When you’re earning ₹15,000 to ₹20,000 a month, every rupee counts. Rent, groceries, school fees, and bills leave little room for extras. Life insurance often feels like a “luxury” — something only the rich should worry about.
But here’s the truth: if your family depends on you, not having insurance is the biggest financial risk. Because if something happens to you, they won’t just be grieving — they’ll also be struggling to survive.
The good news? You don’t need ₹10,000 a year to get peace of mind. There are powerful plans that start at just ₹2 a day.
PMJJBY – ₹2 Lakh Cover for ₹436/Year
This is the simplest and most affordable life insurance option in India.
- Full name: Pradhan Mantri Jeevan Jyoti Bima Yojana
- Annual premium: ₹436 (auto-debited from your savings account)
- Coverage: ₹2 lakh on death (any cause)
- Eligibility: Age 18–50, active savings account, Aadhaar
- Medical test: Not required
Who should get it?
If you’re a daily wage worker, shop assistant, or small vendor — this is the ideal starting point. ₹436/year is less than ₹2/day. It won’t make your family rich, but it will protect them from zero.
💡 Tip: Every earning member of the family can take this cover.
LIC Micro Insurance Plans (With Savings)
If you prefer insurance that also gives a return later, LIC offers Micro Plans designed for low-income households.
Some options:
- Micro Bachat Plan: Combines small savings + life cover
- New Jeevan Mangal: Offers pure protection + accident benefit
Premiums start at ₹600/year, and you can choose to pay monthly, quarterly, or annually.
Benefits:
- Some maturity value if you survive the term
- Peace of mind plus small savings discipline
- No medical test in most cases
Who should consider?
People who find “pure term plans” risky because they offer no return. This gives a safety net and some money back later.
₹10 Lakh Basic Term Insurance – Pure Protection
Don’t be fooled by the myth that term plans are expensive. If you’re under 30 and healthy, you can get:
- ₹10 lakh cover for just ₹150–₹300/month
- Or even ₹5 lakh cover for ₹100/month
These plans don’t offer any returns — but they offer something far more important: real protection. If you pass away, your family receives the full sum assured — no questions asked.
Popular budget-friendly term plans:
- HDFC Life Click 2 Protect Lite
- LIC Tech Term
- Kotak e-Term
Note: A medical check-up may be needed depending on your age and insurer.
Smart Combo Strategy (Even on a Small Salary)
You don’t have to choose just one plan. Here’s what smart families in the ₹15K–₹20K range are doing:
- Start with PMJJBY — get ₹2 lakh cover for ₹436/year
- Add a ₹5–10 lakh term plan if you can afford ₹150–₹300/month
- Upgrade later as your salary increases
This gives you a layered safety net — even if you can’t afford a ₹1 crore plan right now, you still have something to fall back on.
Final Thought: Small Steps, Big Protection
You don’t need to be rich to protect your loved ones.
You just need to start early.
- ₹436/year or ₹2/day = your family won’t be left with debt
- ₹300/month = a solid backup if something happens to you
So don’t wait for the “right time.” Start with what you can afford today.
Even a small plan can bring big peace of mind.
