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Amid the challenging circumstances of the agriculture industry, government-backed life insurance schemes play an important role in providing a safety net for farmers and their families. Such insurance schemes are designed to protect farmers from the financial burden of unfortunate and untimely events, such as death or disability, ensuring that their families can sustain normal living standards even in their absence.
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Government life insurance schemes, with affordable premiums and comprehensive coverage, are crucial tools for securing farmers' futures.
Term Plans
| Plan Name | Age Limit | Sum Assured |
| Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) | 18 to 50 years | ₹2 lakhs |
| Pradhan Mantri Suraksha Bima Yojana (PMSBY) | 18 to 70 years |
|
| Rural Postal Life Insurance (RPLI) | 19 to 55 years (Varies by plan) |
|
| Aam Aadmi Bima Yojana (AABY) | 18 to 59 years | ₹30,000 Covers natural death, accidental death, and permanent disability. |
The schemes mentioned above aim to provide insurance benefits to farmers to secure their and their families' futures. With affordable premiums, easy accessibility, and comprehensive coverage, initiatives like the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Rural Postal Life Insurance (RPLI), and Aam Aadmi Bima Yojana (AABY) are designed to support farmers, particularly in rural areas, who often face financial vulnerabilities.
Apart from the following schemes, there are various term insurance schemes that provide coverage of Rs 1 Crore at a premium of just Rs 487 per month. Such schemes provide various benefits to the farmers and are available at very affordable prices.
Here are the top 4 plans discussed in detail:
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) is a simple insurance scheme for farmers that offers life insurance for death due to any reason. It is provided by banks and post offices for one-year coverage and is renewable yearly.
Here are the key features of this scheme:
The PMJJBY benefits include covering death due to any cause, including natural and accidental deaths.
PMJJBY Premium: ₹330 per annum (charged via the bank account).
The PMJJBY policy offers easy access through banks, which is particularly beneficial for rural farmers.
The PMJJBY renewal is easy as the premium is deducted automatically from the policyholder’s bank account.
Eligibility of Pradhan Mantri Jeevan Jyoti Bima Yojana
Apart from the age criteria, the individual must have a bank account or a post office account.
The Pradhan Mantri Suraksha Bima Yojana is essentially a protection insurance plan for accidents and disabilities due to accidents. The coverage is valid for one year starting from 1st June to 31st May of the next year. It can be renewed annually. Here are the key features of this scheme:
Some PMSBY benefits are coverage for accidental death, permanent total disability, and permanent partial disability due to accidents.
PMSBY Premium: ₹20 per annum. Available to all savings account holders, the premium is deducted automatically from the policyholder's bank account.
The PMSBY scheme has a low premium cost, making it affordable for rural farmers.
Eligibility of Pradhan Mantri Suraksha Bima Yojana
The individual must have a bank account and be willing to consent to the auto-debit renewal.
Aimed to expand the insurance market in India’s rural areas and provide life insurance benefits for the demography in such areas, this plan was launched in 1995. After the Malhotra Committee of 1993 reported the state of insurance in rural India, the government used many post offices in rural India and involved them in the insurance sector. The scheme is a part of the Postal Life Insurance (PLI) scheme and is also used to spread awareness about the importance of insurance in the rural and weaker sections of society.
Here are the key features of this scheme:
RPLI is an insurance cover for rural citizens, especially for farmers.
RPLI policy benefits: Offers various policies like endowment, whole life, and money-back policies.
The policyholder can avail loan facility under this life insurance scheme.
The RPLI premium amount depends on the sum assured, and flexible payment options are available (monthly, quarterly, etc.).
RPLI policy can be easily accessed through India Post's (post offices) vast network, ensuring availability even in remote rural areas. You can go to any post office to get this scheme. If you can access the scheme online, you can also calculate its premium from the PLI Calculator on the official website.
Tax benefits under Section 80C of the Income Tax Act.
Eligibility of the Rural Postal Life Insurance Policy
Everyone who permanently resides in rural areas of India and are Indian citizens, excluding foreigners and non-resident Indians, as long as they are of legal age.
A government-sponsored social security scheme, AABY, is for the unorganized sector of the society. The scheme is administered by LIC of India and here are its key features:
The Aam Aadmi Bima Yojana scheme provides life insurance to rural landless households, particularly farmers working in the unorganized sector.
Premium: Rs 200 per annum (Government of India contributes Rs 100, the state government contributes Rs 30 and the insured person contributes Rs 70).
Aam Aadmi Bima Yojana LIC scheme provides financial support to the family in case of the policyholder's death ( Rs 30,000 in case of natural death and Rs 75,000 in case of accidental death) or disability (Rs 37,500 in case of partial disability or permanent disability due to an accident).
It also provides a scholarship for children of the policyholder in case of death.
Eligibility of Aam Aadmi Bima Yojana
The following criteria should be met to be eligible for AABY:
The applicant should belong to a below the poverty line household, and the annual income must not exceed Rs. 1,00,000.
The applicant should be employed in any of the following sectors - landless agricultural labourers, rural artisans, fishermen, weavers, handicraft artisans, and people engaged in similar activities in rural areas or street vendors, ragpickers, and sanitation workers (in urban areas).
The applicant should not be already covered under any other social security scheme, such as the National Pension Scheme (NPS), Employee's State Insurance Scheme (ESI Scheme), or any similar government-run life insurance scheme.
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PM-KISAN (Pradhan Mantri Kisan Samman Nidhi)
PMFBY (Pradhan Mantru Fasal Bima Yojana)
NMSA (National Mission for Sustainable Agriculture)
e-NAM (National Agriculture Market)
PKVY (Paramparagat Kirishi Vikas Yojana)
Agriculture infrastructure Fund
Farmers can access information and apply for these schemes through various channels, including:
Common Service Centres (CSCs): These centers provide digital access to government services in rural areas.
State Agriculture Departments: Farmers can contact their local agriculture department for guidance and application assistance.
Online Portals: Many schemes have dedicated online portals for information and application submissions.
Government schemes play a crucial role in supporting and empowering farmers in India. By providing financial assistance, promoting sustainable practices, and improving market access, these initiatives contribute to the growth and development of the agricultural sector, ensuring food security and economic prosperity for the nation.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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