Army Postal Life Insurance

Be it salaried or self-employed, a life insurance policy is a must-have for all. Even army professionals need a comprehensive life insurance plan so that they can secure the lives of their loved ones in their absence. The Government of India has even introduced Army Postal Life Insurance so that individuals from defense can also get the maximum benefits from life insurance plans. In the section below, we will talk about Army Postal Life Insurance in detail.

Overview of Army Postal Life Insurance

The Indian army does everything to safeguard the Indian citizens, and to secure the families of these army personnel, the Army Postal Life Insurance was introduced. It was in 1975 when the Army Postal Services took over Postal Life Insurance. Army Postal Life Insurance as the name suggests is a special insurance plan designed to cater to the specific needs of defence personnel.

Eligibility of Army Postal Life Insurance Plans

The Army Postal Life Insurance Plans can be bought by all defense professionals of any rank including BSF, CISF, border roads, Assam Rifles, and more. This life insurance plan is also applicable for those defense individuals who are not involved in fighting wars but are a part of the army such as defense doctors, clergy, and others. The only condition is that the life insurance premium is paid in CBPO in the form of cash. 

Limits of Armed Force Postal Life Insurance:

Types of Army Postal Life Insurance Plans

There are different types of Army Postal Life Insurance Plans such as those listed below:

1. Whole Life Assurance - Suraksha

This is a whole life insurance plan where a lump-sum amount is paid to the nominees only after the insured has attained the age of 80 years or if the policyholder meets an unfortunate event. Either of which happens earlier will determine the payment. Some of its features are:

• The minimum entry age is 19 years and the maximum entry age is 59 years
• While the minimum sum assured is Rs. 20,000, the maximum sum assured on the other hand is Rs. 20 lakhs
• The loan facility is available after 4 years and the surrender benefit is paid out after 3 years
• It can be converted into an endowment assurance plan till the age of 57 years 
• The premium payment term can be chosen as 55, 58, or 60 years

2. Convertible Whole Life Insurance - Suvidha

This is also a whole life assurance plan that can be converted into an endowment assurance policy, only after the policy term of 5 years is completed. Some of its features are as follows:

• The minimum entry age is 19 years and the maximum age is 55 years
• The minimum sum assured is Rs. 20,000 and the maximum sum assured is Rs. 50 lakhs
• The loan facility is available after 4 years and the surrender benefit is provided after 3 years
• If the policy is converted, the bonus of Endowment Assurance will be paid out

3. Endowment Assurance - Santosh

This life insurance plan provides a sum assured as well as any accrued bonus. In case the policyholder dies during the unfortunate event, then financial benefit is given to the nominee.

• The minimum entry age and maximum entry age are 19 years and 55 years
• The minimum sum assured is Rs. 20,000 and the maximum sum assured is Rs. 50 lakh
• Loan facility and surrender benefits are available after 3 years

4. Joint Life Assurance - Yugal Suraksha

It is a type of joint endowment plan that has the following features:

• It provides life insurance coverage to both spouses
• It is available at a minimum sum assured of Rs. 20,000 and a maximum sum assured of Rs. 50 lakhs
• The minimum policy term is 5 years and the maximum is 20 years
• The minimum and maximum entry age is 21 years and 45 years respectively
• The death benefit is paid out to either of the spouse who survives the policy

5. Bal Jeevan Bima

As the name suggests, this policy is designed for children and requires no medical test. Some of its features are:

• The minimum and maximum entry age is 5 years and 20 years 
• A maximum of 2 children of the policyholder are available under this
• The maximum sum assured is Rs. 3 lakhs
• The age of the policyholder parent should not be more than 45 years
• Surrender benefit is not available
• The premium is paid by the policyholder's parent

6. Anticipated Endowment Assurance - Sumangal

It is a money-back plan that is suitable for those who want periodic payments. This plan provides both death and survival benefits and has the following features:

• The minimum and maximum policy term is 15 and 20 years
• The minimum and maximum entry age are 19 years and 40 years
• The maximum sum assured is Rs. 50 lakhs

Features of Army Postal Life Insurance

Listed below are some of the salient features of Army Postal Life Insurance: 

• The Army Postal Life Insurance plan serves as loan collateral
• It can be renewed provided the policy is less than 3 years old and has lapsed due to non-payment of premium for 6 times or if it is more than 3 years and the premium has not been paid for over 12 times
• The nominee details can be added as well as changed under the Army Postal Life Insurance plan. For instance, in case of divorce, you can make changes in the nominee's details
• In case the policyholder losses the original documents, they can get a duplicate copy of the Army Postal Life Insurance plan

Benefits of Army Postal Life Insurance Plans

Listed below are some of the salient features and benefits of Army Postal Life Insurance Plans that you should know about:

• Tailor-made for Army Professionals: Army Postal Life Insurance plans are designed to meet the life insurance requirements of armed forces personnel. Whether in the Army, Navy, Air Force, or any other defence service, some plans cater to the specific needs of such individuals. 
• Affordable Premiums: Army Postal Life Insurance plan is available at affordable premium rates, ensuring that defence personnel can secure comprehensive coverage without straining their finances. The affordability factor makes it accessible to all defence personnel.
• Offers Flexibility: Army Postal Life Insurance plan provides flexibility in choosing coverage amounts as well as premium payment term. The premium can be paid on a quarterly, monthly, half-yearly, and monthly basis.
• Hassle-free Process: The application process for Army Postal Life Insurance plans is straightforward, quick, and hassle-free. It allows military personnel to secure their financial future without significant time investment. Moreover, the claim process is also simple.
• Beneficiary Nomination: Under the Army Postal Life Insurance plan, you can also nominate a beneficiary who will receive financial benefits in case you meet an unfortunate event.
• Loan Facility: In times of need, policyholders have the option to avail loans against their Army Postal Life Insurance policies. This feature provides financial flexibility and ensures that defence personnel can meet unexpected expenses without compromising their financial security.
• Tax Benefits: The Army Postal Life Insurance plan also offers tax benefits under Section 80C of the Income Tax Act. Thus, it is a great option for those looking forward to reduce their tax liability. 

Take Away

Thus, if you are an army personnel, make sure to secure the future of your loved ones with Army Postal Life Insurance Plans. These plans offer a bunch of benefits and are available at affordable premiums. 

FAQs

• What are the different types of Army Postal Life Insurance Plans?

The different types of Army Postal Life insurance plans are Endowment Assurance, Bal Jeevan Bima, Anticipated Endowment Assurance, Joint Life Assurance, Convertible Whole Life Assurance, etc.

• Can I get tax benefits with the Army Postal Life Insurance Plan?

Yes, Army Postal Life Insurance Plans offer tax benefits.

• Who is eligible to buy Army Postal Life Insurance Plans?

All defence personnel are eligible to buy Army Postal Life Insurance Plans.