Rs three lakh protection for harm attributable to pure disasters

New Delhi: Narendra Modi's government is reportedly preparing to introduce a home insurance system that will benefit those people whose homes have been damaged by natural disasters such as heavy rains, floods, earthquakes, to name a few.

According to Zee Business sources, the government will offer Rs 3 lakh coverage under the Home Insurance Scheme. In addition, Rs 3 lakh will be given to every two members of the family who take out the private accident insurance policy, Zee Business sources said.

The home insurance system is patched with general insurance companies and its premium is tied to the population's bank account. Sources further added that general insurance companies have quoted their listing per policy premium, which the government is aiming to cut in half. While general insurance companies charge more than 1,000 rupees per policy premium, the government wants to keep the premium on this policy close to 500 rupees.

The Modi government pursues the main socially oriented insurance systems

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Life Insurance under Pradhan Mantri Jan Dhan Yojana (PMJDY)

Varishtha Pension Bima Yojana

Pradhan Mantri Fasal Bima Yojana (PMFBY)

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Restructured Weather Based Crop Insurance System (RWBCIS)

In addition, in the fight against COVID19, the government had already extended the “Pradhan Mantri Garib Kalyan Package (PMGKP) Insurance Scheme for Health Workers Fighting COVID-19” by one year with effect from April 4, 2021.

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