Army Postal Life Insurance

With the PLI schemes, they can get life insurance advantages at a much lower rate as compared to plans available in the industry. Read on to know more about postal life insurance for Defence personnel:

Eligibility Criteria of Army Postal Life Insurance

Defence service personnel of all ranks involving short service commissioned officers and Border Roads Organization personnel, BSF, ITBP, CISF, and Assam Rifles are eligible for Postal life insurance schemes. Noncombatants of an army, Air force, and Navy are also eligible if premium amounts are paid in form of cash at CBPOs/FPOs through the premium receipt book. The defence civilization cases have also been transferred to APS.

Different types of plan are available in the market for which different age criteria is recommended and carry different premium rates and benefits.

Limits in Postal Life Insurance for Army Personnel

Sum Assured amount will be in multiples of 10,000 after the first payment of 20000 (i.e., Rs. 10,000 for other ranks). The minimum sum assured is Rs. 20000 under Yugal Suraksha Scheme.

Features of Army Postal Life Insurance

Here are the features of a life insurance policy for military or Armed force personnel:

• Loan Facility: A policyholder can take a loan against this plan as PLI Plans act as collateral. However, this can only be done after three maturity years for the endowment assurance policy and policy tenure of 4 years for the whole life insurance plan.

• Policy Renewal: Policyholders can revive a lapsed PLI plan under the following situations:

  • A policy <3 years and lapsed after 6 successive non-payments of premium

  • A policy that is >3 years and lapsed after 12 consecutive non-payment of premiums

• Nomination option: The policyholder can register his/her nominees under this plan. Moreover, they can also make changes to the list of nominations as and when required.

• Conversion of Policy: Policyholders can switch their plans i.e., from whole life assurance to endowment assurance plan.

• Policy Duplicates: A policyholder can receive a duplicate policy in case they misplace/lose/damage the original documents

Benefits of Army Postal Life Insurance

Here are some of the benefits of the Army PLI (Postal Life Insurance):

• Policyholders can enjoy tax savings benefit u/s 88 of the ITA, 1961.

• The premium amount for postal life insurance plans is cost-effective as compared to other plans available in the insurance market

• Life assured can track premium payment with the facility of passport

• The Premium amount is paid either annually, half-yearly, or monthly

• Policyholders are allowed to nominate beneficiaries under this plan

• The claim procedure is quick and convenient

• Armed force personnel, Assam Rifles, CISF, BSF, ITBP, and CISF in medical sections do not have to undergo a medical test before the policy issuance.

Types of Army Postal Life Insurance Schemes

Following are the life insurance plans provided under Postal Life Insurance:

1. Suraksha – Whole Life Insurance

   In this Suraksha scheme, the sum assured amount along with the accumulated bonus is paid to the life assured either upon acquiring the 80 years of age or to his/her legal assignees on assured’s death, whichever happens first, provided the plan is active on claim date.

   Key Features

   • Eligibility Criteria: The minimum and maximum entry ages are 19 years and 55 years respectively.

   • Sum Assured: The minimum SA amount is Rs. 20000 and the maximum SA is Rs. 50 Lakhs

   • Loan facility: The facility to opt for a loan is available after 3 years

   • Surrender: The option of surrender is available after 3 years.

   • Terms of Surrender: The policy is not eligible for a bonus if it is surrendered before 5 years

   • Conversion of Policy: The plan can be converted into an Endowment Assurance plan up to 57 years of the policyholder and after completing 1 year since the inception of the plan.

   • Premium amount: It may differ based on the policyholder’s age, sum assured, etc.

   • Last bonus declared: Rs. 76 per Rs. 1000 SA for a year

   • Nomination facility: Available

2. Suvidha- Convertible Whole Life Assurance

   This plan comes with added characteristics of an option to convert to an Endowment Assurance plan at the last of 5 years of purchasing the policy.

