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Life insurance in India has gained significant popularity and is widespread among different sections of people. Postal Life Insurance is a life insurance scheme introduced initially for the benefit of postal employees and then later extended for the benefit of Government employees. The Department of Posts manages it under the supervision of the Government of India.
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There are 6 different schemes with various benefits. In addition, the department has introduced an online platform to help employees access the schemes and pay the premium regularly, making investment more convenient. Here is a detail about what it means, a brief about the postal life insurance schemes and the benefits of the investment:
Term Plans
Postal Life Insurance, was introduced in 1884 for the well-being of postal employees. PLI benefits have been extended to a broader range of employees, including those working for State and Central Governments, Public Sector Undertakings, Paramilitary Defence forces, Government-run Educational institutions, Local Bodies, Banks and more. Under PLI schemes, employees can avail coverage of up to Rs 50 Lakh. Detailed information about postal life insurance plans for government employees is available online, where employees can also access their policies and conveniently pay premiums.
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Here is the list of the best life insurance policy for government employees offered by Postal life insurance company are as follows:
Under this plan, the sum assured along with the accrued bonuses, will be paid to the nominee in case of the policyholder’s death or paid to the policyholder at the age of 80 years.
This life insurance policy insures both 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.
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 policyholder’s death, the nominee receives the sum assured.
This insurance policy has the provision of being changed into an endowment assurance plan after the policy completes five years.
This insurance policy offers periodical returns and is a money-back policy. Also, the maximum sum assured in this policy is Rs.5 lakhs.
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.
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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
Different postal life insurance policies have different terms and conditions. Thus it is advised that you take a thorough look at the updated T&Cs of your selected best life insurance policy for government employees to avoid any future confusion.
The minimum age for PLI is 19-21 years, and the maximum age is 45-55 years
The minimum and maximum sum assured is 20,000 and 50 Lacs respectively
Government employees can continue holding on to their policies even after they leave their jobs
The premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis
Some of the best life insurance for government employees from PLI offer loan facilities after 3-4 years.
You can also surrender your PLI policy after 3 years for added liquidity.
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
Note: Before buying, it is suggested that you calculate the term plan premium using the Policybazaar term life insurance calculator online tool.
you may also like to read what is term insurance
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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