Postal Life Insurance Policy for Government Employees

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: 

What is a Postal Life Insurance (PLI)?

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.

What are the Best Life Insurance Policy for Government Employees Offered by Postal Life Insurance?

Here is the list of the best life insurance policy for government employees offered by Postal life insurance company are as follows:

1. Whole Life Assurance (SURAKSHA)

   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. 

2. Joint Life Assurance (YUGAL SURAKSHA)

   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.

3. 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 policyholder’s death, the nominee receives the sum assured.

4. 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.

5. 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.

6. Children Policy (BAL JEEVAN BIMA)

   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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What are the Benefits of Availing the Best Life Insurance Policy for Government Employees?

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

What are the Things to Remember Before Buying the Best Life Insurance Policy for Government Employees?

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.

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Note: Before buying, it is suggested that you calculate the term plan premium using the Policybazaar term life insurance calculator online tool.

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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.

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