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During the fiscal 2015–16, the Government of India launched two new insurance schemes aimed at creating a universal social security system for all Indians, especially the poor and the underprivileged. Salient features of these schemes have been briefly discussed below:
PMSBY (Pradhan Mantri Suraksha Bima Yojana): It offers a renewable
one-year accidental-death-cum-disability cover to all subscribing bank account holders in the age group of 18 to 70 years for a premium of Rs. 12 per annum per
subscriber.
The risk coverage available will be rupees two lakh for accidental death and permanent total disability and rupees one lakh for permanent partial disability, for a one-year period stretching from 1 June to 31 May. By January 2016, gross enrolment by banks under the scheme was over 9.28 crore.
PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana): The scheme offers a renewable one-year term life cover of rupees two lakh to all subscribing bank account holders in the age group of 18 to 50 years. By January 2016, gross enrolment by banks under it was over 2.93 crore.
1. Publication Division, India 2002, (New Delhi: Government of India, 2003).
2. Ministry of Finance, Economic Survey 2002–03, (New Delhi: Government of India, 2003).
3. Ministry of Finance, Union Budget 2016–17 (New Delhi: Government of India, 2016); and Ministry of Finance, Economic Survey 2015-16 (New Delhi: Government of India, 2016).
4. R. N. Malhotra headed Insurance Reforms Committee, Government of India, N. Delhi, January 1994.
5. Due to its underwriting constraint, the ECGC is unable to cover such projects on its own.
6. As for example the USA, France, the UK and many other Euro-American economies underwrite such medium and long-term projects in the governments’ account. The SEIA also covers only medium- and long-term export projects.
7. Announced while setting up the NEIA, Ministry of Commerce and Industry, Government of India, N. Delhi, 9 March, 2006.
8. Ibid.
9. S. Prabhakaran, Executive Director, ECGC, Mumbai in Survey of Indian Industry 2007, The Hindu, p. 84.
10. S. Krishnamurthy, CEO & MD, SBI Life Insurance Co. Ltd. Survey of Indian Industry 2007, The Hindu, p. 91
11. Aloke Gupta, Health Insurance Consultant, Survey of Indian Industry, The Hindu,
p. 94.
12. Sandeep Bakhshi, CEO & MD, ICICI Lombard General Insurance Company, Mumbai, Survey of Indian Industry 2007, The Hindu, p. 99.
13. Ibid.
14. Ibid.
15. Vivek Khanna, Director, Aviva India, Survey of Indian Industry 2007, The Hindu, p.
102.
16. Ibid.
17. It has been beautifully shown taking example of the Self-employed Women’s Association (SEWA) by Renana Jhabvala and Ravi Kanbur in the Kaushik Basu (ed.) India’s Emerging Economy, (New Delhi: Oxford University Press, 2005), pp. 309– 110.
18. Biplab Dasgupta, Globalisation: India’s Adjustment Experience, (New Delhi: Sage Publications, 2005),
pp. 221–31.
19. G. V. Rao, CMD, Oriental Insurance Co. Ltd., Survey of Indian Industry 2007, The Hindu, pp. 87–90.
20. Ministry of Finance, IRDA, N. Delhi, Press Release, March 2017.
21. Ministry of Finance, Economic Survey 2011–12, (New Delhi: Government of India, 2012), pp. 128–29.