Professional Documents
Culture Documents
5EF1D - HDT - Insurance - Fin - Inclusion - 2020B @ PDF
5EF1D - HDT - Insurance - Fin - Inclusion - 2020B @ PDF
16.4.2 🦁 Employees' State Insurance Corporation (ESIC: िममचारी राज्य बीमा तनगम)
- 1948: Employees' State Insurance Act → 1952: ESIC corporation setup @Labour
Ministry.
- Where does it apply? Any establishment with 10/> employees.
- Who are the ESIC subscribers? Employee in above establishment, with monthly salary
less than ₹21,000/-
- Who pays ESIC premium? “x%” of employee’s wages+ “y%” from employer’s side.
- What is X and Y? notimp unless preparing for ESIC/Insurance Exams. Similarly, factoids
like ESIC vision-2022 to enrol 100 million workers. notIMP4UPSC
A) ___ lakh Primary Health Care Centers (PHC) to be transformed into Health & Wellness
Centres (स्वास््य और िल्याण िेंद्र). Free drugs, checkup, mother-child care etc.
B) National Health Protection Scheme (AB-NHPS) → Later renamed ‘PM Jan Arogya Yojana
(PMJAY)’ and launched with Motto ”______________________________” from Ranchi,
Jharkhand (2018, Sept). It has subsumed Rashtriya Swasthya Bima Yojana (RSBY) &
Senior Citizen Health Insurance Scheme (SCHIS).
16.6.2 ⚰️🚕🤕 Third Party Motor Insurance (थर्ड पार्टी मोर्टर इंश्योरें स)
- Motor Vehicles Act (1988) requires all motor vehicle owners to purchase it.
- Third party (TP) insurance: When your vehicle hits another vehicle, person or
property → that victim (third party) registers a case, gets compensation. IRDAI
regulates premium rates & other norms. SC judgement: TP insurance validity should be
3-5 years, so even if owner forgets to renew annually, the third party is protected.
17 👴🏻 PENSION
- ⚰️Insurance: person/his family eligible to receive ₹ ₹ if he suffers death / damage.
e.g. PM Jeevan Jyoti: ₹ 2 lakhs on death.
- 👵🏻Pension: person eligible to receive monthly ₹ ₹ when he retires. And when he dies,
his wife (is usually) eligible to receive monthly ₹ ₹. When she also dies, scheme stops.
- Latest Economic Survey (2018-19) observed that in future, we’ll have an ageing
population and less young people, so we should gradually raise the age of retirement.
More in Pillar#6 → Demographic dividend.
17.1.1 🧔👨🔧👴🏻 (2016) Pradhan Mantri Rojgar Protsahan Yojana (Labour Min)
- Private sector employers hire workers informally, but don’t report them in official
formal records lest they’ve to contribute to EPFO-funds under statutory norms, face
harassment of EPFO officials.
- So, worker is hired informally, denied job-security & social security. Economic Survey
2015-16 diagnosed it as “EPFO Regulatory Cholesterol preventing formal-job creation.
(औपचाररि नौिरीओ िा सज
ृ न)
- So, to encourage pvt companies to hire new workers ‘formally’ → Govt pays employer
(Factory owners) portion (i.e.8.33% + 3.67% = 12%) for the first 3 years.** This scheme
is called Labour Ministry’s Pradhan Mantri Rojgar Protsahan Yojana.
- Later, Textiles ministry announced, “if it’s a textile factory, then we’ll pay the 3.67%-
walla component (to EPFO), while labour ministry pays the 8.33%-walla component =
this is called “Pradhan Mantri Paridhan Rojgar Protsahan Yojana” to encourage
formal job creation in the textile sector.
MCQ [Asked in UPSC-CDS-2019-1] Consider the following passage about a scheme : It was
launched to provide social security during old age and to protect elderly persons aged 60
years and above against a future fall in their interest income due to uncertain market
conditions. The scheme enables old age income security for senior citizens through
provision of assured pension / return linked to the subscription amount based on
government guarantee to Life Insurance Corporation of India (LICI). Identify the scheme.
Answer Choices:
a) Pradhan Mantri Swasthya Suraksha Yojana b) Pradhan Mantri Vaya Vandana Yojana
c) Liveability Index Programme d) Rashtriya Vayoshri Yojana
(Pre19-SetA) Q61. The Service Area Approach was implemented under the purview of
(a) Integrated Rural Development Programme
(b) Lead Bank Scheme
(c) Mahatma Gandhi National Rural Employment Guarantee Scheme
(d) National Skill Development Mission
18.1.1 🧔(👨🏻🌾👨🏼🔧:💰)→💳 Pradhan Mantri Jan Dhan Yojana (प्रिान मंत्री जन िन योजना)
- 2014: launched by Dept of ________________, with two phases, 6 objectives:
MCQ [Asked in Pre-2015] Pradhan Mantri Jan-Dhan Yojana’ has been launched for:
(a) providing housing loan to poor people at cheaper interest rates
(b) promoting women’s Self-Help Groups in backward areas
(c) promoting financial inclusion in the country
(d) providing financial help to the marginalized communities