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The government has launched various insurance schemes over the years to improve the social and financial state of women in India. Women's empowerment has been the main agenda, and various central and state-level schemes aim to improve women's lives by providing them with financial security, opportunities for growth, and better access to resources.
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These initiatives address women's issues, from health and insurance coverage to savings and entrepreneurship.
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Here’s a look at some key government schemes designed specifically for women.
| Scheme | Eligibility Criteria | Benefits |
| Sukanya Samriddhi Yojana (SSY) | Girl child aged up to 10 years. | A savings scheme for girls, offering tax benefits and high interest rates. Maximum investment: Rs. 1.5 lakh. |
| Mahila Samman Bima Yojana (MSBY) | Women aged 18-65. | Provides life and accident insurance, offering Rs. 30,000 for accidental death. |
| Mukhya Mantri Ladli Behna Yojana (MMLBY) | Applicants must be residents of Madhya Pradesh aged 21-60. | Each eligible woman will receive Rs.1000 monthly in her own Aadhaar-linked DBT-enabled bank account. If a woman is under 60 and receives less than Rs. 1000 per month under any other Social Security Pension Scheme, she will be reimbursed up to Rs. 1000. |
| Pradhan Mantri Matru Vandana Yojana (PMMVY) | Pregnant Women & Lactating Mothers (PW&LM), excluding those who are in regular employment with the Central Government or the State Governments or PSUs or those who receive similar benefits under any law. | Rs.5,000 are provided to the eligible beneficiary in 3 installments during pregnancy and lactation. The eligible beneficiary also receives the remaining cash incentive as per approved norms towards maternity benefit under Janani Suraksha Yojana (JSY) after institutional delivery so that on an average, a woman gets Rs.6,000. |
| Maharashtra Mukhyamantri Majhi Ladki Bahin Yojana |
Unmarried single women, Married, abandoned, widowed, Destitute and divorced women from Maharashtra aged between 21-65 years. | Rs. 1,500 per month. |
| Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) | Women aged 18-50 with a bank account can apply. | Provides life insurance coverage of Rs. 2 lakh at a premium of Rs. 330 per annum. |
| Pradhan Mantri Suraksha Bima Yojana (PMSBY) | Women aged 18-70 with a bank account. | Offers accident insurance coverage of Rs. 2 lakh for accidental death or disability at Rs. 12 per year. |
| Atal Pension Yojana (APY) | Women aged 18-40. | Provides a pension starting from Rs. 1,000 to Rs. 5,000 per month post-retirement, depending on the contribution. |
| Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMVYM) | Small traders and women entrepreneurs aged 18-40. | Provides a pension of Rs. 3,000 per month after reaching 60 years of age for small traders. |
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Schemes for women through government schemes can foster financial independence and empower women to lead in various sectors. These initiatives are vital in bridging gender gaps and promoting equality.
Here are the top 8 government schemes for women:
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to secure the financial future of a girl child. It offers attractive interest rates, higher than typical savings accounts, and provides a long-term investment avenue to help parents accumulate funds for their daughter’s education and marriage. It is a tax-benefit scheme where the principal and the interest earned are tax-free under Section 80C of the Income Tax Act. The scheme has been recognized for encouraging financial discipline and empowering women by ensuring financial security.
Here are the top benefits and features:
High interest rates, compounded annually, provide a good return over time.
Minimum investment of just ₹250 per year, making it accessible for all.
Premature withdrawal is allowed after the girl turns 18, helping with educational expenses.
An account can be opened in the name of a girl child below the age of 10.
Provides a safety net for the girl child’s future needs, especially education and marriage.
The Mahila Samman Bima Yojana is a government insurance scheme focused on providing financial protection to women. This scheme ensures that women, particularly in rural and semi-urban areas, are covered under affordable life insurance plans. It is aimed at providing financial security to women and their families in the event of death or disability. The premium rates are lower, making it an ideal option for women looking to protect themselves financially.
Here are the top benefits and features:
Low premium rates and easy accessibility for women.
Provides insurance coverage in case of death or disability, providing financial relief.
Can be availed by women in both rural and urban areas.
The Mukhya Mantri Ladli Behna Yojana is a welfare initiative aimed at supporting women by providing financial aid. The scheme targets women in economically weaker sections and provides direct cash benefits to women aged 23-60. The objective is to empower women by ensuring they have financial aid to support their household needs and contribute to the family’s economic stability.
Here are the top benefits and features:
Direct financial support for women in the age group of 23 to 60 years.
Simple application process with minimal documentation.
Aims to uplift economically disadvantaged women in society.
The Pradhan Mantri Matru Vandana Yojana (PMMVY) is a maternity benefit scheme that aims to provide financial assistance to pregnant and lactating women. The scheme ensures that women receive financial support for their prenatal and postnatal care. It encourages women to take care of their health during pregnancy while promoting infant care. This scheme also helps in reducing maternal and infant mortality by promoting medical check-ups and timely healthcare.
