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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 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.
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 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
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
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 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 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.
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
