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Postal Life Insurance for Central Government Employees

Postal Life Insurance is one of the oldest insurers in India and provides various welfare schemes to people working as public servants for the Central Government. There are various types of schemes which one can avail based on his/her requirements.
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The Postal Life Insurance provided today dates back to 1884 when it was first established. This life insurance scheme is tailored for employees of the government and helps secure their family’s future financially in case of their unfortunate demise or pays a lump sum upon reaching maturity. The eligible policyholders are central government employees, defence personnel, employees of RBI, employees of State Government and local bodies including cooperative societies, nationalized banks and deemed universities.

The postal Life insurance is one of the many benefits of being a government or semi-government employee. These insurance policies are guaranteed by the government of India and offer low premiums with high bonuses. Even employees who have resigned or retired from their post can continue enjoying the benefits and cover of the policy by continuing to make timely premium payments at the nearest post office.

The postal life insurance also offers great convenience when it comes to paying premiums. Premiums can be paid via a deposit at the post office, through cheque or even through automatic salary deduction. The life insurance policies also offer each policyholder the option of covering up to 2 children. Though the premiums are slightly higher on the children’s policies, it covers both parents and children.

The postal life insurance policy allows for 2 revivals before becoming void. Policies that are in effect for 3 years or lesser have a 6 month revival period and policies that have been in effect for over 3 years have a 12 month revival period. If the policyholder is unable to make a monthly premium payment, they can do so in the subsequent month but will be fined RS 1 for every RS 100 assured.

Postal life insurance policies available for employees of the central government or any other semi-governmental body:

  1. Whole Life Assurance: The Whole Life Assurance policy has a minimum entry age of 18 years with a maximum entry age of 55 years and pays out assured sum with accrued bonuses to the policyholder on maturity or the nominee or legal heir upon death of the policyholder. The minimum sum assured is RS 20,000 with the maximum being RS 50 Lakhs. If the policy has been in effect for over a year and if the policyholder has not attained the age of 57 years yet, the policy can be converted into an endowment policy. The policy allows for loans to be taken out however, if a loan is taken out before completion of 5 years, the policy is not eligible for any bonuses.
  2. Endowment Assurance: Similar to the whole life assurance, in this policy, the policyholder is given an assurance that they will be paid a benefit of the Sum Assured and accrued bonus upon the policy attaining the maturity period. A death benefit equal to the sum assured plus any accrued bonuses are paid to the nominee and the policy allows for loans after completion of 3 years but any loans taken before 5 years will void any bonus to be accrued. This policy also has a minimum entry age of 18 years and maximum entry age of 55 years.
  3. Convertible Whole Life Assurance: This policy, upon the completion of 5 policy years, can be converted into an Endowment plan provided that the age of the policyholder at the time of conversion does not exceed 55 years of age. If the policy remains unconverted after the completion of 6 policy years, it is treated as a Whole Life Assurance Plan. The policy attains a surrender value along with the provision of acquiring a loan after the completion of 3 policy years
  4. Anticipated Endowment Assurance: This policy is a money back policy designed for those policyholders looking for periodic returns. The policy offers 2 terms, 15 years and 20 years. If the 15 year policy term is chosen, the benefits are paid out in the following format; 20% of the benefits paid in 6 years, 20% paid in 9 years, 20% paid in 12 years and the remaining 40% along with accrued bonuses are paid at the end of 15 years. If the 20 year policy term is chosen, the benefits are paid out in the following format; 20% pad out in 8 years, 20% paid out in 12 years, 20% paid out in 16 years and the remaining 40% with accrued bonuses are paid out at the end of the 20th In the event of death of the policyholder, the nominee will not receive periodic payments but receive the sum assured with accrued bonuses as a lump sum
  5. Joint Life Assurance: If one of the spouses are eligible for a Postal Life Insurance policy, then the joint life assurance policy can be taken out by the eligible spouse which covers both the spouses with sum assured and accrued bonuses with only one premium having to be paid.

All the above schemes have a minimum sum assured of RS 20,000 and a maximum sum assured of RS 50 Lakhs and require compulsory medical examinations. For those policies that do not require a medical examination, the maximum sum assured is RS 1 Lakh

Read More about Postal Life Insurance

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Postal Life Insurance Tax Rebate
Rural Postal Life Insurance

