India: Government to launch mass health and farm insurance schemes
Source: Asia Insurance Review | Sep 2015
The Indian Government is planning to launch a universal health scheme and an exclusive all-in-one insurance product for the farming community as part of its ongoing efforts to bring people under the social security net.
Against the backdrop of rising incidents of farmer suicides in the country, the government is keen to provide financial protection to farmers, thereby ensuring food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from financial risk.
The proposed policy incorporates various products like crop insurance, health cover, personal accident insurance, livestock/cattle insurance, insurance cover for agriculture implements like tractors and pump sets, student safety insurance and life insurance.
The proposed health insurance scheme will be available to all families not exceeding five members, including families headed by senior citizens in the country wherein entire family will be covered under a single sum insured.
The universal health insurance scheme will offer two kind of covers – with sum assured of INR50,000 (US$764) and INR100,000 – for which a customer may have to pay a premium of INR700 and INR1300 respectively. The policy covers cashless hospitalisation for diseases contracted or injury sustained by the insured persons and pre-existing diseases will be included after a waiting period of 24 months.