Importance of Insurance – Protection of Family Members

Importance of Insurance :- Once an individual starts to live with family, they become the bread earner and accordingly, the primary responsibility is to secure the family members from all unavoidable circumstances. It is the primary task of any individual (Bread Earner) to secure his/her family members in such a way that even after death or any occurrence of unfortunate incident, financial supports or earning source continue till become self-reliant. For this one should understood the basic concept of Insurance, related to its importance and necessity in present time.

First of all let us know what is the importance and necessity of Insurance Coverage for Individual with Family Members:

Here are some basic reasons for Insurance Coverage mentioned as under:

  1. It provides us to enjoy financial security at the time of occurrence of unforeseen events like illness, injury, permanent disability or even death.
  2. It helps us to reduce tension/stress during tough time.
  3. A reasonable amount as death benefit provided to family members can bring financial stability or make them self-reliant.
  4. Individual enrolled under Insurance Scheme will have peace of mind as he/she is well aware of the fact that in the event of any unfortunate incident, his/her insurance package will continue to protect the family members.

There are various types of Insurance Coverage Policies which provides family protection from all unavoidable circumstances. However, majority of the section of people are unable to enroll themselves due to financial constraints or unaffordable plan of Insurance Policies.

Government of India has now introduced insurance policies at quite affordable rate which are commonly known as Social Security Schemes.

Enrollments under Social Security Schemes are broadly classified into 3(three) groups:

  1. Pradhan Mantri Suraksha Bima Yojana (PMSBY):Any Individual of age groups 18 – 70 years can enroll under this scheme. The annual contribution against this scheme is Rs 12/- only. The risk coverage under this scheme is Rs.2 lakh for accidental death & full disability and Rs. 1 lakh for partial disability Click here PMSBY Claim Form
  2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Any Individual of age groups 18 – 50 years can enroll under this scheme. The annual contribution against this scheme is Rs 330/- only. The risk coverage under this scheme is Rs.2 lakh in case of the death of insured due to any reason.
  3. Atal Pension Yojana (APY):Any Individual of age groups 18 – 40 years working under unorganized sectors can enroll under this scheme and contribution can be done on Monthly or Quarterly or Half Yearly Basis. In order to know the Monthly/Quarterly/Half Yearly contribution against this scheme and minimum guaranteed monthly pension amount to get started and credited to Bank Account on attaining the age of 60 years, click here to download the Chart in PDF Format.


Any Individual working under unorganized sectors having minimum 18 years of age and upto specific age limit can enrolled themselves under Social Security Schemes which will secure all family members under unavoidable circumstances.

So, think today for better tomorrow.

Here is Chart of Atal Pension Yojana (APY)

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