Purchasing life insurance plans in India is a priority for individuals to safeguard their families in the event of their unexpected demise. And for an individual in the defence sector, it is an ultimate necessity.
The service of the armed forces to the nation is highly respectable. Therefore, to ensure a secure future for their family and provide the required financial benefits on timely basis, the Army Postal Service (APS) took over the responsibilities of Postal Life Insurance (PLI) for the Armed Forces Personnel in June 1975.
Here are the details about the army postal life insurance for your understanding.
What is the Army Postal Life Insurance?
Army postal life insurance is a life insurance plan exclusively designed for securing the families of armed forces personnel. It is provided to servicemen at an affordable premium rate. Considering the high risk of uncertainty in their life, purchasing the army postal life insurance is extremely important.
Eligibility Criteria For The Army Postal Life Insurance
Defence personnel belonging to different ranks are eligible for the army postal life insurance plans. Here is a list of some of the personnel who can avail the benefits:
- Short Service Commissioned Officers
- Border Roads Organisation Personnel
- Assam Rifles
- Non-combatants of the Indian Army, Navy and Air Force
Types of Army Postal Life Insurance
There are different types of postal life insurance schemes available for the benefit of the armed forces personnel. Here is a brief about them.
- Suraksha Whole Life Insurance – It is a PLI that provides the sum assured with the accumulated bonus1 to the policyholder when he/she is 80 years old or to the nominee in case of their unexpected demise at any time during the policy tenure.
Features of Army Postal Life Insurance
- Army postal life insurance loan – The PLI scheme acts as a collateral. Therefore, a policyholder can obtain a loan against the purchased army postal life insurance.
- Postal life insurance renewal – The policyholders can revive a lapsed life insurance plan based on the following conditions:
- The army postal life insurance was active for less than 3 years and lapsed due to non-payment of premium for 6 consecutive times.
- The army postal life insurance was active for more than 3 years and lapsed due to non-payment of premium for 12 consecutive times.
- Change of nomination – The policyholder for the army PLI policy can nominate a person during policy inception and change it as and when required.
- Policy conversion – There are different types of army postal life insurance plans. The policyholder can switch between the plans, from whole life insurance to an endowment assurance plan.
- Receiving a policy duplicate – If the policyholder has misplaced, lost or damaged the original documents, they can receive a duplicate copy at any time.
The Army PLI benefits make life insurance a valuable investment. Here is a list of the assured benefits:
- Tax* benefit
- Affordable premium
- Online status tracking available
- Flexible premium payments
- Quick and convenient claim procedure
- Army PLI online compatibility
With the increasing technological developments, the army postal life insurance online is a beneficial feature that allows you to apply and track the application status conveniently and cost-effectively. You can visit the official website for any further references.
Life insurance policy plans are flexible and valuable financial instruments that can safeguard your family in the event of your unexpected demise. Purchasing it at the right time with the necessary sum assured for a longer policy tenure will yield the required financial benefits. At Tata AIA Life Insurance Company Ltd., we provide a range of life insurance plans. We also provide comprehensive life insurance plans that combine life cover with savings and investment benefits online.
Life insurance is an important financiasavings that helps people secure their family’s financial future in their absence. The armed forces have increased responsibility for securing their family. The army postal life insurance is an exclusive life insurance benefit with convenient features. Purchasing it early in life can prove extra beneficial in the long term.