Despite of so many schemes, today, only a fraction of farmers are covered under Crop insurance in India. Apart from that, the crop insurance schemes have divided India into two parts viz. the states with under-penetration of crop insurance due to lack of awareness, and the states with high level of insurance fraud. Low insurance […]
In April, 2016, the government of India had launched Pradhan Mantri Fasal Bima Yojana (PMFBY) after rolling back the earlier insurance schemes viz. National Agriculture Insurance Scheme (NAIS), Weather-based Crop Insurance scheme and Modified National Agricultural Insurance Scheme (MNAIS). Thus, at present, PMFBY is the only flagship scheme of the government for agricultural insurance in […]
Rashtriya Swasthya Bima Yojana (RSBY) is a government-run health insurance scheme for the BPL family. It provides cashless insurance for hospitalisation in public as well as selected private hospitals. RSBY became fully operational on April 1, 2008 and is active in 25 states of India. It provides for IT-enabled and smart–card-based cashless healthy insurance cover, up to Rs. […]
Bancassurance or Bank Insurance Model refers to the distribution of the insurance and related financial products by the Banks whose main business is NOT insurance. So, simply Bancassurance, i.e., banc + assurance, refers to banks selling the insurance products In India, ever since espousing of financial reforms following the recommendations of First Narasimham Committee, the […]
Pradhan Mantri Jeevan Jyoti Bima Yojana is yet another flagship scheme launched by Union Finance Minister, Mr. Arun Jaitley to extend life insurance cover to people both in case of natural deaths or accidents. The social security scheme guarantees a cover of Rs. 2 lakhs in any of the above situation. The Minister has unleashed […]
Pradhan Mantri Suraksha Bima Yojana is a General Insurance Scheme that was unveiled by the Finance Minister in his budget speech 2015-16 to promote insurance penetration in India. It is an excellent initiative for involving people from all strata in the ambit of insurance and be secured for life and after. Highlights of Pradhan Mantri Suraksha […]