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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Rural Postal Life Insurance

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 Insurance company"
    0.5 5.0/5 "Blown Away!"
    Took my life insurance from LIC and i took the policy 4 years before and it was like a group insurance. My premium amount has been deducted from my salary. They are paying the premium amount of Rs. 1000 every month. Total term period of the policy is 18 years. They have given me a policy documents on time.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 24, 2020
  • LIC
    LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I am using LIC policy more than 2 years, they will give good returns hence I have chosen the same company for life insurance policy. I think its Jeevan Anand policy . Total term period of the policy is 15 years. Its a tax beneficial policy. I pay the premium Rs. 2143 through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 24, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life insurance policy through LIC agent.This was a maturity benefit policy taken for the tenure of 15 years .I am paying the premium on yearly basis ,The premium is paid on cash through the agent .This policy is still active and the whole process was clearly explained by the agent.I have taken this policy only for my family benefits.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2020
  • LIC Life Insurance
    "Best policy "
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy through LIC by an agent. This was a money back policy for tenure of 21 years and I am paying the premium on half yearly basis through cash. I am paying premium of Rs. 6000 and this policy is still active on my name.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 23, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I bought the life insurance policy from LIC and the policy is alive. Its because of the claim settlement ratio which is higher when i compared to other policy provider so that i have selected LIC company. I pay the premium amount of more than Rs. 25000 in a year. I pay the premium through online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy through LIC agent ,This was an endowment policy .I am paying the premium for the past 15 to 20 years .I am paying the premium through quarterly basis and each information is given by the agent.I have got the policy documents on time .I have surrender the policy and got the amount .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    LIC, they will give good returns hence I have chosen the same company for life insurance policy. I bought the Jeevan Anand policy before 4 years ago. Total term period of the policy is 25 years. Its a tax beneficial policy. I pay the premium through the online. I never contacted the customer care service so far.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through LIC agent .I am paying the premium on quarterly basis .This was a money back policy it is taken for my family purpose only.The complete details about this policy was clearly shared by the agent .Premium is mostly paid through cheque only.I am totally satisfied with this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy directly through LIC agent.This was a money back policy for the tenure of 10 years .The premium is paid on quarterly basis .Each and everything was good and this policy is highly beneficial for family .I am paying the premium through cheque only.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance through LIC directly .This policy tenure is 20 years, will be getting some good returns. The payment mode is auto debit option. I am paying the premium on monthly basis of Rs.823 and this policy is still active on my name .I have got all the update about the policy through the agent .Even got my policy documents on time as well.This policy is highly beneficial and will be useful for me and my family.
    Was this review helpful? 1
    , kolkata
    Reviewed on Jan 21, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 3.5/5 "Pretty good"
    I have taken life insurance policy directly through LIC agent .This was a term plan it is applicable till the age of 70years old.I am paying the premium on half yearly basis ,This is a death benefit plan totally useful for family members .Each and every details about the policy was clearly shared by the agent.This policy is still active and much comfortable .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 21, 2020
  • LIC Life Insurance
    "Best policy "
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through LIC by an agent. This was a money back policy for the tenure of 20 years and i am paying the premium on monthly basis through online by ECS mode. I am paying Premium Rs.2800 and this policy is still active on my name.
    Was this review helpful? 0
    , kochi
    Reviewed on Jan 21, 2020
  • Tata AIA Life Insurance
    "Client communication must"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy from TATA AIA and it is a money back policy. I am not getting correct information i would request to send a mail regarding dividend every thing they should communicate. They take care of their customers concern. They take care of their schemes and also getting bonus.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 21, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy directly through LIC agent.This is a maturity benefit policy for the tenure of 20years ,I am paying the premium through agent as well as cheque .This policy is highly beneficial for family and this policy is still active. I am satisfied with the service so far.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 21, 2020
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    My son in law has suggested a life insurance to take from HDFC Life. So I have taken on 2 years before. It covers my whole family. It is a single payment for this insurance. I am not aware about tenure period. I got all details about this policy and got documents on time.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    LIC has offered a Jeevan Anandh policy. While checking terms and conditions I felt pretty happy with their schemes so I had opted for it. Last year of July I got this policy. The tenure period of 20 years. I use to pay premium amount on quarterly basis of 5,200 rupees. It covers myself. No late payment issue.
    Was this review helpful? 0
    , keonjhar
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on one year back. The policy is for 25 years. I am paying premium on quarterly package the amount of 4K which is nominal. While getting this insurance my agent has given an information about the policy details. It covers myself. It is a money back policy.
    Was this review helpful? 0
    , keonjhar
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    LIC has offered a Jeevan Anand policy and i am holding since 30 years before. Now I am paying premium amount once in 3 months with the premium of 1369 rupees. While getting this policy my agent has given all information about the policy details and the coverage value of Rs. 1L
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Need policy"
    0.5 5.0/5 "Blown Away!"
    All my relation have a life insurance policy from LIC so that i have taken the policy with them. I bought the policy almost 3 years. Total term period of the policy is 15 years. I have been paying the premium amount of Rs. 30000 on a monthly basis and my friend is working as a LIC agent has referred me about this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through LIC agent .This was a maturity benefit policy and this policy tenure is 20 years .I need to pay the premium within 3 months .The premium is paid on through the agent.This policy is taken for family benefits. The complete process was shared by the agent.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 20, 2020
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