Objectives

Features

• A one-year cover term life insurance scheme offering life insurance cover for death due to any cause.

• Ministry: Ministry of Finance
• Type: central Sector Scheme
• Nature: Life insurance scheme ( life cover up to age 55)
• Premium rate: Rs. 436 per annum.  It will be auto-debited in one instalment.
• Conditions: 
  • A bank or post office account, and 
  • Consent to enable auto debit of premium
  • In case of multiple bank / Post office accounts held by an individual, the person is eligible to join the scheme through one bank/ Post office account only.
• Key features
  • Universal Access:  Open to all eligible account holders in the age group of 18 to 50 years, including NRIs (claims paid in INR).
  • No Medical Examination: Simple, hassle-free process.
  • Covers All Causes of Death: Including natural, accidental, and even during natural disasters or pandemics.
    • Covered death after the first 30 days of enrolment, deaths due to accidents will be exempted
  • Pro-rata Premiums: If you enroll mid-year, you pay only for the remaining months.
• Coverage: ₹ 2lakh (term insurance), renewable from year to year.
• Implementing agency: Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
• Impact: 23+ crore enrolled; 9 lakh families received claims.
  • Major beneficiaries: 53% women and 74% from rural areas.