To offer the benefits of the Postal Life Insurance to the Armed Force Personnel, Army Postal Service (APS) took over Postal Life Insurance (PLI) with effect from June 1975. The primary objective of this plan is to ensure the well-being of army personnel through sufficient life insurance coverage.Read more
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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:
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.
|For JCOs and Officers||Other Ranks|
|Minimum (in Rs.)||20000||10,000|
|Maximum (in Rs.) , including all insurance classes taken together||20 Lacs||20 Lacs|
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.
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
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.
Following are the life insurance plans provided under Postal 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.
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
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.
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
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.
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
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.
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.
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
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
This policy provides coverage to the children of policyholders where no medical test is required and the life cover starts from 1st day.
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
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
Visit the Indian Post Official website
Contact on arty postal life insurance customer care number: 1800115699 (Toll-free)
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.
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