The government of India constantly works on the welfare and financial growth of the citizens of India. All governments worldwide provide their citizens with certain health and life insurance plans that can benefit them. Government-term insurance plans are available to customers nationwide with standard sum assured options, rider benefits, and coverage. With a range of term insurance plans government of India is aiming to provide its citizens with basic access to life insurance coverage at affordable premiums. In this article, we will explore all the government-term insurance plans available to the citizens of the country along with their basic features and benefits.
Government term insurance offers a death benefit to the insured individual's family in case of the sudden demise of the policyholder. Term insurance plans offered by the state or central government to the citizens of India fall under the category of Govt Term Insurance.
We have mentioned below various government-term insurance plans that provide life coverage to your family along with various other features:
A government-sponsored scheme that offers social security to insured individuals by providing life insurance coverage at affordable premiums. The policy was designed in order to provide security to the employees of the unorganized sector of India, that is the blue-collar employees. The insured individual availing this policy must belong to a family below the poverty line with an annual income not exceeding INR 1,00,000.
Launched | 2007 |
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Insurance Provider | LIC |
Eligibility | Minimum: 18 Years Maximum: 59 Years |
Premiums Paid | INR 200 per annum paid by the state and central government |
Sum Assured | 30,000 | 37, 500 | 75,000 |
Documents Required | Aadhaar Card, Age Proof, Address Proof, Bank Account Details, Income Certificate, and Occupation Proof |
Benefits Offered
Exclusions
The exclusions under this scheme are mentioned below:
The Pradhan Mantri Suraksha Bima Yojana is a government-term insurance plan available for all Indian citizens between the ages of 18 to 70 years with a bank account who give their consent to join or enable auto-debit on or before May 31st. Aadhar card would be the primary KYC for the bank account.
Launched | 2015 |
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Insurance Provider | Banks and other General Indian Insurance Companies |
Eligibility | Minimum: 18 Years Maximum: 70 Years |
Premium Paid | INR 12 |
Sum Assured | 1 L | 2 L |
Benefits Offered
Exclusions
Pradhan Mantri Jeevan Jyoti Bima Yojana is a government term insurance was launched in the year 2015 by the Indian government for the security of Indian citizens. The objective of the plan is to provide an affordable life insurance solution with eligibility between 18 to 50 years. The plan is available by providing minimal annual premiums to individuals across all income groups.
Launched | 2015 |
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Insurance Provider | General Insurers |
Eligibility | Minimum: 18 years Maximum: 50 Years |
Premiums Paid | INR 330/- per annum |
Sum Assured | INR 2 L |
Benefits Offered
Exclusions
The government of India launched the Pradhan Mantri Jan Dhan Yojana in order to provide financial support to individuals who do not have access to banking services. The policy was launched in the year 2014 for individuals who are underbanked and it additionally provides life and accidental insurance to the insured individuals.
Benefits Offered
Exclusions
There are multiple government term plans that are available for individuals across different economic strata aiding in strengthening the overall financial status of the country. It is essential that all individuals from across social-economic backgrounds receive the benefits provided by these government-led initiatives. Investing in the govt term insurance plan will not only provide structured savings but also offer financial security in case of the unfortunate demise of the insured individual and aid in supporting their dependents.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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Bindiya is a seasoned content writer specializing in keeping readers acquainted with the insurance industry, term insurance developments, and life insurance sector shifts. With an experience of 3 years in insurance, Bindiya ensures that her readers stay well informed with the insurance developments and factually correct information.