Prices Increasing soon Prices Increasing Soon

Postal Life Insurance for Government Employees

If you are a government employee, then as a significant perk; you can opt for postal life insurance (PLI). The PLI covers several departments of the State and Central governments, financial institutions nationalized banks and public sector undertakings among others.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

So if you are a government employee you can avail insurance at much lower rates compared to those of private insurance companies.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
Premium 479/month
Age 25
Age 50
Buy Today & Save Big
View Plans

What is a Postal Life Insurance (PLI)?

Postal Life Insurance was initiated in 1884 is currently handled by the Department of Posts under the Government of India. What was initially started as a way of ensuring welfare for government employees has grown by leaps and bounds now.

What are the various policies offered by PLI?

Postal life insurance offers seven plain vanilla insurance plans which include:

Whole Life Assurance (SURAKSHA)

As per this plan, the insurance amount along with its bonus is to be paid to the nominee or legal heir following death of the insured person.

Joint Life Assurance (YUGAL SURAKSHA)

This insurance policy insures both the spouses under one cover. The PLI is extended to the family member as well, and if either of the spouses is a government employee, this policy can be availed. Another perk of this policy is that it requires the payment of only a single premium for both.

Endowment Assurance (SANTOSH)

As per endowment policy, the sum assured along with the bonus is liable for payment at the pre-determined age of maturity. However, in the event of the policy holder’s death, the nominee receives the sum assured.

Convertible Whole Life Assurance (SUVIDHA)

This insurance policy has the provision of being changed into an endowment assurance plan after the policy completes five years.

Anticipated Endowment Assurance (SUMANGAL): 

This insurance policy offers periodical returns and is a money-back policy. Also, the maximum sum assured in this policy is Rs.5 lakhs.

Best term Insurance Plans in India

Children Policy: 

This is an extended policy for the children of government employees. This policy can be taken on either the sum assured of the policy holder or Rs.1 lakh, whichever is lower.

You May Also Like: Post Office Interest Rate

Insurance for the Disabled

The PLI extends insurance to disabled persons upon a medical examination, which helps decide on the premium to be paid.

What are the Benefits of Availing PLI?

Although these insurance policies are yet to gain prominence, they offer several benefits which make them attractive. Some are listed below:

  • PLI investments are liable for tax benefits like other life insurance policies

  • These provide coverage with immediate effect, upon acceptance

  • They provide the ease of transfer from anywhere across India

  •  Conversion is easy from a whole life assurance to endowment assurance

  • Loans can be availed on the endowment assurance policy following the completion of three years of the plan

  • The fine for a delay in a month’s premium is Re 1 upon every Rs. 100 of the sum assured.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Things to Remember

  • Although PLI is gaining prominence gradually, it is still not available at all post offices in India. Only select post offices which house a PLI division are eligible to offer this plan. Also, you cannot purchase PLI online so you have to visit the post office to invest in a policy.

  • The minimum age for PLI is 18 years and the maximum age is 55 years

  • The maximum sum assured is approximately is Rs.10 lakh

  • Government employees can continue holding on to their policies even after they leave their jobs

  • The premiums can be paid on a monthly, half-yearly or annual basis

  • The policies can be surrendered prematurely as well. The endowment assurance policy can be returned after the completion of 3 years, while the whole life assurance policy can be returned after the completion of 4 years.

So, if you are a government employee, PLI is an extremely attractive and affordable plan, which you can opt for to cater to your investment needs.

You may also like to know : Checklist On Buying Life Insurance


Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
29 May 2024

Term Insurance for Individuals with 25K Salary

Securing your family's future is essential, especially when

Read more
28 May 2024

'Har Family Hogi Insured' Policybazaar's Vision for a...

Empowering Every Household: policybazaar's Commitment to

Read more
23 May 2024

Term Insurance for Individuals with a 35K Salary

Securing your financial future is essential, especially when

Read more
07 May 2024

Term Insurance for 45K Salary Individuals

In life, unpredictability looms large, and while you may

Read more
07 May 2024

Term Insurance for 30K Salary Individuals

Turning your dreams into reality, like owning your home and car

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
13 Apr 2021

2 Crore Term Insurance Plan

2 Crore term insurance provides cover amount of 2 Crore as death benefit to your family in the event of your

Read more
07 Mar 2023

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus is a comprehensive life insurance policy for individuals

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL