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Life insurance with post offices started in 1881 as a welfare scheme for the advantage of postal employees. It is the oldest life insurer in this country and the first one in the country to cover female lives. Yet, a lot of people don’t consider the post office for a life insurance policy and remain unaware of the benefits and features of this plan.
You must also illuminate yourself with the plethora of benefits that a life insurance plan can extend to yourself as well as your family. This article aims to explore life insurance policies from the post office and their features.
A policyholder can revive a lapsed policy after 6 successive non-payments of premium if the policy is in effect for less than 3 years. A lapsed policy that is less than 3 years old can be revived even after 12 successive non-payment of premium.
There is a provision to issue a duplicate document if the original document is lost by the policyholder or is damaged in some way.
The policyholder has the option to nominate their beneficiary and can make changes to the nomination.
The policyholder can pledge their policy as collateral to the head of the circle/region on behalf of the president of India if the policy is an endowment assurance plan or a life insurance plan.
In this scheme, an assured amount with accrued bonus is paid to the insured on attaining 80 years or to his/her nominee, on the death of the insured, whichever occurs earlier. The minimum age at entry is 19 years, and the maximum age is 55 years, and the sum assured ranges from Rs. 20,000 to Rs. 50 lakh.
The assured amount and accrued bonus are given to the policyholder when the policy attains the pre-decided maturity. In case of unprecedented death, the amount goes to the nominee or legal heir. The minimum and maximum age at entry are 19-55 years.
This postal life insurance policy is for those who want periodical returns. Survival benefits are given to the insured periodically, which is not taken into consideration in case of unprecedented death of the insured. The maximum sum assured is Rs. 50 lakh.
This policy requires any one of the spouses to be eligible; it gives life cover to both spouses. The loan facility is available after three years. The sum assured ranges from Rs. 20,000 to Rs. 50 lakh.
This scheme provides insurance cover to the maximum of two children of age 5-20 years of the policyholder. The policyholder shouldn’t be older than 45 years.
Postal Life insurance in India is one of the most sought out insurance in our country because of its convenience, flexibility, and benefits. Some guidelines to keep in mind are to note down the policy number, maintaining the policy bond, and regular premium payments. Opt for the scheme suitable for you and live life without any worry.
You can read more about Postal Life Insurance from their official website.