Life Insurance for Armed Forces

Various types of defence personnel life insurance are Air Force Life Insurance, Navy Life Insurance, Paramilitary Life Insurance, Term Insurance for Defense Personnel. Let us understand them in detail.

Air Force Life Insurance

The air force members' life is always at immense risk. Considering this, insurance companies have developed special life insurances for them. They are offered various options such as term life insurance plan, endowment plan, child education fund, disability benefit, and wealth creation plan.

Navy Life Insurance

This plan is specially designed for Navy personnel. This plan provides financial coverage to the beneficiary in case the insured passes away. This plan also provides coverage for disabilities. Additionally, it provides coverage to the policyholder's family in case of any war or a war-like situation.

Paramilitary Life Insurance

This plan is for members of the Indian Paramilitary Force. This plan provides coverage for all wars and war-like situations. The plans are flexible, customizable, and available in different forms such as term life insurance, endowment, and wealth creation.

Term Insurance for Defense Personnel

Term insurance is probably the most simple and purest type of life insurance that is offered at affordable premium costs. A term life insurance plan provides financial coverage to the beneficiary of the policy in case of the policyholder's death. 

While regular term insurance plans can serve the common people well, they may not be sufficient to provide coverage for the high-risk lives of the defence people. Term plans for defence personnel are specially designed considering the high-risk factor of their life with coverage extended to wars and war-like situations.

Insurance Coverage Offered by Private Insurers

The private insurance providers of India also offer life insurance plans for armed forces. Some of them have been listed below:

1. Aviva Suraksha

   This policy is offered by Aviva India. This policy provides various options for military personnel such as investment, retirement, child protection, and wealth creation. It is designed to provide financial coverage to the family of the army personnel in case they die in any war or war-like situation.

   Aviva India also provides retirement benefits for army personnel. If they buy an Aviva Income Suraksha plan, then they can get a guaranteed regular monthly payout. Policyholders can also change the monthly payouts as per needs. This policy also has tax benefits under sections 80C and 10(10D).

2. DHFL Pramerica Prahri

   This policy is offered by Pramerica Life Insurance Limited. This policy is exclusively designed only for the Armed forces of India. This plan provides financial coverage to the army personnel's family in case of any war or a war-like situation. This policy also provides multiple payout options. 

   The beneficiary can get a lump sum benefit which is payable immediately on the unfortunate death of the army personnel. They also have monthly recurring payment options that pay the beneficiary a monthly sum from the death of the army personnel until the policy term. And finally, a lump sum benefit is payable at the scheduled maturity of the policy.

3. HDFC Life Shaurya

   This policy is offered by the HDFC Life Insurance company. HDFC Life Shaurya plan is specially designed for military personnel and ex-servicemen. This long-term policy provides financial protection for the family of military personnel since their lives are at high risk.

   The following Military/ Armed forces Personnel are eligible for this policy:

   • Indian Army /Navy / Air Force /Indian Coast Members
   • Paramilitary Organizations Members
   • CRPF Members/CISF Members
   • Special Frontier Force Members
   • Border Security Force /Indo-Tibetian Border Police Members
   • Sashastra Seema Bal Members
   • Railway Protection Force Members
   • National Security Guards Members
   • Reserve Police Forces /State Police Forces Members
   • Fire Services Members

In Conclusion

The Armed forces in India risk their own life for the welfare of the country and its people. So, they must get life insurance policy for the financial safety of their family. This will give them peace of mind while they are on the war-front and, consequently, provide financial support to their families if they lose their lives in their service to the country.

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