Postal Life Insurance for the Physically Handicapped
Postal Life Insurance is one of the oldest insurer in India which offers various welfare schemes to people from different sphere of life including handicapped people. If you are a handicapped individual, you can avail various scheme depending on your financial needs.
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):
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.
Whole Life Insurance (Suraksha):
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.
Convertible Whole Life Insurance (Suvidha):
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.
Anticipated Endowment Assurance (Sumangal):
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.
Joint Life Endowment Assurance (Yugal Suraksha):
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.
Loss of limbs
Paralysis or weakness or deformity due to Polio
Any other deformity due to non-neurological origin
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My friend has recommended me about the life insurance policy from SBI LIFE. I pay the premium amount of Rs. 13,500 in a every quarter. I don't remember aboutsum assured value. The amount is automatically deducted through ECS. Its a money back policy.
I have taken a life insurance in on 8 years before. The policy is for 30 years. I am paying premium in the yearly package the amount of 36 thousands which is nominal. The total coverage is 15 lakhs. Policy name as Jeevan anadha policy. Charges are applicable and it is nominal.
LIC is a good and very old company so that we believe on the policy holders and all my family members are using LIC so i have taken the life insurance policy with them. Terms and conditions are good in money back policy so i purchased it. I have been paying the premium amount of Rs. 13000 per year. I make my premium by cheque through the agent.
I have taken one life insurance policy with Life insurance corporation of India on 6 months before, the agent had clearly explain me about the plan benefits and policy is jeevan santhi, the premium amount i use to pay on monthly basis, so i use to pay the premium amount through an online.
I have taken a 4life insurance with LIC and doing the premium of around 12,000rupees per annum through online and ECS. Their customer service needs an improvement. They are not good in the benefits. The tenure is 10 and 15years. It was taken for tax and future benefits.
I have started life policy in HDFC LIFE 2years ago, am paying premium of 43K per year and the tenure is 15years. I did not remember the policy name. Am getting the statements within 5mins through my email address when I make the payment through online.
My life has been insured with Life Insurance Corporation of India. For the security purpose, i have chosen them. I have been paying the premium amount of Rs. 14000 on a half yearly basis. I'm satisfied with the sum assured amount provided by them. I make the payment through online.
Earlier i have done the policy from LIC without any reason. I have a endowment plan. I'm paying the premium amount of Rs, 60000 per annum. I'm satisfied with the sum assured amount. Total term period of the policy is 18 years. Its a tax benefits policy.
I have 3policies with LIC because its convenient and one of my friend referred me to LIC so have purchased these policies. I never contacted the customer service and the policies not matured yet. They have well explained the terms and conditions, maturity amount before taking the policy.
I have Life Insurance policy which was taken through LIC agent.This was a Money Back policy and it was taken on the year of 2005 ,I am paying the premium on quarterly basis,I am paying the premium through branch ,I have got all the required details about the policy very clearly and there was no difficulties faced so far ,I have got the policy documents on time .
I am having 4policies with LIC which is Money back and endowment policy. I am doing periodic payment, the total sum assured is 30L. The premium is deducted from my salary, around 9K. The maturity benefits are very good. The tenure is around from 20 to 23 years. It was taken for both future savings and tax benefits.
I have too many of policies with LIC and its good. The benefits are good and well explained by the agent. The payment mode is ECS and am getting the statements and notification through SMS. Even the agent is doing good support and the plan was taken for future savings purpose.
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Reviewed on Oct 17, 2019
I have taken a life insurance on HDFC LIFE on 5 months before only. The policy is for 20 years. I am paying premium on monthly package the amount which is nominal. While getting a policy my agent has given an information about the policy details. My father has taken an insurance for me. Use to do payment through an online. It covers up to myself only.
I have taken Life Insurance policy direclty through LIC agent .I have got all the information abotu the policy very clearly through the agent.This policy is fo the tenure of 25 years and need t pay the premium once in 3 months .I am paying the premium through cheque it will be given to the agent .
I have availed Life Insurance policy through LIC agent only.This was a Jeevan Saral Policy and the tenure is for 15 years.This was a Money Back policy and the premium is paid on ome time only and it was less .I have got my policy documents on time and got all the relevant details about the policy very clearly through the agent .
I have taken Life Insurace policy trough LIC agent direclty .Ths was a Money Back policy for the tenure of 20 years .I am paying the premium through online .Premium is very nominal and got all the relevant details about the policy very clearly through the agent I am paying the premium on yearly basis.
I have Life Insurance policy which was taken direclty through LIC agent.This was a Jeevan Anand policy which is a Maturity benefit policy for the tenure of 20 years .The premium is paid on quarterly basis and there was no difficulties faced so far when availed this policy.I will be paying the premium through the agent.
I have taken a life insurance in LIC on 9 years before. The policy is for 15 years. I am paying premium in the quarterly package the amount of 6 thousands which is nominal. While getting a policy my agent has given an information about the policy details. It covers myself and children. It is a jeevan anadha policy.
I have taken my life insurance policy from LIC. It was a Jeevan Umang. Its almost 150 years old which covers for 95% and the people invested in LIC is higher when i compared to others. This policy has two benefits one its a life insurance policy and other is pension covered policy. After 60 of years of age, i will get the pension.
One month before I have taken a personal loan so they made to take life insurance with LIC company. On one payment need to do fully. In case if we missed to do payment or for some other reason unable to do from insurance they will claim full amount. Myself applicable for 10 lakhs but taken for 5.5 lakhs.