The Central Government of India offers certain term insurance schemes, by way of which policyholders can safeguard their dependents financially. Let's have a look at them.
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance policy that can be renewed on an annual basis by policyholders.
• This policy offers a life cover of Rs. 2 lakh.
• The premium charged for this plan is Rs. 330 per annum.
• Individuals between 18 years and 50 years can purchase this policy.
• Tax benefits can be availed as per the prevailing tax laws.
The Aam Aadmi Bima Yojana was formed as a merger of two social security schemes, namely the Aam Aadmi Bima Yojana and the Janashree Bima Yojana, which previously existed.
• To subscribe to this scheme, members need to be between 18 years and 59 years.
• The initial premium that will be charged for this scheme is Rs. 200, out of which 50% of the premium amount will be subsidized from the Social Security Fund.
• This scheme also provides accidental death/disability benefits and a scholarship benefit.
