Get <strong>₹5 Lac</strong> Health Insurance starts <strong>@ ₹200/<span>month*</span></strong>
Get ₹5 Lac Health Insurance starts @ ₹200/month*
Get ₹5 Lac Health Insurance starts @ ₹200/month*
250+ Plans 18 Insurance Companies
₹ 5 Lakh Coverage @ ₹ 10/day
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Government to Expand Social Security Net With New Launch of Farm Health Insurance

With the colossal success of banking, insurance, and pension schemes, the Central Government is preparing to launch a new and affordable social security scheme to deal with the nation-wide distress in the Agriculture and Farming sector.

Called as the Bhartiya Krishi Bima Yojana, this is an all-inclusive insurance product for farmers in an effort to make healthcare affordable for weaker sections of the society. Prime Minister Narendra Modi will announce this new universal scheme on the Independence Day. This Unified Package Insurance Scheme would provide a single sum insured cover for all the family members.

With surmounting incidences of suicides by farmers, the Bhartiya Krishi Bima Yojana will bring a huge relief to the farming community. The Unified Package Insurance Scheme will combine 9 features with obligatory crop insurance. However, to avail subsidy under the crop insurance section, farmers must opt for a minimum of four other features, as indicated in the draft prepared by the finance ministry.

The government has proposed improved features in the draft because the previous schemes failed to render the expected results. According to the proposal, the policy includes different products such as, health cover, crop insurance, life insurance, student safety insurance, cattle/live-stock insurance, personal accident insurance, and insurance cover for agriculture tools like tractors and pump sets. The discussion is underway with all the key stakeholders.

Bhartiya Krishi Bima Yojana is aimed at rendering financial protection to farmers, thus ensuring crop diversification, food security, enhancing growth and competitiveness in the agriculture sector while protecting the farmers from financial risks.

K.K. Srinivasan, former IRDA Member alleged, “Currently, the sum insured under this scheme includes the loan taken by the farmer. The claim is computed based on the deficit in yield ratio to the sum insured. Now, the government has moved a step further and will be covering farmer’s income loss.”

The draft on the Unified Package Insurance Scheme reveals two types of covers. The first one involves sum assured of Rs. 50,000 upon paying a premium of Rs. 700 annually. While, the second one pays a sum assured of Rs. 100,000 with an annual premium of Rs. 1,300. Furthermore, the scheme will cover cashless hospitalization for contracted diseases or sustained injuries by the insured individual. Any pre-existing disease will be incorporated post a waiting period of 24 months.

Bhartiya Krishi Bima Yojana will be applicable to all families not exceeding five members and that includes families headed by senior citizens. Four state-owned insurers (National Insurance Company, New India Assurance, Oriental Insurance, and United India Insurance) and private insurers (Bajaj Allianz, ICICI Lombard, Iffco-Tokio Marine, and HDFC Ergo) are currently in talks with the government to finalize the details of the policy.

Source: This news was published on August 13, 2015 in financialexpress.com under the title: “Govt set to unveil farm, health insurance for masses”

Written By: PolicyBazaar - Updated: 11 December 2020

You May Also Want to Know About

Top Maternity Insurance Plans

Top Maternity Insurance Plans

Best Maternity Insurance Plans Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood. Though rearing a child is an expensive affair and may require good financial backup to meet the requireme...
Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance

Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance

There has always been a doubt in customers mind about whether the private company will keep its side of the bargain i.e. it will settle the claim or not. A customer spends premium annually which will cover his medical expenses but there’s always ...
Best Health Insurance Plans for Senior Citizens in 2021

Best Health Insurance Plans for Senior Citizens in 2021

Best Health Insurance Plans for Senior Citizens in 2021 Considering the increasing percentage of medical inflation in India, it has become an absolute necessity to buy adequate health insurance for your loved ones. And if they are your elderly pare...
Here’s the Difference between Health Insurance and Mediclaim

Here’s the Difference between Health Insurance and Mediclaim

Here’s the Difference between Health Insurance and Mediclaim Imagine you’re looking for a job change. You get an interview call for a job. What will be your plan of action? Will you get your resume ready and prepare for the interview or you wi...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL