NIACL AO Study Material-Important Government Insurance Schemes

NIACL Administrative Officer (AO) is one of the most sought after exams in the insurance sector. We at Oliveboard are always keen to help aspirants to get better with their preparations. So here we present to you NIACL AO Study Material Government Insurance Schemes that are very important from exam point of view.

With NIACL AO exam around the corner, it would be very useful to know about the details of various schemes in the government insurance market. NIACL AO Study Material Government Insurance Schemes would definitely help you in other upcoming exams such as LIC AAO, NICL AO, other Banking Exams and Government Exams. Please go through the entire NIACL AO Study Material Government Insurance Schemes blog to take the complete advantage.

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NIACL AO Study Material Government Insurance Schemes:

  1. Employees State Insurance Scheme (ESIS)

  • It is a measure of social insurance encompassed in Employees’ State Insurance Act 1948.
  • It is designed to accomplish the task of protecting employees against the impact incidences of sickness, disablement maternity, and death due to employment injury.
  • To provide medical care to insured persons and their families.
  • The ESI Scheme applies to factories and other establishments viz. Road Transport, Hotels, Restaurants, Cinemas, Newspaper, Shops, and Educational/Medical Institutions where 10 or more persons are employed.
  • Employees of the factories and establishments drawing wages up to Rs.15,000/- a month are entitled to social security cover under the ESI Act 1948. ESI Corporation has also decided to enhance the wage ceiling for coverage of employees under the ESI Act from Rs.15,000/- to Rs.21,000/-.
  • The ESI Scheme is financed by contributions from employers and employees. The rate of contribution by the employer is 4.75% of the wages payable to employees. The employees’ contribution is at the rate of 1.75% of the wages payable to an employee. Employees earning less than Rs. 137/- a day as daily wages are exempted from payment of their share of contribution.
  1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

  • It is a one-year Life Insurance scheme offering coverage for death of 2 Lakhs available at a premium of 330 Rs per annum renewable from year-to-year. It is backed by the Government and announced in the 2015 budget speech. It comes under the Ministry of Finance.
  • PMJJBY is available to people in the age group of 18 to 50 years having a savings bank account and who give their consent to join and enable auto-debit. 
  • PMJJBY is administered through Life Insurance Corporation and other private life insurance companies.

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  1. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • PMSBY is a one-year accidental death and disability cover, which can be renewed annually. The risk cover available is Rs 2 lakhs for accidental death and permanent total disability and Rs 1 lakh for permanent partial disability.
  • It was again announced in 2015 Budget speech and come under the Ministry of Finance.
  • The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join and enable auto-debit. The scheme can be renewed on an annual basis.
  • The premium of Rs. 12 per annum will be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment. The scheme is offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms.
  • The scheme is launched to provide accident coverage to those who work under high-risk area and accident-prone areas such as mechanics, factory labourers and heavy vehicle drivers etc.

  1. Pradhan Mantri Vaya Vandana Yojana (PMVVY)

  • It is a Pension Scheme announced by the Government exclusively for the senior citizens aged 60 years and above and is available from 4th May.
  • Scheme provides an assured return of 8% p.a. payable monthly for 10 years. The scheme is exempted from GST/Service tax.
  • Minimum Entry Age – 60 years
  • Maximum Entry Age – No limit
  • Policy Term – 10 years
  • Investment limit – Rs 15 lakhs per senior citizen
  • Minimum Pension –  Rs. 1,000/- per month.                               
  • Maximum Pension – Rs. 10,000/- per month.                              
  • Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.
  • The scheme is being implemented by Life Insurance Corporation (LIC) of India.

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  1. Pradhan Mantri Fasal Bima Yojana (PMFBY)

  • It was launched by the Government in 2016 to provide insurance coverage and financial support to the farmers in the event of failure of any crop caused by natural calamities, pests & diseases and to stabilize the income of farmers.
Sr No. Season Crops Maximum Insurance charges payable by farmer
1 Kharif Food & Oilseeds crops (all cereals, millets, & oilseeds, pulses) 2%
2 Rabi Food & Oilseeds crops (all cereals, millets, & oilseeds, pulses) 1.5%
3 Kharif and Rabi Annual Commercial / Annual Horticultural crops 5%


  • Risks to be covered: Yield losses by – 
  1. Natural Fire and Lightning
  2. Storm, Hailstorm, Cyclone, Typhoon, Tempest, Hurricane, Tornado etc
  3. Flood, Inundation and Landslide
  4. Drought, Dry spells
  5. Pests/ Diseases etc.
  1. Atal Pension Yojana (APY)

  • This is a Government scheme launched in 2015 and the main target of this scheme is the unorganised sector. It comes under the Ministry of Finance.
  • The Atal Pension Yojana will provide a defined pension depending on the contribution of the person and the period for which the scheme is subscribed. The APY will focus on all citizens in the unorganised sector who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA).
  • The minimum period of contribution by any subscriber under APY will be 20 years or more. Minimum age of joining APY is 18 years and maximum age is 40 years.

The subscribers will receive the fixed minimum pension after the age of 60 years depending on their contributions. These would be

  • 1000 per month
  • 2000 per month
  • 3000 per month
  • 4000 per month
  • 5000 per month.
  • Atal Pension Yojana (APY) is open to all bank account holders. The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-2020.

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We hope that information provided above that is NIACL AO Study Material Government Insurance Schemes helps you in being a step ahead in your preparations for the NIACL AO exam and also a few other upcoming insurance exams in 2019. 

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