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Government Life Insurance Schemes

The Indian Government offers various life insurance schemes committed to helping Indian citizens secure themselves and their loved ones. These government schemes especially help the underprivileged section of society by offering affordable plans. Both state and central governments provide these life insurance policies to ensure that citizens are covered against different risks, such as disease, accident or even death. Let’s learn more about the different government life insurance schemes in this article.

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What Is Government Life Insurance?

Government insurance plans are policies or schemes provided by a state or the central government, usually to aid people in the underprivileged section of society. These government schemes aim to ensure that insurance coverage is accessible and affordable to individuals across various socio-economic categories. Over the years, successive Indian governments have introduced various insurance schemes to promote social welfare and support different groups of people. Depending on the nature of these government life insurance schemes and the eligibility criteria for enrollment, premium rates may vary, ranging from fully paid to partially paid or even offered free of charge.

*Note: To check all government life insurance plans and schemes, you can visit myscheme[dot]gov[dot]in

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Top Government Life Insurance Schemes In India 2024

Here are the government life insurance schemes in India:

Government Life Insurance Scheme Entry Age Premium  Sum Assured
Aam Aadmi Bima Yojana 18 to 59 years Rs. 200/annum paid by state or central government Rs. 30,000 Rs. 35,500 Rs. 75,000
Pradhan Mantri Suraksha Bima Yojana 18 to 70 years Rs. 12 Rs. 1 Lakh Rs. 2 Lakhs
Pradhan Mantri Jeevan Jyoti Bima Yojana 18 to 50 years Rs. 330/annum Rs. 2 Lakhs
Pradhan Mantri Jan Dhan Yojana 18 to 59 years Rs. 30,000 Rs. 1 Lakh built-in accidental cover for RuPay cards
Saral Jeevan Bima 18 to 65 years Starting from Rs. 476/month (for 50 Lac SA) Rs. 5 Lakhs to Rs. 50 Lakhs
  1. Aam Aadmi Bima Yojana

    Here are the features of this scheme:

    • Covers natural death, accidental death, and partial or permanent disability due to accidents.

    • Provides education coverage for dependent children if the policyholder suddenly passes away.

    • Available at affordable premiums, subsidized by the government for accessibility across economic backgrounds.

    • Aam Aadmi Bima Yojana also covers natural calamities such as floods and earthquakes.

    • Offers special coverage benefits for women, including maternity benefits.

    • To be eligible, the life assured’s family must have an annual income below the poverty line, not exceeding INR 1,00,000.

  2. Pradhan Mantri Suraksha Bima Yojana

    Here are the features of this scheme:

    • Provides insurance coverage to every individual in the country.

    • Offers INR 1 Lakh in case of permanent partial disability.

    • Provides INR 2 Lakhs in case of death or permanent and total disability.

    • Covers death and permanent loss of sight in both eyes, loss of both hands or legs or loss of one eye and one limb.

    • Available at a low annual premium of Rs. 12, making it accessible to rural populations.

  3. Pradhan Mantri Jeevan Jyoti Bima Yojana

    Here are the features of this scheme:

    • If the policyholder unfortunately passes away, their nominee gets a sum assured of 2 Lakhs.

    • The policy has an annual renewal benefit, continuing its benefits until the age of 55 years.

    • It allows automated premium payments linked to your bank account.

    • The policyholder can avail tax benefits upon policy purchase.

    • Policyholders can temporarily exit the policy and rejoin later if needed.

  4. Pradhan Mantri Jan Dhan Yojana

    Here are the features of this scheme:

    • If the policyholder unfortunately passes away, their legal nominee or heir receives a death benefit of INR 30,000.

    • Pradhan Mantri Jan Dhan Yojana offers accidental death benefits of INR 1,00,000 (raised to INR 2 Lakhs for accounts opened after 28.8.2018).

    • Eligible account holders can access an overdraft facility of up to INR 10,000.

    • Each unbanked individual gets one basic savings account.

    • PMJDY accounts qualify for Direct Benefit Transfer, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, and more.

  5. Saral Jeevan Bima

    Here are the features of this scheme:

    • Saral Jeevan Bima Term Insurance Plan ensures financial security for your family in the unfortunate event of your death.

    • Enjoy coverage up to 70 years of age with this plan.

    • With Saral Jeevan Bima, you can choose from tele-medicals, physical medicals, or even no medicals for easy issuance.

    • Flexible premium payment terms include Single, Limited (5/10 years), and Regular options.

    • COVID-19 deaths are covered under Saral Jeevan Bima Term Insurance.

    • There are no restrictions based on occupation, education, gender, or income proof for opting into these plans.

    • Premiums can be paid annually, semi-annually, or monthly via NACH/ECS for Limited and Regular Premium Payment plans.

    • People with yearly income within Rs. 1 to 5 Lakhs, low educational qualifications, or self-employed people with no income proof can also purchase SJB plans.

    • Tax benefits are available under Section 80C for premiums paid and under Section 10(10D) for benefits received.

    *Note: Apart from the aforementioned government life insurance schemes, you can also buy Postal Life Insurance and Rural Postal Life Insurance plans. 

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What Are The Benefits Of Government Life Insurance Schemes?

Government life insurance schemes are crucial in supporting and uplifting the weaker sections of society by providing them with affordable and inclusive financial protection. Here are a few benefits of these plans:

  • Financial Accessibility: Government life insurance schemes provide affordable premiums, ensuring that even individuals from economically weaker sections can afford coverage.

  • Inclusive Coverage: These schemes cater to the needs of the marginalized and underprivileged sections of society, offering them access to essential financial protection.

  • Empowerment: By offering life or term insurance coverage to the weaker sections, government schemes empower them with a sense of security and stability, enabling them to face life's uncertainties confidently.

  • Socio-Economic Upliftment: Access to these government life insurance plans can contribute to the socio-economic upliftment of weaker sections by providing financial assistance during emergencies and crises.

  • Healthcare Support: Some government life insurance schemes also offer healthcare benefits, ensuring that individuals from weaker sections can afford essential medical treatment and services.

  • Risk Mitigation: These schemes help mitigate the financial risks faced by vulnerable groups, such as the loss of income due to illness, disability, or death of the primary breadwinner.

  • Long-term Stability: By promoting financial inclusion and security, government life insurance schemes contribute to the long-term stability and well-being of weaker sections of society.

*Note: You can buy government life insurance schemes online or offline as per your preference and availability.

Wrapping It Up!

Government life insurance schemes are powerful tools for fostering financial inclusion and social welfare, especially for the economically weaker sections of society. These government schemes empower individuals from marginalised communities by offering affordable premiums, inclusive coverage, and essential financial support during emergencies and contribute to their socio-economic upliftment. 


  • Q: What are Government Life Insurance Schemes?

    Government life insurance schemes are policies or initiatives provided by state or central governments to offer affordable and accessible coverage, primarily targeting underprivileged segments of society.
  • Q: Which are the Top Government Life Insurance Schemes in India 2024?

    Some of the top government life insurance schemes in India include Aam Aadmi Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Jan Dhan Yojana, and Saral Jeevan Bima.
  • Q: Can anyone avail of Government Life Insurance Schemes?

    Yes, government life insurance schemes are designed to be accessible to individuals across all socio-economic backgrounds, with varying premium rates based on eligibility criteria.
  • Q: How can one purchase Government Life Insurance Schemes?

    Government life insurance schemes can be purchased online or offline, providing individuals with the flexibility to choose based on their preferences and availability.
  • Q: Are Government Life Insurance Schemes only available for rural populations?

    No, government schemes are designed to cater to individuals from both rural and urban areas, ensuring inclusivity across different geographic locations.
  • Q: What documentation is required to apply for Government Life Insurance Schemes?

    Documentation requirements for Government Schemes may include proof of identity, address, income, and other relevant documents per the respective scheme's guidelines.

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