1 Bank Account You can help your domestic workers to open a basic bank account under the Pradhan Mantri Jan Dhan Yojana. There is no minimum balance maintained in such an account and the account holders also get a RuPay debit card. They also get accident insurance of Rs 2 lakh with RuPay card, overdraft facility up to Rs 10,000, and are eligible for various government schemes with the account. You can also open a recurring account for them so that they can start saving regularly.
2 Health Insurance You should help your employees buy a government health plan, especially in the aftermath of covid due to the rising cost of health care. You can choose from Ayushman Bharat, also known as Pradhan Mantri Jan Arogya Yojana or Rashtriya Swasthya Bima Yojana. The former offers coverage up to Rs 5 lakh per family for an annual premium of Rs 30, covering all pre-existing conditions. The latter scheme is mainly targeted at people below the poverty line. It provides cover up to Rs 30,000 per year per family. They can avail cashless hospitalization, and pre-existing diseases are covered. The government contributes 75% of the annual premium, and the beneficiary pays only Rs 30 per year as renewal or registration fee.
3 Personal Accident Cover You can help them buy personal accident and disability cover, Pradhan Mantri Suraksha Bima Yojana, which comes at a nominal cost. The scheme, available for the age group of 18-70 years, offers accidental death and complete disability cover of Rs 2 lakh, and Rs 1 lakh for partial disability cover, from June 1 to May 31. A premium of Rs 20 is deducted annually from the account holder’s bank account. The scheme is offered by the public sector general insurance companies or any other general insurer providing it on similar terms.
4 Life Insurance You can also help them to buy life insurance through Pradhan Mantri Jeevan Jyoti Bima Yojana. For the age group of 18-50 years having a bank account, it offers a life cover of Rs 2 lakh for one year from June 1 to May 31 and is renewable. The annual premium is Rs 436, which is automatically debited from the bank account. This plan is being offered by Life Insurance Corporation and all other life insurance companies that offer it on equal terms.
5 Pension Scheme Atal Pension Yojana provides a regular pension after 60 years and you must persuade your domestic help to opt for it. It is open to all savings bank / post office savings bank account holders in the age group of 18 to 40 years. It guarantees a minimum monthly pension of Rs 1,000-5,000 to the subscriber, and thereafter to his or her spouse. After his death, the amount deposited at the age of 60 years will be returned to the nominee of the subscriber.
If you have money, write to us…
We all get into financial trouble when it comes to relationships. How do you say no to a friend who wants you to invest in his new business venture? Should you take a loan from your married brother? Are you worried about your wife’s impulsive purchases? If you have a concern that is difficult to resolve, write to us at [email protected] with the subject ‘Wealth Vines’.
Disclaimer: The advice in this column is not from a licensed health care professional and should not be construed as psychological counseling, therapy or medical advice. ET Wealth and the author will not be responsible for the outcome of the suggestions given in the column.