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4.2 Insurance, Pension - Coggle Diagram
4.2 Insurance
2) General Insurance(other than life insurance)
3) Other Non-Health Insurance
Pradhan Mantri Fasal Bima Yojana
Voluntary + Single plan select option
Premium paid by farmers - Rabi crops (1.5%), Kharif crops (2%), Horticulture & Commercial crops other than oilseed & pulses(5%)
largest crop insurance scheme in world
5.5Cr apply/Year
3rd largest in premium received
implemented on 'Area Approach' basis i.e. in Notified Areas
NIRVIK (Niryat Rin Vikas Yojana)
Commerce Ministry -> Export Credit Guarantee Corporation (ECGC)
Exporter take Loan from bank -> pay NIRVIK premium to bank -> ECGC -> banks get 90% principle + interest on loan if exporter defaults
Third Party Motor Insurance
IRDAI regulate
Cyber Insurance
covers losses related to malware attack, phishing, data/identity theft, ransom, data restoration costs, business interruption losses
4) IRDAI(statutory)
separate licenses for life, general & re-insurance companies
member of Financial Stability and Development Council (FSDC)
non-statutory, under GoI
Domestic Systemically Important Insurers
LIC
General Insurance Corporation of India
The New India Assurance Co. Ltd
Re-Insurance
Now Pvt and Foreign allowed, earlier GIC monopoly
2) PM Jan Arogya Yojana(PMJAY)
1.5L Primary Health Care Centers (PHC) to be transformed into Health & Wellness Centres with Free drugs, checkup, mother-child care etc
Free Insurance cover of 5L per year per family for
secondary & tertiary hospitalisation + pre/post hospitalization
+ medicine expenses to 8Cr Rural + 2Cr Urban family = ~50Cr people
National Health Agency oversees
1) Employees' State Insurance Corporation (ESIC)
for employee <21K -> compulsory for hazardous OR >=10 employee
invest in 15% equity + 85% GSec, Bonds etc
1) FDI via automatic route with safeguard 1) >=50% independent director 2) >50% resident Indian director
LIC(20%) + Insurance Company(74%) + Insurance Intermediaries(100%)
Pension
3) Pradhan Mantri Jansuraksha Schemes
Atal Pension Yojana
PM Jivan Jyoti Yojana
PM Suraksha Bima Yojana
1) EPFO
Labour Ministry + Tri-partite
Employee - UAN, Employer - LIN
applies when >=20 employee
Pradhan Mantri Rojgar Protsahan Yojana -> hire them on paper, Govt will pay employer's contribution for 3Y
2) NPS
pension for Govt Employee & Middle Class
Min Assured Return Scheme
(MARS) - min x% return to attract people to NPS
4) Rural Development Ministry’s National Social Assistance
100% GoI paid for BPL
5) Pension Fund Regulatory and Development Authority (statutory)
implement NPS; regulate public/pvt pension fund except EPFO;
Power of Civil Court