Everything You Need To Know About PLI

Postal life insurance is a type of insurance that protects you and your loved ones in the event of a disability, death, or other unexpected event. In order to understand postal life insurance and decide if it’s the right type of coverage for you, it’s important to first understand what it is and what it covers.

What Is Postal Life Insurance?

Postal life insurance is a type of life insurance that is purchased through the mail.

Unlike other types of life insurance, postal life insurance does not require an agent or broker to buy it for you. The main advantage to purchasing postal life insurance is that you can get coverage without leaving your home. All you need is a post office box and a bank account. Another advantage to postal life insurance is that it has lower premiums than traditional life insurance policies. 

Different Types Of Postal Life Insurance

Postal life insurance is a type of life insurance that is issued and administered by the United States Postal Service. The coverage afforded by postal life insurance is somewhat unique in that it can provide death benefits to the beneficiary even if the policyholder is deceased.

Types of postal life insurance policies include annuity policies, endowment policies, and unit-linked plans.

Annuity policies provide a stream of regular payments to the beneficiary until the policy term ends or the beneficiary dies.

Endowment policies provide a lump sum payment to the beneficiary at the time of death.

unit-linked plans are similar to annuity policies in that they provide payments to the beneficiary over a period of time, but the amount of each payment is based on the value of the underlying investments at the time of death.

Benefits Of Postal Life Insurance

This type of insurance is unique in that you can obtain it without having to visit a physical branch or agent. Plus, postal life insurance can be purchased as a direct-written policy or an annuity.

The main benefits of postal life insurance include:

• Ease Of Purchase: You can purchase postal life insurance without having to visit a physical branch or agent.
• Low Cost: Postal life insurance costs less than traditional life insurance policies.
• No Need For Medical Information: Unlike traditional life insurance policies, you do not need to provide medical information when purchasing postal life insurance.
• Wide Variety Of Coverage Options: Postal life insurance can be purchased in direct-written form or an annuity, which gives you more options for coverage and terms.
• No Claims Requirements: Unlike traditional life insurance policies, there are no claims requirements with postal life insurance. 

Conclusion

Are you thinking about getting postal life insurance? If so, you're not alone. According to the National Life Insurance Company, approximately 60% of Indian adults have some form of life insurance, and almost half of all Indians are covered by a term policy that doesn't require a medical exam or health history questionnaire.

Also Read: 

Checklist For Buying Unit-Linked Insurance Plans (ULIPs)

What Kind Of Documents Are Required To Purchase A Pension Plan In India?