   Key Features

   • Eligibility Criteria: The minimum age at entry is 19 years and the maximum age is 50 years

   • Sum assured: The minimum offered sum assured amount is Rs. 20000 and the maximum is Rs. 50 lakhs

   • Conversion of Policy: This plan can be converted to an Endowment plan after five years but not after 6 years since the commencement of the policy

   • The facility of loan: A loan option is available after 4 years

   • Option to Surrender: The policyholder can surrender the policy after the completion of 3 years and the surrender value is paid after 4 years

   • Terms of surrender: Plan is not eligible for a bonus if the plan is surrendered before 5 years

   • Last bonus declared: Rs. 76 per for Rs. 1000 per year

   • Conversion of policy: Endowment assurance bonus will be paid at the time of converting the policy

   • Assignment and Nomination Facility: Available

3. Santhosh- Endowment Assurance

   In this scheme, the policyholder will be provided with the SA amount along with the accumulated bonus, if any, in form of maturity benefit. Moreover, in case of the policyholder’s unforeseen death, the policy’s beneficiary will receive the death payouts along with the bonus amount.

   Key Features

   • Eligibility Criteria: The minimum and maximum entry at age are 19 years and 55 years respectively

   • Sum assured: The minimum SA amount is Rs. 20000 and the maximum is 50 Lacs

   • Loan facility: Available after 3 years

   • Surrender: Available after 3 years

   • Surrender terms: the plan is not entitled to a bonus if surrendered before 5 years

   • Last bonus declared: Rs. 52 per Rs. 1000 sum assured per year

4. Sumangal- Anticipated Endowment Assurance

   It is a money-back plan with a maximum SA of Rs. 50 lakhs. This plan is suitable for those who need returns on a periodic basis. Survival payouts are paid to the policyholder periodically. In case of the unfortunate death of the life assured, the entire SA with an accumulated bonus is paid to the legal heir or beneficiary.

   Key Features

   • Eligibility Criteria: The minimum age at entry is 19 years and the maximum age limit is 40 years for a policy term of 20 years and 45 years for a policy term of 15 years.

   • Sum assured: The maximum SA is Rs 50 Lakhs

   • Policy terms: 15 and 20 years

   • Last bonus declared: Rs. 48 per Rs. 1000 SA per year

   • Survival Benefit: It is paid on a periodic basis as under:

     • For Policy Term of 15 years: 20 percent each on the end of 6, 9, and 12 years and 40 percent along with accumulated bonus on maturity

     • For Policy Term of 20 years: 20 percent each at end of 8, 12, and 16 years and 40 percent along with accumulated bonus on maturity.

5. Yugal Suraksha – Joint Life Assurance

   It is a policy wherein the spouses are allowed to include under PLI schemes. In this, the life cover is provided to both the spouses to the extent of SA with an accumulated bonus with a single premium amount

   Key Features

   • Eligibility Criteria: The minimum and maximum entry ages of a spouse are 21 years and 45 years respectively. Policyholder’s maximum age should not be more than 45 years and the age of couples should be between 21 to 45 years

   • Policy Term: 5 years is the minimum and 20 years is the maximum policy term

   • Loan facility: Available after 3 years

   • Surrender option: Available after 3 years

   • Last bonus declared: Rs. 52 per Rs. 1000 SA per year

6. Children Policy

   This policy provides coverage to the children of policyholders where no medical test is required and the life cover starts from 1st day.

   Key Features

   • The minimum sum assured limit is Rs. 20000 and the maximum is Rs. 1 Lakh.

   • The cover starts from the acceptance date of the proposal or first premium payment, whichever comes earlier

   • The nomination and assignment facility is available

   • Sum assured amount along with the accumulated bonus shall be paid on maturity or earlier on the child’s death

Army Postal Life Insurance Status

In order to know the Army Postal Life insurance status, one can contact the insurers through the following ways:

• Through their postal life insurance online account

• Email: pli.dte@gmail.com

• Visit the Indian Post Official website

• Contact on arty postal life insurance customer care number: 1800115699 (Toll-free)

Wrapping It Up!

The postal life insurance plans are the most convenient and low premium insurance products that offers various benefits to the Army and defence personnel. These schemes offer life cover with high premium returns.