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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.

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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.

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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

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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. 


  • 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

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