What are the Types of Social Security?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The Types of Social Security include Health Insurance, Medical benefits, Pension, Maternity benefits, Disability benefits, and Gratuity. Social Security refers to any social protection program established by legislation for individuals and households to ensure access to healthcare and income security. It is valid in the circumstances such as unemployment, sickness, old age, work injury, maternity, or loss of a wage earner.
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Types of Social Security
The Indian social security system is made up of a number of schemes and programs that are spread across various laws and regulations. However, keep in mind that India’s government-controlled social security system only covers a small portion of the population.
Pension, Health Insurance and Medical Benefits, Disability Benefits, Maternity Benefits, and Gratuity are the general types of social insurance covered by India’s social security schemes.
Importance of Social Security
Social security schemes are extremely crucial to ensure that citizens can maintain their lifestyles and protect their health during difficult circumstances. However, these schemes are mostly available to people working in the organized or government sector, and those working in the unorganized sector still don’t have many opportunities to avail these schemes.
The importance of social security has been elaborated on below:
- Guarantee income security
- Guarantee health protection
- Promotion of social inclusion
- Reduction in inequality
- Promotion of human dignity
- Long-term social and economic development
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