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Life Insurance Reviews

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  • LIC Life Insurance
    "Good for tax benefits with safe investment"
    0.5 4.0/5 "Great!"
    I have one LIC Policy for Rs. 60,000 in an annual basis I make the premium, its good for the tax benefits. The policy which I took is jeevan anand has the policy term of 20 years. However it has the locking period of three years. I can view the statement through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have chosen 2 policies, long term and money back. LIC is good but they will provide the information only If I request them. Paying monthly 2500 rupees through ECS. I did not see any benefits and have no access for online. Every 5 years once they are giving bonus on the money back plan.
    Was this review helpful? 0
    , hosur
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and it was taken almost now 10 years through an agent. The tenure period is 21 years and its a JEEVAN ANAND. The benefits are quite good. I never contacted the customer service, I go through with an agent. I make the premium through online every quarter.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Jan 14, 2019
  • IDBI Federal Life Insurance
    "I feel I should have taken a better product"
    0.5 2.0/5 "Expected more"
    I have taken IDBI Federal Incomesurance policy 6 yrs back, premium of Rs 1.2 Lakh/yr, for 15 yrs . Life Coverage only 18.3 lakh, I will get only 1.8 Lakh per year for 10 yrs at end of term, which is meagre by any std. I am not able to come out of it as I will be loosing heavily. I am retiring after three years and after that I have to pay for another 5 years to get this benefit (yrly payout) . I do not know what to do.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 13, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • LIC Life Insurance
    "Good for me and for my nominees"
    0.5 4.0/5 "Great!"
    I have purchased Jeevan anand policy with LIC, my policy has the tenure period of 20 years. As per my policy I need to pay the premium for 15 years, I make Rs. 30,000 per annuam. At last I get the premium cover upto Rs. 20 lakhs and one other good benefits even after the policy expiry there is a maturity benefits of 14 lakhs will provide to the nominees for certain demise its good. But I suggest they need more improvement on the customer support,
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    It was taken the policy with LIC in month of 2014, they have good reputation and my relative is working as an agent. To secure my family I took this policy, the policy which I am holding it for 25 years, I will be getting the maturity after the tenure period.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Good Investment"
    0.5 5.0/5 "Blown Away!"
    Agents are professional in LIC, and they have flexi in the payment options. I have Jeevan anand policy it has the term period of 15 years, I need to pay the premium for whole year after 24 years I get the return value also they provide life coverage.
    Was this review helpful? 0
    , dandeli
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy to take"
    0.5 4.0/5 "Great!"
    LIC is providing lots of tax benefits policy hence i have chosen the policy with them. I have taken the Jeevan Anand policy. I used to make the premium amount through online. I'm very much satisfied with the sum assured amount. Total tenure period of the policy is 15 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have money back policy policy with LIC, it has premium of Rs. 10,000 per annum. It gives the maturity benefits after 20 years of the tenure period, I used to get the bonus amount around Rs. 40,000 for every five years it has the tax benefits too.
    Was this review helpful? 1
    , malda
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    It has been a good policy and i had started this insurance a long time back. The premium amount has not been not too high and i have been paying it annually where the payment method has not been high. The policy is good and can be suggested to others.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy with Life Insurance Corporation of India. I have selected the LIC because of the wife's suggestion. I have chosen the Jeevan Bhima policy. I am paying the premium amount of Rs. 30000 every year. I have no idea about the coverage value. I make the premium through agent via money transfer.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Better to invest"
    0.5 5.0/5 "Blown Away!"
    I have a money back policy from LIC which was taken before 10 years through an agent. Every 4 years once they are providing good benefits like bonus points. The agent was very helpful. I got the insurance paper. I am paying the premium every quarterly 1000 rupees through online.
    Was this review helpful? 1
    , pondicherry
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Benefits part should be increased"
    0.5 2.0/5 "Expected more"
    I have term insurance with LIC, they give the life coverage to the nominees, they have option to add multiple nominees. I have taken it for 20 lakhs hence I need to pay the premium around Rs. 7000 per annum, the draw back with this policy they wont provide paritial amount to the holder.
    Was this review helpful? 0
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Bonus Policy"
    0.5 4.0/5 "Great!"
    LIC is national insurance company and it has the good reputation. I have taken the policy called money back policy, it has maturity period around 15 to 20 years, I used to get bonus amount every 3 years or 5 years, they have tax benefits and other facilities.
    Was this review helpful? 1
    , thrissur
    Reviewed on Jan 09, 2019
  • ICICI Prudential Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance was bought from ICICI prudentuial. One of my friend who is working over there has recommended me about this policy. I paid the premium amount of Rs. 25000 annually. I have paid the premium for 2 years after that i have discontinued the policy due to the personal reasons. I have to pay the premium for 7 years actually.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have taken some policy with LIC, I could not recall the name of the life insurance. But it has the term of 15 years, I need to pay only for 10 years, I get the coverage for whole year. They are providing tax benefits with the life insurance premium and it has life coverage.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have my life insured with LIC from last 15 years and it is a long term policy. I pay my premium once on 6 months through direct payment and i am convenient with the payment options. I am not happy with the returns and tenure period for this policy is for 25 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Trusted Insurance"
    0.5 5.0/5 "Blown Away!"
    They saving our money and providing the loan based on the premium but we need to maintain proper track record for the LIC. I have taken the policy for the tenure of 25 years, I need to pay the premium for whole year I expect good value from my three policy.
    Was this review helpful? 0
    , cuddalore
    Reviewed on Jan 09, 2019
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