• Life Insurance For Armed Forces In India

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Life insurance coverage is a must for everyone irrespective of their profession. In certain cases, insurers refrain from providing coverage to some individuals due to the risky nature of their jobs. People whose profession involves a higher than normal level of risk associated with injuries or death may have a difficult time finding a good life insurance plan. This applies to police personnel and members of the Armed Forces as well. While it is difficult for them to get coverage under a regular life insurance coverage, they may subscribe to plans specifically designed for them. Let’s explore the life insurance coverage options available for Armed Forces and their family members.

    Army Group Insurance Fund (AGIF)

    This is an in-house insurance fund created by the Armed Forces for their own members. A similar insurance fund is also available for the navy and the air force. This insurance fund was created without any tie-up with the Life Insurance Corporation of India (LIC) or any other insurance service providers in the country. The premium for this coverage  is deducted directly from the salary of cadres. The coverage amount available for an individual may vary based on his/her rank in the army, and the premium is likely to vary accordingly.

    As of now, officers in the Indian Army are eligible for life insurance coverage up to Rs.40 lakh. Jawans, on the other hand, are eligible for a life cover of Rs.20 lakh. To avail this coverage from the Army, Jawans have to pay a premium of Rs.2,000 per year. Officers must pay a premium of Rs.4,000 per year. This cover provides relief to the families of army personnel in case of unexpected death during a war or battle. The insured person may also receive adequate compensation under this cover even during the time of superannuation.

    Insurance coverage offered by private insurers

    Most of the regular life insurance policies exclude military personnel and police due to the high risk nature of the jobs. However, some of the top private insurers in the market have come up with products designed specifically for members of the Armed Forces. The following list provides a short description about the life insurance covers available in the market for Armed Forces:

    • HDFC Life Shaurya: This is a life cover designed for specifically for military personnel as well as ex-servicemen in the country. HDFC’s staff who provide this service have in-depth understanding of military personnel and their lifestyle. This policy can be used for the long-term protection of army members, and it helps them with their different financial requirements. In addition to members of the Indian Army, other service personnel including Indian Navy, Paramilitary organisations, Border Security Force, Fire Services, employees of schools run by Armed Forces, etc., may also avail benefit under this policy.
    • Aviva Suraksha: Suraksha is an umbrella policy that contains various products specifically designed for the benefit of Armed Forces. It contains various covers for the investment, retirement, and child protection needs of the military personnel in the country. The coverage provided by this policy ensures that policyholders and their families are protected from mortality arising out of warlike situations. The claim settlement process and other requirements are simplified to ensure that the needs of the dependents are adequately covered during a time of unfortunate event.
    • DHFL Pramerica Prahri: This is another life insurance cover available for military personnel who dedicate their lives for the welfare of the country. This policy is designed exclusively for the welfare of members of the Armed Forces in India. The products available under this policy provide coverage for war and warlike situations. The protection offered by this cover helps military personnel and their family members plan their financials effectively.


    Members of the Armed Forces play a major role in protecting the welfare of the country. While most of the common insurance plans will not provide coverage for them, the options listed above help them access the best life insurance coverage available for their requirements. When it comes to life insurance for military families, members who are not part of the active service will not have any issues in getting regular life insurance covers available in the market. For military personnel and ex-servicemen, these plans provide adequate coverage to meet the financial requirements.

    The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.