Postal Life Insurance – Advantages, Types, Who is run this policy?

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Postal Life Insurance, this article talks about the postal life insurance which is the oldest form of life insurance which is in force from 1884. It has been almost 130 years but then also the popularity has not been reduced and been increasing day by day. This type of life insurance is similar to the life insurance provided by LIC. The only difference is that this insurance is provided to the government employees and some other governmental authorities but no one else is eligible. Now you can scroll down below n check more details for Postal Life Insurance.

Postal Life Insurance

Who can by Post Life Insurance ?

This policy is eligible for central and state governments and some other governmental authorities such as nationalized banks, municipalities, PSUs, etc.

Who is running the Post Life Insurance ?

This policies are under the handling of Department of Post. During the initial period of starting the policy, there were very nominal subscribers to it, but gradually it increased to huge number in few years.

Must Read – Joint Life Insurance Policy

Advantages of Post Life Insurance ?

1. The lapse period in this policy is much higher than other insurance policies.

For PeriodLapse after
Less than 3 years6 unpaid premiums
More than 3 years12 unpaid premiums
  1. Policy can be given to the bank for taking the loan.
  2. Converting of the policies in each other is possible which is not possible in normal life insurances.
  3. The name mentioned in the nomination can be changed at any time.

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Types of Policies:

1. Whole Life Insurance – The minimum age required for the policy to be taken is 19 years and maximum is 55 years. The minimum amount of sum insured is Rs. 20000 which can extend up to Rs. 50 lakhs. The medical checkup of the insurer is compulsory and has to be done prior to applying for the policy.

2. Endowment Assurance – The minimum age required for the policy to be taken is 19 years and maximum is 55 years. The minimum amount of sum insured is Rs. 20000 which can extend up to Rs. 50 lakhs. The loan can be taken after completing the 3 years of completion.

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3. Convertible Whole Life Insurance – The minimum age required for the policy to be taken is 19 years and maximum is 55 years. The minimum amount of sum insured is Rs. 20000 which can extend up to Rs. 50 lakhs. The loan can be taken after completing the 3 years of completion.

4. Anticipated Endowment Assurance – There are two term policy which are 15 Years Term Policy and 20 Years Term Policy. The maximum sum insured is Rs. 50 Lakhs. The Medical checkup of the same would be mandatory and would be required by the insurer.

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5. Joint Life Endowment Assurance – The minimum age required for the policy to be taken is 19 years and maximum is 55 years. The minimum amount of sum insured is Rs. 20000 which can extend up to Rs.1 lakh. The medical checkup of the insurer is compulsory and has to be done prior to applying for the policy.

6. Children Policy – This policy will be restricted to the 2 children in the family. The children age should be between 5 years to 20 years. In this policy the loan facility is not available. There is no compulsory medical checkup required.

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