Helping those Who Help You

Recently, I travelled to Delhi for some personal work. On the way back to the airport in the cab, while interacting with the cab driver, I came to know that his wife was unwell and he had to shell out significant amount of his savings for her healthcare. This motivated him to find out ways to fund future healthcare expenses of his family. After further exploration, he came to know that the government has launched few schemes, which could be helpful.

In our daily life, we are highly dependent on many domestic helps such as maid servant, car driver, car cleaner, bicycle repairer and so on. Many of them are unware of the benefits of these schemes and how it will help them. I see this as an opportunity for us to help those who help us on daily basis. If we guide our domestic help in identifying the right schemes based on their financial needs and help them during the claims filing process, that will a big help for them.

Listing below brief of few government sponsored schemes which are worthy of considerations.

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Life Insurance
 Age – 18 to 50
 Pre-requisite – Bank Account
 KYC – Aadhar
 Period of coverage: 1st June to 31st May
 Premium – ₹ 330 / annum
 Risk Coverage – ₹ 2 lakhs in case of death due to any reason
 Premium Payment – Auto-debited in one instalment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme
 Provider – LIC and few Other Insurers
 Website – https://www.jansuraksha.gov.in/
 Contact – National Toll-Free – 1800-180-1111 / 1800-110-001

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Accidental Death and Disability
 Age – 18 to 70
 Pre-requisite – Bank Account
 KYC – Aadhar
 Period of coverage: 1st June to 31st May
 Premium – ₹ 12 / annum
 Health Insurance Coverage – ₹ 5 lakhs
 Premium Payment – Auto-debited in one instalment from the subscriber’s bank account
 Provider – Public Sector General Insurance Companies and few Other Insurers
 Website – https://www.jansuraksha.gov.in/
 Contact – National Toll-Free – 1800-180-1111 / 1800-110-001

3. Ayushman Bharat Scheme or Pradhan Mantri Jan Aarogya Yojana (AB-PMJAY) – Health Insurance Scheme
 Health Insurance Coverage – ₹ 5 lakhs
 Beneficiaries – Identified based on the deprivation categories (D1, D2, D3, D4, D5, and D7) identified under the SECC database for rural areas. For the urban areas, the 11 occupational criteria will determine entitlement.
 Premium – No charges as it is an entitlement-based mission
 Identity proof – Aadhaar, Voter ID or Ration Card.
 Process – Cashless and paperless claims process. Reach out to “Ayushman Mitra Help Desk” of empanelled hospitals
 Provider – Empanelled hospitals
 Website – https://www.pmjay.gov.in/
 To check eligibility
• Online – Go to AM I Eligible Portal
• Offline – Contact Toll-Free Call Center Number : 14555 / 1800111565

Our government has launched these schemes to create financial and health security for our unorganized sectors. They need our help in educating and taking these schemes to the intended beneficiaries. If each one of us could take care of educating and helping our respective domestic helps in enrolling in these schemes that will go a long way in insuring financial safety and security of our society at large.

The writer is a SEBI Registered Adviser and Founder of FinMyn (https://finmyn.com). He provides Fee-Only Financial Planning and Investment Advisory services. If you want to know more about him, click on https://finmyn.com/about/.