Availing government life insurance schemes in India are meant to offer the people the aspect of security and future financial needs. These are relatively cheap life insurance policies. These are sponsored by the Indian government and seek to enhance the positive impact. This kind of insurance can be brought about by reaching out to a bigger population. For the purpose of this discussion, we shall look at a number of government life insurance schemes currently in India, their characteristics and requirements to join.
Popular Government Life Insurance Schemes in India
1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Objective: PMJJBY is designed to afford life insurance at a very subsidized premium for individuals within 18 and 50 years of age.
Key Features:
Coverage: The scheme provides ₹2 lakh as life cover in case the life of the insured falls due to any reason at all.
Premium: The premium of PMJJBY is quite affordable and marginal for affordability by economically-backward populations on an annual basis.
Enrollment: As for the public, they can join the scheme with any of the participating banks according to their interest.
2. Prime Minister’s Security Insurance Scheme
Objective: PMSBY for accidental insurance covers persons within the age of 18 to 70 years.
Key Features:
Coverage: The scheme offers a sum assured of ₹ 2 lakh in the event of the covered person’s accidental death or total permanent disability.
Premium: PMSBY is also another policy that was launched with a fairly low annual premium.
Enrollment: People can register under the scheme through any of the recommended banks.
3. Atal Pension Yojana (APY)
Objective: APY is a pension plan containing elements of insurance for subscribers up to 40 years old that includes an insurance to the subscriber’s life.
Key Features:
Pension Benefits: APY guarantees a particular amount of pension to the subscribers on their retirement, thus maintaining the value.
Life Insurance: If the subscriber dies, pension benefits are paid to the spouse under specific circumstances as follows:
Contributions: The pension allowance depends on the age of the subscriber; this is the amount that the subscriber is supposed to contribute towards the pension.
Eligibility Criteria for Government Life Insurance Schemes
The various government sponsored life insurance schemes in India are linked with certain qualifications which include age factor, income level etc. In general, anyone within the age range as stipulated and anyone who meets other basic qualifications set In each scheme can enroll. Enrollments are effected through the approved banking channels and applicants are expected to provide documentary requirements for the scheme as appropriate.
Conclusion
Thus, the government life insurance schemes in India can be concluded as being efficient tools in offering the majority of population in India a rather significant level of financial protection. These schemes also provide cheaper options of insurance and financial savings for future usage in case of a risk eventuality.
Through the help of these government promoted programs, people can be safeguarded with the appropriate amount of life insurance policy. It can protect their family and be part of providing internal stability and well-being for the financial future of an individual and his/her family.
