. The most amazing reason to choose PPF is that your entire investment amount, interest earned and maturity amount is totally tax-free. It is an amazing government saving scheme.
3. Government Securities (G-SECS)
This is an investment with minimal risk and a high market rating because the government of India had issued it. They use it to finance its borrowing. Government securities are very trustworthy. Government securities have various types that include treasury notes, capital indexed bonds, floating-rate bonds etc.
4. Sovereign Gold Bonds (SGBS)
Though all the options we have mentioned are very safe and gold is also considered the safest option. People like to invest in Gold but try investing by purchasing sovereign gold bonds issued by the government. Return from this investment is based on the market but still, the government has a fixed interest rate of 2.50% on SGBs.
5. National Saving Certificate (NSC)
This scheme is available for all the citizens of India, you need to buy can a National Savings Certificate (NSC) from the network post office for at least Rs.100. You can invest as high as you want to. It will provide you with a fixed amount of return and is possible risk-free because it is backed by the Government of India. It is one of the best saving schemes in India.
6. National Pension Scheme (NPS)
In this scheme, you can save up for your retirement and that money is handled by pension fund managers registered with the Pension Fund Regulatory and Development Authority of India (PFRDA) in various funds. At the time of maturity, 40% of the corpus is used to buy an annuity, the rest 60% can be withdrawn as a lump sum. The entire no-tax amount is withdrawn as a lump sum. It is said to be a high return investment in India.
7. Post Office Monthly Income Scheme (POMIS)
POMIS is also a safe investment option provided by post offices, in which you invest a minimum amount of Rs.1, 500 and a maximum of Rs.4.5 lakh. The government has a fixed rate of interest that you directly transfer into your savings account monthly.
These were the few best schemes initiated by the government for the welfare of society. Use these plans to get better investment options and affordable insurance policies. If you still have some questions and doubts regarding government policies, you can ask your query in our FAQ section or give a call or write us at info@investmarket.in Our contact information is available on the website.
Frequently Asked Questions
- Government health insurance schemes are a low-cost scheme that provides more benefits.
- These policies are available for people with low income and BPL families
- The policy ensures coverage to the poor people in no time
- The policy provides treatment in both private and government hospitals for better healthcare
Investment in mutual funds is quite risky. Nobody can assure you about the profit. Though, many people have benefitted from mutual funds too. These investments are market-based and if the share market is going down then you may face loss.