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Life Insurance for Armed Forces

The Indian arm forces are our pride. They risk their lives to protect every citizen of this country. A specifically designed life insurance plan can help fulfill their financial goals for their family if they are martyred. A regular life insurance policy may not offer adequate coverage for Armed forces personnel, special life insurance specifically designed to cater to their needs may fulfill the need.

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Various types of defense personnel life insurance are Air Force Life Insurance, Navy Life Insurance, Paramilitary Life Insurance, Term Insurance for Defense Personnel. Let us understand them in detail.

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Importance of Life Insurance for Armed Forces

The Armed Forces, being the country’s backbone in holding tight its security, also deserve to commit to their families and pay attention to their needs. It is important that they purchase life insurance because they are more vulnerable to death, given their job’s nature, and therefore, policies for them are specially designed to offer coverage for their loved ones/families. Below mentioned are a few more important reasons why the Indian Armed Forces need Life Insurance:

  • Protection for Families - Soldiers have to be away from families all throughout their service tenure and are always at high risk of losing their lives. Under such circumstances, the life insurance purchased by them will give their families financial stability after the demise of the soldier. 

  • Investments - As an Armed Forces personnel, you may not have the bandwidth to keep a check on the available investment opportunities in the market. Therefore, purchasing life insurance plans, like ULIPs and Endowment Plans, can help you enjoy dual benefits of life cover as well as wealth creation.

Types of Life Insurance for Armed Forces

Below are the various types of life insurances that the Armed Forces can avail to:

  • Term Insurance Plan - Term Life Insurance is the most affordable and efficient life insurance plan for any individual. Although it only provides death benefits, you can add riders as per your suitability, like Waiver of Premium, Critical Illness etc.

  • ULIP (Unit Linked Insurance Plan) - With ULIP, you get double benefits of life cover and investments in a single money. As a person from the armed forces, you get both death and maturity benefits in ULIP, and you also get the option of paying premiums for a limited period. 

  • Endowment Plan - As a person from the Armed Forces, it can get difficult to keep a track of where your money goes. Therefore, an endowment plan safeguards your funds and provides a life cover along with safe returns, which acts as a dual advantage of safety and insurance in the same plan. 

  • Retirement Plan - A pension/retirement plan for the Armed Forces personnel can become a financial arrangement to the soldier once he successfully retires from his line of duties. This plan provides retirement benefits to the soldier in the form of a savings plan.

Air Force Life Insurance

The air force members' life is always at immense risk. Considering this, insurance companies have developed special life insurances for them. They are offered various options such as term life insurance plan, endowment plan, child education fund, disability benefit, and wealth creation plan.

Navy Life Insurance

This plan is specially designed for Navy personnel. This plan provides financial coverage to the beneficiary in case the insured passes away. This plan also provides coverage for disabilities. Additionally, it provides coverage to the policyholder's family in case of any war or a war-like situation.

Paramilitary Life Insurance

This plan is for members of the Indian Paramilitary Force. This plan provides coverage for all wars and war-like situations. The plans are flexible, customizable, and available in different forms such as term life insurance, endowment, and wealth creation.

Term Insurance for Defense Personnel

Term insurance is probably the most simple and purest type of life insurance that is offered at affordable premium costs. A term life insurance plan provides financial coverage to the beneficiary of the policy in case of the policyholder's death. 

While regular term insurance plans can serve the common people well, they may not be sufficient to provide coverage for the high-risk lives of the defense people. Term plans for defense personnel are specially designed considering the high-risk factor of their life with coverage extended to wars and war-like situations.

Insurance Coverage Offered by Private Insurers

The private insurance providers of India also offer life insurance plans for armed forces. Some of them have been listed below:

  1. Aviva Suraksha

    This policy is offered by Aviva India. This policy provides various options for military personnel such as investment, retirement, child protection, and wealth creation. It is designed to provide financial coverage to the family of the army personnel in case they die in any war or war-like situation.

    Aviva India also provides retirement benefits for army personnel. If they buy an Aviva Income Suraksha plan, then they can get a guaranteed regular monthly payout. Policyholders can also change the monthly payouts as per needs. This policy also has tax benefits under sections 80C and 10(10D).

  2. Pramerica Life Prahri

    This policy is offered by Pramerica Life Insurance Limited, and is exclusively designed only for the Armed forces of India. This plan provides financial coverage to the army personnel's family in case of any war or a war-like situation. This policy also provides multiple payout options. One great feature of this insurance company is that their sales team comprises ex-servicemen and family members of defense personnels.

    The beneficiary can get a lump sum benefit which is payable immediately on the unfortunate death of the army personnel. They also have monthly recurring payment options that pay the beneficiary a monthly sum from the death of the army personnel until the policy term. And finally, a lump sum benefit is payable at the scheduled maturity of the policy.

    Pramerica Life Prahri provides the following three variants:

    • Pramerica Life Rakshak Smart

    • Pramerica Life Magnum Assure

    • Pramerica Life Smart Income

  3. HDFC Life Shaurya

    This policy is offered by the HDFC Life Insurance company. HDFC Life Shaurya plan is specially designed for military personnel and ex-servicemen. This long-term policy provides financial protection for the family of military personnel since their lives are at high risk.

    The following Military/ Armed forces Personnel are eligible for this policy:

    • Indian Army/Navy/Air Force/Indian Coast Guard/Territorial Army

    • Paramilitary Organizations/Assam Rifles

    • CRPF Members/CISF Members

    • Special Frontier Force Members

    • Border Security Force /Indo-Tibetian Border Police Members

    • Sashastra Seema Bal Members

    • Railway Protection Force Members

    • National Security Guards Members

    • Reserve Police Forces /State Police Forces Members

    • Fire Services Members

    • Civilians Defence Employees who draw salary from defense budgets

    • Armed Forces Run School Employees

In Conclusion

The Armed forces in India risk their own life for the welfare of the country and its people. So, they must get life insurance policy for the financial safety of their family. This will give them peace of mind while they are on the war-front and, consequently, provide financial support to their families if they lose their lives in their service to the country.


  • Do I have to pay tax on the death benefit of any life insurance?

    Ans: The death benefit received by the beneficiary in the event of the policyholder's death will be fully exempt from income tax under section 10(10D).
  • How much does life insurance cost?

    Ans: The cost of any life insurance depends on lots of factors such as:
    • The sum assured
    • The age of the policy buyer
    • The type of plan you want to buy, such as ULIPs, endowment plans, and retirement plans.
  • What are the types of life insurance available for the armed forces?

    Ans: The types of life insurance available for the armed forces/defense personnel are:
    • Term insurance Policy
    • Term insurance policy with the facility of return of premium paid.
    • Unit Linked Insurance Plans (ULIPs)
    • Endowment plans
    • Money Back Plans
    • Whole life insurance
    • Group life insurance
    • Child Insurance Plans
    • Retirement Plans
  • Can I Purchase an Armed Forces life insurance online?

    Ans: Yes, you can buy any armed forces life insurance policy online. You just have to visit the insurance company's website and purchase the policy you want to buy. If the insurance company doesn't offer an online purchasing service, you can simply walk into any nearest branch of that particular insurance company and talk to the policy experts over there and buy that policy.
  • What is a wealth creation plan?

    Ans: A wealth creation plan provides both the facility of savings and protection under one plan. Under a wealth creation plan, you will receive a lump sum amount at the time of maturity. If the policyholder passes away due to some unfortunate events, the policyholder's family will receive the sum assured.

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