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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

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

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Life Insurance Reviews

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  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have Life Insurance policy which was taken through LIC agent .This is a money back policy it is for the tenure of 15years paying the premium on yearly basis ,I am paying the premium through online ,The premium is nominal and got all the required details about the policy through the agent .
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 17, 2019
  • LIC
    LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent only .This policy is a Maturity policy and this is a children plan it is for the tenure of 20years ,The premium is paid on yearly mode and the premium amount is Rs.24000.I have not faced any difficulties as well.I have got all the details about the policy through the agent .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.5/5 "Excellent!"
    I am holding the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA since from last 10 years, the maturity period is for 25 years and premium paying for yearly once. This gives the coverage for family. The executive explained details and hard copy shared.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have takwen Life Insurance policy throguh LIC agent only .This policy is a Maturity policy and this is a children plan it is for the tenure of 20years ,The premium is paid on yearly mode and the premium amount is Rs.12000.I have not faced any difficulties as well.I am very much comfortable with the service .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "BEST"
    0.5 5.0/5 "Blown Away!"
    I have purchased the policy and using it since from last 2013 and the name of policy is JEEVAN LABH the benefit of this policy is they give the good returns. The maturity period is for 25 years and premium paying for monthly once through ecs. The sum assured amount of 15L rupees. The coverage is for accidental also death coverage.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken some life insurance policy with Life insurance corporation of India from long time, the agent had clearly explain me about the plan benefits and policy coverage, the agent is my friend only he had suggested some policy where i can get good benefits, the premium amount i use to make on monthly basis, it use to get auto debited from my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Good"
    0.5 3.5/5 "Pretty good"
    I have taken a life insurance in LIC before 20 years. The policy is for 30 years which I have taken for jeevan andha. Now I am paying premium in the quarterly package. While getting a policy my agent has not given much information about the policy details and provided documents. I use to do payments through an online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC before 9 years. The policy is for 20 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the JEEVAN ANAND policy and the JEEVAN SARAL policy with LIFE INSURANCE CORPORATION OF INDIA where the maturity period for 25 years, the premium paying for 3 months once. The policy coverage is for self and it is the good policy to use.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Good and trustworthy policy"
    0.5 5.0/5 "Blown Away!"
    I have bought a life insurance policy from LIC since its a Government based company and best option in India. I have chosen them. The policy which i have taken is not available right now. I have been paying the premium which is convenient for me. This is tax benefiter to me. I have chosen the yearly payment mode.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Plan is good"
    0.5 5.0/5 "Blown Away!"
    Earlier i had taken the policy from LIC. Since its a long term company and Government undertaken company hence i have chosen the policy. Lockin period of the policy is 12 years. I paid the premium amount of Rs. 2700 every quarter. I got the returns perfectly. I have bought the loan and closed the policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • Exide Life Insurance
    "Short period payment policy"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy from Exide. I need to pay the premium for first 3 years. After 10 years, i will be getting the returns. I will be getting the maturity of 10 times greater. When i was working as a advisor, i have chosen the policy. I used to pay the premium in their branch. I am paying the premium amount of Rs. 50000 yearly.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "GOOD POLICY"
    0.5 5.0/5 "Blown Away!"
    I am using the life insurance policy with LIC from 2012 and the name of the policy is JEEVAN ANAND which has the maturity period of 26 years and I am paying a premium of 6000 rupees and above for 6 months once. The policy has a coverage for the family.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 16, 2019
  • SBI Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am holding the life insurance policy with SBI LIFE where i have purchased the MONEY BACK policy but i got no money back so far with this policy. The policy gives the coverage for self also the premium paying for self. There is no issues with the policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the MONEY BACK policy with HDFC LIFE and using from last one year. The policy coverage is for self added on that the policy maturity period is fir self, i have got no cash backs so far with this policy. Premium paying for yearly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the JEEVAN ANAND policy with the LIFE INSURANCE CORPORATION OF INDIA the policy has the maturity period of long term and the policy coverage is for self. I am holding the policy from last 9 years, premium paying for yearly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with Life insurance corporation of India , and the premium they use to charge me was nominal they have charged me up to 2500 and it use pay my insurance premium through on line itself, there agent had explained me clearly about the the policy and coverage in this policy, overall service is going smoothly.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have been using my life insurance with Life insurance corporation of India, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis up to 5000 premium amount it use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC before one year. The policy is for 15 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. This policy covers up to myself.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 15, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.5/5 "Excellent!"
    I have taken a life insurance in LIC before 5 years. The policy is for 20 years. Now I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details but still I have not receive the hard copy documents. Some times I do a payments through an online or else I provide amount to brother since he is an agent for this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 15, 2019
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