The Postal Life Insurance schemes are considered to be some of the most hassle-free and affordable insurance plans in India. They are reasonably low-premium investment products and are renowned for their flexibility.
For these very reasons, postal life insurance schemes are extremely viable options for individuals with physical handicaps. However, a mandatory medical examination will have to be carried out to determine the nature and extent of the handicap, which in turn will determine the premium price.
Postal Life Insurance can be availed only by government and semi-government employees, and the premium in respect of policies taken under this scheme will be determined by the accepting authority. The maximum sum assured for physically handicapped individuals by taking all policies together in PLI and RPLI is Rs ten lakhs and Rs three lakhs respectively.
The different types of Postal Life Insurance Schemes available to physically handicapped persons are:
- Endowment Assurance (Santosh):
- Whole Life Insurance (Suraksha):
- Convertible Whole Life Insurance (Suvidha):
- Anticipated Endowment Assurance (Sumangal):
- Joint Life Endowment Assurance (Yugal Suraksha):
In this scheme the assured amount plus accrued bonus is paid to the policyholder when he or she reaches the predetermined age of maturity. The sum amount insured and bonus is payable to the nominee in case of the unprecedented death of the policyholder.
In this scheme the assured amount plus the accrued bonus is paid to the nominee in the event of the policyholder passing away. It offers a higher bonus and lower premium than the endowment policy.
This scheme is a convertible whole life assurance scheme and is extremely convenient for taxpayers and new entrants to service, This particular scheme helps them plan their savings while keeping their increase in tax liability and earnings over a five year period in mind.
The anticipated endowment assurance scheme from Postal Life Insurance is best suited for people who expect periodical returns. This is also known as a Money-Back policy in which the survival benefits are paid to the insurant periodically.
This scheme is a joint-life endowment assurance in which one of the spouses is eligible for PLI policies. Life insurance coverage is provided to both spouses to the extent of sum assured.
Medical Report Particulars for Physically handicapped persons looking to avail PLI plans.
Physically Handicapped persons shall be insured under the “Scheme for Physically Handicapped” and shall have to undergo a special medical examination by the government medical authorities in order to determine the exact nature and extent of their handicap and its bearing on the life being insured. The medical reports shall include in particular:
- A report quantifying the extent of handicap (for example, deformity/loss of one limb, both limbs etc)
- Cause of handicap, i.e. congenital or post congenital.
- The effects of the handicap on longevity of the proposer and whether the life risk is increasing or decreasing.
If the medical authority declares that that the life risk is increasing due to the handicap, the insurance proposal shall be rejected.
Persons suffering from any of the following handicaps qualify to be eligible to apply for postal life insurance.
- Orthopedic handicap
- Loss of limbs
- Paralysis or weakness or deformity due to Polio
- Any other deformity due to non-neurological origin
Read More about Postal Life Insurance
|Postal Life Insurance for Central Government Employees|
|Postal Life Insurance Bonus Rates|
|Postal Life Insurance Interest Rate on Loan|
|Postal Life Insurance Tax Rebate|
|Rural Postal Life Insurance|
GST of 18% is applicable on life insurance effective from the 1st of July, 2017