Synopsis: If you feel insurance is expensive and difficult to manage, you may be missing out. The government runs six insurance and health schemes that provide benefits worth lakhs and cover accidents, hospital treatment, and disability, while keeping premiums very low.
As daily expenses continue to rise, having insurance and health cover has become important for every family. Many people stay away from insurance because they believe it is costly, but that is not always true. The central government offers several schemes that provide coverage worth lakhs for very small annual premiums.
These schemes are also easy to join. In most cases, you do not need many documents to apply. A bank account and an Aadhaar card are usually enough. Here are a few government schemes that are easy to manage with a very less yearly deposit.
1. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Annual cost: ₹20 per year
- What it covers:
- Up to ₹2 lakh in accidental death and total permanent disability.
- Up to ₹1 lakh if a person has a partial permanent disability.
Pradhan Mantri Suraksha Bima Yojana gives accident insurance at a low cost. It supports families if an accident causes death or permanent disability. People under the age of 18-70 years with a savings account can apply for this scheme.
2. Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana
- Annual cost: ₹0 (no cost)
- What it covers: The scheme offers free hospital treatment of up to ₹5 lakh for each family every year.
PM-JAY helps eligible families get hospital treatment without worrying about money. It allows free treatment of up to ₹5 lakh in a year at government and empanelled private hospitals. The scheme also offers cashless care after you enroll for this and does not charge any fee.
3. Aam Aadmi Bima Yojana (AABY)
- Annual cost: Rs 200 per year
- What it covers:
- ₹30,000 if the insured person dies of natural causes.
- ₹75,000 for death due to an accident.
Aam Aadmi Bima Yojana is a social security insurance scheme for people in low-income groups especially for people working in rural area, labourers or unrecognized jobs. It provides financial help to the family if the earning member dies or is disabled.
Also Read: Up to ₹1 Crore: 5 Best Govt Business Loan Schemes for Women Entrepreneurs in India – 2026
4. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Yearly amount: ₹436
- What does it cover: ₹2 lakh is paid to the family if the insured person dies during the year.
This scheme offers life insurance at a low cost. It is meant for people who want some financial protection for their family but they can’t pay high returns. Anyone between 18 and 50 years of age with a savings account can apply. After you apply and enroll for this scheme, it continues as long as the money is safely deposited.
5. Niramaya Health Insurance Scheme
- Annual cost: Rs 250 for below poverty line and Rs 500 for others
- What it covers:
- Medical treatment costs up to ₹1 lakh
- Medicines and tests
- Therapy and related healthcare needs
- Basic dental care to prevent further problems
- Surgery when needed to avoid health issues from getting worse
- Travel expenses related to medical treatment
Niramaya Health Insurance Scheme is for people with disabilities and focuses on physical, mental, or intellectual disabilities, and supports them with medical care and related services. The scheme keeps the cost low so that families in need can access treatment free of cost.
Conclusion
Insurance need not be expensive. With the help of government schemes, families can get coverage worth lakhs at very low cost. It is important to check eligibility and join the right plans if you qualify. Basic documents like a bank account or Aadhaar often make enrolment easy.
Written by: Supriya
