India Postal Life Insurance

The department of Indian postal service is a 150+ years old organization. In India, it has 1.5 Lac+ post offices and 89.87% post offices are located in rural areas. On an average a single post office serves nearly 8086 people. It touches lives of Indian citizens in the way of mails, banking, money transfer, retail services, insurance and many more. The main service of India Post office is delivering parcels or mails and online tracking system.

Indian postal service is the heart of every Indian citizen. It provides the service with trustworthiness, secure, speed and reliable. And the services are value for money basis to the customers and acting as interface between citizens and government. One of the important services of India posts are life insurance. They are divided into postal life insurance and rural postal life insurance.

The brief description of India life insurance is given below:

Postal Life Insurance

It was started on February 1, 1884 as a welfare measure for the employees of Posts & Telegraphs Department under Government of India. It is a 120+ old organization. Due to the popularity of its schemes, it is extended to all state and central Government employees. Eligibility persons under postal life insurance are given below:

  • All Central and State Government Employees.
  • Defence Service Employees.
  • Educational Institutions aided by Government.
  • Local Bodies like Municipalities and Zila Parishads.
  • Universities established by Government.
  • All Nationalized Banks like RBI, SBI and their subsidiaries.
  • Undertaking by State and Central Government.
  • Corporations and Boards.
  • Financial institutions like UTI, IDBI and etc.
  • Railway Employees.
  • State insurance Corporation Employees.
  • Provident fund organization.
India postal life insurance

The schemes under postal life insurance are briefly explained below:

Santhosh – Endowment Assurance Scheme

The main features of this scheme are given below:

  • Minimum age is 19 years and maximum age is 55 years.
  • Maximum sum assured is Rs 10 Lac.
  • Insurance cover starts from the date of acceptance.
  • Interest rate is 10%.
  • Loan available.
  • Nomination facility available.
  • Surrender allowed after 36 months.

Suraksha – Whole Life Assurance Scheme

The main features of this scheme are given below:

  • Minimum age is 19 years and maximum age is 55 years.
  • Maximum sum assured is Rs 10 Lac.
  • Insurance cover starts from the date of acceptance.
  • Bonus will accrue till date of death.
  • Loan available.
  • Nomination facility available.
  • • Surrender allowed after 36 months.

Suvidha – Convertible Whole Life Assurance Scheme

The main features of this scheme are given below:

  • Minimum age is 19 years and maximum age is 55 years.
  • Maximum sum assured is Rs 10 Lac.
  • Insurance cover starts from the date of acceptance.
  • Suvidha can be converted into Santhosh after five years.
  • Bonus will accrue till date of death.
  • Loan available after 4 years.
  • Nomination facility available.
  • Surrender allowed after 3 years.

Sumangal – Anticipated Endowment Assurance Scheme

The main features of this scheme are given below:

  • It is a Money Back Policy.
  • Maximum sum assured is Rs 5 Lac.
  • Insurance cover starts from the date of acceptance.
  • No loan facility.
  • No surrender value payable.
  • Assignment facility available.
  • Nomination facility available.
Yugal Suraksha – Joint Life Endowment Assurance Scheme

The main features of this scheme are given below:

  • Minimum age is 21 years and maximum age is 45 years.
  • It is joint endowment policy.
  • It is term policy from 5 to 20 years.
  • Maximum sum assured is Rs 5 Lac.
  • Insurance cover starts from the date of acceptance.
  • Loan available.
  • Nomination facility available.
  • Assignment facility available.
  • Surrender allowed after 3 years.
Children Policy

The main features of this scheme are given below:

  • Minimum age is 5 years and maximum age is 20 years.
  • Minimum sum assured is Rs 20000 and maximum sum assured is Rs 1 Lac.
  • Insurance cover starts from the date of acceptance.
  • Non medical policy with full benefits.
  • No loan facility.
  • Nomination and Assignment facility available.

Rural Postal Life Insurance

On 24th March, 1995 the postal life insurance is extended to rural people. The schemes under rural postal life insurance are given below:

  • Gram Santhosh – Endowment Assurance.
  • Gram Suraksha – Whole Life Assurance.
  • Gram Suvidha – Convertible Whole Life Assurance.
  • Gram Sumangal – Anticipated Endowment Assurance.
  • Gram Priya – Anticipated Endowment Scheme.
  • Children policy.

Eligibility conditions are given below:

  • Minimum age is 19 years and maximum age is 50 years.
  • Any public whose native place is rural place.

Benefits of rural postal life insurance are given below:

  • Low premium and high bonus.
  • 100% security by Government of India.
  • Income tax rebate under section 88.
  • Loan, Assignment, Surrender, Conversion and paid up value facility available.
  • Premium payment will be in monthly, half yearly and annually.
  • Nomination facility available.
  • Rebate 1% for payment of 6 months premium in advance.
  • Rebate 2% for payment of 12 months premium in advance.

Department of Indian postal service is heart of every Indian citizen. It touches lives of Indian citizens in many ways like speed post tracking, registered post tracking, banking, insurance and etc. In the above clearly explains the benefits of postal life insurance and rural life insurance. So clearly read before going to choose any scheme. If you want more information, please visit the official website.