Select any one Group Insurance Scheme and discuss the various features

Question

Select any one Group Insurance Scheme and discuss the various features of the scheme in detail. Also discuss how the scheme is playing a decisive role in preventing and reducing poverty, inequality, social exclusion and financial vulnerability amongst the economically weaker sections of the society.

29 Feb 2024

Answer :

Word Count : 557

Group insurance schemes are pivotal tools for managing risk and providing financial security to a significant segment of the population. One such scheme that exemplifies these principles is the Pradhan Mantri Suraksha Bima Yojana (PMSBY) in India. Launched by the Government of India in 2015, PMSBY aims to provide affordable insurance coverage to economically weaker sections of society, thereby addressing poverty, inequality, social exclusion, and financial vulnerability.

### Features of Pradhan Mantri Suraksha Bima Yojana (PMSBY):

1. Affordability: PMSBY offers insurance coverage at an extremely affordable premium of just INR 12 per annum, making it accessible to individuals from economically weaker sections of society.

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