The Pravasi Bhartiya Bima Yojna, 2006 provides for an insurance cover of a minimum sum of Rs. 5.00 lakhs payable to the nominee/legal heir in the event of death or permanent disability of any Indian emigrant who goes abroad for employment purpose after obtaining emigration clearance from the concerned Protector of Emigrants (POE).
The insurance scheme began on 1st of February, 2006. This Scheme applies to all citizens of India who apply for and obtain an emigration clearance as required under the Emigration Act, 1983 (31 of 1983). This scheme does not apply in case of war or internal conflict in the country to which the citizens of India holding the said policy has gone for work.
The Insurance Policy shall be valid for a minimum period of two years or the actual period of contract, whichever is longer.
| Sl. No. | Name of the Insurance Company | Date of approval |
| 1. | The ICICI Lombard General Insurance Co. Ltd. | 02.02.2006 |
| 2. | The United India Insurance Co. Ltd. | 13.02.2006 |
| 3. | The Oriental Insurance Co. Ltd. | 13.02.2006 |
| 4. | The New India Assurance Co. Ltd. | 16.02.2006 |
| 5. | The Reliance General Insurance Co. Ltd. | 22.02.2006 |
| 6. | The National Insurance Co. Ltd. | 28.02.2006 |
| 7. | The Cholamandalam MS General Insurance Co. Ltd. | 13.06.2006 |
| 8. | The Bajaj Allianz General Insurance Co. Ltd. | 11.07.2006 |
*Source: Ministry of Overseas Indian Affairs (valid as on 02.07.07)