Here are the top benefits and features:
Provides ₹5,000 as direct cash transfer to pregnant women and lactating mothers.
Helps women maintain health during pregnancy and postpartum period.
Improves the overall well-being of mother and child.
Encourages institutional deliveries and medical care.
Simplified process for registration and payment through various channels.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme that provides a life cover to individuals at a very low premium rate. This scheme is targeted at individuals in the age group of 18 to 50 years. It ensures that families of policyholders are financially protected in case of an unfortunate event. The scheme offers a high sum assured with minimal premiums, making it an affordable option for the masses.
Here are the top benefits and features:
Low premium cost of ₹330 per annum for a sum assured of ₹2 lakh.
Provides life insurance coverage for individuals aged 18 to 50.
Simple enrollment process through participating banks.
Available to individuals with a savings bank account.
Coverage in case of death due to any cause, including accident.
The Mukhyamantri Majhi Ladki Bahin Yojana is a significant welfare scheme launched by the Maharashtra Government to support the financial independence of women. The scheme aims to provide monthly financial assistance to eligible women in Maharashtra. The core objective is to help women improve their health and nutritional status, ensuring their empowerment and self-reliance. The financial assistance initially set at Rs. 1,500 per month is expected to rise to Rs. 2,100 following government approval. The scheme extends its support to women aged 21 to 65, including unmarried, widowed, divorced, or abandoned women, with a family income of up to Rs. 2.5 lakh annually.
Here are the top benefits and features:
Monthly financial assistance of Rs. 1,500, set to increase to Rs. 2,100.
Open to women aged 21 to 65, including unmarried, widowed, divorced, or abandoned women.
The scheme aims to enhance women's health and nutritional status.
Applications can be made online, offline, or through the Narishakti Doot App.
The scheme is open to women with a family income below Rs. 2.5 lakh.
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an affordable accidental death and disability insurance scheme. It offers financial security to individuals who face unfortunate accidents, covering death, permanent total disability, and permanent partial disability. The scheme aims to provide affordable insurance coverage to people in the lower-income group, ensuring that they do not bear the full financial burden in case of accidents.
Here are the top benefits and features:
Extremely low premium of ₹12 per year for coverage of ₹2 lakh in case of accidental death.
Covers accidental death, permanent total disability, and permanent partial disability.
Available to individuals with a savings bank account.
Simple and hassle-free registration process.
Provides an affordable insurance safety net for low-income individuals.
The Atal Pension Yojana (APY) is a social security scheme that provides a fixed monthly pension to individuals upon retirement. The scheme is aimed at workers in the unorganized sector, ensuring that they have a source of income once they reach retirement age. By contributing to the scheme during their working years, individuals can receive a regular pension after they turn 60. The scheme is backed by the government and provides guaranteed returns, making it a reliable investment for long-term financial security.
Here are the top benefits and features:
Provides a fixed monthly pension between ₹1,000 to ₹5,000, depending on the contribution.
Tailored for individuals working in the unorganized sector.
Government contribution for eligible subscribers, enhancing savings.
Allows for low monthly contributions, making it accessible for all.
Ensures financial security in old age, reducing dependency.
The Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMVYM) is a pension scheme for small traders and self-employed individuals. It aims to provide monthly pension benefits to traders and shopkeepers upon reaching the age of 60. The scheme ensures that small business owners can have a steady income even after they retire from their business activities, providing financial security for their old age.
Here are the top benefits and features:
Provides a monthly pension of ₹3,000 after the age of 60.
Low monthly contribution requirements.
Government co-contribution for eligible participants.
Aimed at small traders, shopkeepers, and self-employed individuals.
Ensures financial independence in retirement, ensuring a steady income.
There are various term Insurance plans for women that are specifically catered to women keeping in mind their special circumstances and lifestyle. They get benefits such as comparatively lower premiums and extra benefits. There are term insurance for housewife schemes that even provide them financial assistance without even having an active income-generating profession. Term insurance premiums can be easily determined using a term insurance calculator easily available online.
Various financial schemes, such as the Stand-Up India Scheme, support women entrepreneurs by offering loans at concessional rates to set up new businesses.
Under the MUDRA Yojana, women can access loans for starting or expanding small businesses, empowering them economically.
Government schemes for women are integral to ensuring their economic security, health, and well-being. These plans encourage financial independence, provide access to essential services, and create personal and professional growth opportunities.
Additionally, term insurance is important for women as it ensures financial protection for their families, especially in case of untimely death. Women are increasingly taking charge of their financial future, and such schemes offer the necessary support to secure their well-being and that of their loved ones.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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