Term Insurance for Below Poverty Line (BPL)

In the world of making sure everyone can get important services, it is really important that everyone, no matter how much money they have, can use things that help them in tough times. One of these important things is term insurance. A term plan is like a financial safety net for families when things are difficult. Let’s discuss why term insurance is so important for people who don’t have much money, i.e. comes under Below Poverty Line (BPL).

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What Is Term Insurance For BPL?

Term insurance for BPL (Below Poverty Line) individuals is an affordable life insurance designed to offer financial protection for a specified term or period. If the policyholder passes away during the policy term, the beneficiaries receive a death benefit, offering financial support during a challenging time. The simplicity of these schemes makes term insurance for BPL available to those with modest incomes. It also makes sure that a fixed amount is provided to the nominees in the unfortunate event of the policyholder's demise.

Note: Now that you know that what is Term Insurance For BPL, you should also get to know about what is term insurance to buy a term plan for your loved ones.

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Why Is Term Insurance Important For People Below Poverty Line?

Here is why term life insurance is important for people below the poverty line:

Financial Protection: Term insurance plans help you secure financial stability for your family and get the peace of mind that they will be able to maintain their current quality of life in your absence.
Protection for Dependents: The term insurance for BPL benefit payout can help your family in your absence, take care of their financial needs like paying for rent, taking care of child's education, and meet other monthly expenses.
Debt Repayment: In case of the death of the main income earner, their family might struggle with having to pay off the remaining loans. A term plan makes sure that these remaining debts do not affect the family members and helps them maintain financial stability in your absence.

How to Make Term Insurance Accessible for Below Poverty Line (BPL) People?

Affordable Premiums:

Term insurance for low income groups often come with a lower premium compared to regular term plans. This affordability makes sure that even those below the poverty line can purchase these plans to secure their loved ones.
Simplified Application Processes:

Streamlining application processes and reducing paperwork makes it easier for individuals in marginalized communities to obtain term insurance. This simplicity encourages inclusivity and widens the reach of financial protection.
Community Outreach and Education:

Conducting awareness programs and educational initiatives within these communities is essential. Empowering individuals with knowledge about the benefits of term life insurance enhances their understanding of financial planning and risk reduction.

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

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What are the Government Term Insurance Schemes Offered for BPL?

The Indian government launched several types of term life insurance plans for people who are below the poverty line (BPL). These plans help BPL families get life insurance at a price they can afford, which will help them protect their finances in case the breadwinner suffers an untimely death. The Indian government has started some important term insurance for low income groups. Here are some of them:

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): PMJJBY provides life insurance coverage of Rs. 2 lakh to individuals aged 18-50 years. The annual premium for the scheme is Rs. 330. Here are the key features of PMJJBY Scheme:
- The PMJJBY Scheme provides a yearly renewable term life cover of ₹2 Lakh to bank account holders aged 18-50, which helps them secure their loved ones in case of death due to any reason.
- The premium for this government scheme is ₹436 per annum per person which can be auto-debited from their bank account as per their choice.
- With this BPL Scheme the nominee gets Rs. 2 Lakh for the policyholder's demise during the policy term.
- The scheme, initiated by the government, allows renewal every year.
- PMJJBY offers affordable coverage at the lowest premium rate of Rs. 436 per annum.

Here is the eligibility criteria for PMJJBY:

Entry Age	Minimum	Maximum
Entry Age	18 years	50 years
Maximum maturity age	55 years
Policy Tenure	1 year (Renewable yearly)
Sum Assured	Rs. 2,00,000
Premium Amount	Rs. 436 (inclusive of Rs. 41 towards administrative charges)

Pradhan Mantri Suraksha Bima Yojana (PMSBY): PMSBY is a personal accident insurance scheme launched by the Indian government to provide accidental death and disability coverage to people below the poverty line (BPL). Here are the key features of the PMSBY Scheme:
- Public Sector General Insurance Companies (PSGICs) and other general insurance companies offer and run the PMSBY program.
- It is a Personal Accident Insurance Scheme that gives you 2 Lakhs of coverage every year.
- The PMSBY Scheme offers coverage for accidental death, total and partial disability, and permanent disability.
- The yearly premium, excluding service tax, is Rs. 20, automatically deducted from the scheme holder's bank account.
- In case of total incapacitation or accident-related death, the nominee receives Rs. 2 lakh.
- For partial permanent disability due to an accident, the subscriber receives Rs. 1 lakh.

Here is the eligibility criteria for PMSBY:

Criteria	Minimum	Maximum
Age	18 years	70 years
Premium	Rs. 12/- per annum deducted through auto-debit
Flexibility	Exit and rejoin with annual premium payment, subject to conditions

Wrapping It Up!

Term insurance for BPL is an easy way to give people with low income a simple and cost-effective financial protection. This term insurance for low income group is easy to buy as it only covers life and does not involve any investment components.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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Author's Bio

Varun Agarwal IRDAI Certified Term Insurance Expert with 10+ Years of Experience

Varun has spent years in the insurance space, but what drives him isn't policies or premiums — it's the conversations he's had with real people. A young father in Pune wondering if his salary is enough. A newly married couple in Jaipur putting off "the insurance talk" for later. A mother in Chennai who never knew her husband was underinsured until it was too late.
These stories stay with him. As Head of Term Insurance at Policybazaar, Varun knows the numbers well — 52.4% of Indians are aware of term insurance, yet only 9.6% own it. And 87% of families don't realise they're leaving their loved ones with far less protection than they actually need. But behind every statistic, he sees a family that just needed someone to sit with them, explain it simply, and help them take that one step. That's exactly what Policybazaar's term insurance is built to do. In his words, "Most people aren't avoiding protection — they're just waiting for someone to make it easy. That's what we're here for."

Write to Varun

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

+Rs. 410/month 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 30 years of age, rounded off to nearest 10

+Rs. 410/month (Rs.14/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 30 years of age rounded off to nearest 10

+Rs. 245 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 504/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 494/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/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 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/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 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

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

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

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Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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