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.
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Government term insurance plans are term insurance plan offered by state or central government organisations to provide financial security to your family on the policyholder's death 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.
Term Plans
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:
The Pradhan Mantri Jeevan Jyoti Bima Yojana or the PMJJBY is a one-year annual renewable government term insurance plan that offers financial help to your family in case of death due to any cause.
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
This government term insurance 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 this Govt term insurance plan are just ₹436/yearly
The AABY or the Aam Aadmi Bima Yojana is a government scheme that offers coverage to the unorganized sector of India that constitutes about 93% of the country’s population.
The plan offers financial protection on the death/disability of the policyholder
This government scheme covers natural calamities like earthquakes, floods, and more.
The enrollment process is easy and can be done at any time of the year
This government scheme also provides coverage for women, like maternity benefits and cover for households with women as the main income earner.
The premiums are highly affordable at just Rs. 200 per annum
The PMSBY, or the Pradhan Mantri Suraksha Bima Yojana, is a personal accident insurance scheme that must be renewed every year and offers protection in case of death or disability due to an accident.
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
The Pradhan Mantri Jan Dhan Yojana, or PMJDY, is a government scheme that aims to improve financial inclusion. Under this plan, a person without any other account can open a basic savings bank deposit.
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
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The various best government term insurance plans launched by the Government of India 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.
†Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.