Prices Increasing soon Prices Increasing Soon

Government Term Insurance Schemes 2024

The Government of India is committed to the welfare and financial growth of its citizens. Therefore, to ensure people from all backgrounds were able to protect their loved ones financially, they launched their Government term insurance schemes. These schemes offer a wide range of comprehensive coverage options at affordable premiums. Let us take a detailed look at the top government term insurance schemes in India.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

What is Government Term Insurance?

Government term insurance is a term plan offered by state or central government organisations and offers death benefits on the death of the policyholder during the policy term. These schemes are designed to offer financial aid to people of all backgrounds and offer coverage against eventualities like death, total disability, or partial disability. Most of these life insurance plans have a one-year policy term and must be renewed annually by subscribing to the auto-debit feature.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What are the 4 Best Government Term Insurance Schemes in India 2024?

Here is a list of the 4 best government term insurance schemes in India:

Government Term Insurance Schemes  Entry Age Sum Assured Premium
Pradhan Mantri Jeevan Jyoti Bima Yojana 18 - 50 years Rs. 2 Lakh Rs. 436/year
Aam Aadmi Bima Yojana 18 - 59 years Rs. 30,000 - Rs. 75,000 Rs. 200/year
Pradhan Mantri Suraksha Bima Yojana 18 - 70 years Rs. 2 Lakh Rs. 20/year
Pradhan Mantri Jan Dhan Yojana 18 - 59 years Rs. 30,000 Rs. 1 Lakh (accidental cover) -

Here is the detailed information on all the government term life insurance schemes:

  1. Pradhan Mantri Jeevan Jyoti Bima Yojana

    • The plan has a one-year validity and will be renewed annually on the payment of premium

    • The premiums will be auto-debited from the policyholder’s account

    • The plan offers 2 Lakh life cover and is payable on death due to any reason

    • The plan can only be purchased by people within 18 to 50 years of age

    • The premiums for the plan are just Rs. 436/annum

  2. Aam Aadmi Bima Yojana

    • The plan offers financial protection on the death/disability of the policyholder

    • This scheme covers natural calamities like earthquakes, floods, and more

    • The enrollment process is easy and can be done at any time of the year

    • The scheme also provides coverage for women, like maternity benefits and cover for female-headed households

    • The premiums are highly affordable at just Rs. 200 per annum

  3. Pradhan Mantri Suraksha Bima Yojana

    • The plan offers 2 Lakhs on death, 2 Lakhs on total permanent disability, and 1 Lakh partial disability

    • The plan has a one-year policy term and has to be renewed annually

    • The accidental cover will terminate as soon as the policyholder turns 70

    • The policyholder needs to have a savings account and enable auto-debit 

    • The premium will be auto-deducted to Rs. 20 per year 

  4. Pradhan Mantri Jan Dhan Yojana

    • The scheme has an OD limit of Rs. 5,000 and 10,000

    • The scheme also provides an in-built accidental cover for RuPay cardholders for 1-2 Lakhs

    • The policyholder needs to be an Indian national

    • Minors above the age of 10 years can apply by getting support from legal guardians 

    • You can also open a joint account under this scheme

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Wrapping it Up!

The government of India has launched several term insurance schemes over the past few years to help individuals secure their loved ones. These schemes provide financial stability to the family or the policyholder's nominee in the form of the death benefit on the policyholder's death. These schemes have an affordable premium and have an easy and simple purchase process, allowing people of all backgrounds to buy their policies easily. 

FAQs

  • Q: What is the government scheme for term insurance?

    Ans: Government term insurance schemes are financial products introduced by the central or state government. These schemes are designed to offer financial protection to people with low-income backgrounds or gig economy workers.
  • Q: Where can government schemes be purchased?

    Ans: People can purchase government schemes online or offline at their convenience.
  • Q: What are the sum assured options available in government schemes?

    The government schemes available in India offer a sum assured, ranging from 30,000 to 2 Lakhs.
  • Q: What are the exclusions in Government term insurance schemes?

    The exclusions in each scheme may differ, but usually, the following are not covered in government schemes:
    • Suicide exclusion
    • Death/injuries due to substance abuse
    • Breach of law
  • Q:Can I claim Tax Benefits with Government Term Insurance Schemes?

    Ans: Yes, you can claim term insurance tax benefits as per the prevailing tax laws of the Income Tax Act, 196

Premium By Age



Term insurance articles

  • Recent Article
  • Popular Articles
29 May 2024

Term Insurance for Individuals with 25K Salary

Securing your family's future is essential, especially when

Read more
28 May 2024

'Har Family Hogi Insured' Policybazaar's Vision for a...

Empowering Every Household: policybazaar's Commitment to

Read more
23 May 2024

Term Insurance for Individuals with a 35K Salary

Securing your financial future is essential, especially when

Read more
07 May 2024

Term Insurance for 45K Salary Individuals

In life, unpredictability looms large, and while you may

Read more
07 May 2024

Term Insurance for 30K Salary Individuals

Turning your dreams into reality, like owning your home and car

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
13 Apr 2021

2 Crore Term Insurance Plan

2 Crore term insurance provides cover amount of 2 Crore as death benefit to your family in the event of your

Read more
07 Mar 2023

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus is a comprehensive life insurance policy for individuals

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL