Get Postal Life Insurance for Handicapped People Online

Considered among India's oldest life insurance policies, postal life insurance offers flexible insurance options to physically handicapped people at affordable prices. Moreover, the hassle-free process has made it desirable over the years since its initiation in 1884. The plan is enjoyed by the central government or state government employees, government universities, Public Sector Undertaking (PSUs) or any government-based organisation. Read on to know about the features, eligibility criteria and plan options provided under the postal life insurance policy.

Features of a Postal Life Insurance Policy

Here are some notable features of a postal life insurance policy.

• Age Range - The minimum age required to purchase a postal life insurance policy is 19 years, while the maximum age is 55 years.
• Sum Assured Range - The minimum sum assured is Rs. 20,000, whereas the maximum sum assured is Rs. 50 Lakhs. 
• Premium Payment Criteria - Factors like the age of the life assured, the sum assured and the nature of handicap helps determine the premium payment of different policies.
• Surrender Option - The life assured is provided with a provision to surrender their policy after the completion of a specific duration.
• Loan Facility - The provision of loans is provided after a certain period.

Eligibility Criteria for a Postal Life Insurance Policy

The applicant has to undergo a medical examination before applying for the policy plan. Therefore, physically handicapped people who avail ‘Scheme for Physically Handicapped’ have to undergo a medical test conducted by the governmental medical authority. The test helps determine the exact nature of the handicap and consequently decide the best policy for life assured.  

The test consists of information like the reason behind the handicap (hereditary or non-hereditary), the extent of the handicap ( a deformity, crippled limbs or loss of limbs etc.) and the effect the handicap has on the applicant's life and the life risk evaluation report. However, the application can be rejected if the reports show that the handicap has no direct negative impact on the applicant’s life. Another situation where the application can be rejected is when the applicant’s handicap causes a high life risk.

The handicaps eligible for the 'Scheme for Physically Handicapped' include loss of limbs, paralysis, dumbness, deafness, blindness, hunchbacks, midgets, non-neurological origin-based deformity, deformity due to polio and orthopaedic handicap.

Types of Postal Life Insurance Policies

Here are some kinds of plan options that are offered under a postal life insurance policy.

1. Whole Life Insurance Policy (Suraksha)

The nominee is provided with death benefits along with an accumulated bonus if the life assured dies within the policy duration. The loan facility is provided after 4 years, while the surrender option is given after 3 years from the policy inception.

2. Convertible Whole Life Insurance Policy (Suvidha)

With a minimum duration of 5 years, the convertible whole life insurance policy helps new taxpayers save money and handle their tax liabilities. The policy also provides a provision of converting the plan into an endowment assurance policy after 5 years from the policy inception. In addition, the loan facility is provided after 4 years, while the surrender option is given after 3 years from the policy inception.

3. Endowment Assurance Policy (Santosh)

Maturity benefits with accrued bonus are offered to the life assured after the completion of the policy term. However, if the life assured dies before the policy completion, death benefits and bonus are given to the beneficiary. Here the loan facility and the surrender option are provided after the 3 years since the policy inception. 

3. Anticipated Endowment Assurance Policy (Sumangal)  

It is a money back policy, ideal for individuals who want regular returns from their policy. Regular maturity benefits are offered to the life assured; however, if he/she dies before the policy ends, the nominee is offered full benefits with the accumulated bonus. The policy duration ranges between 15-20 years. 

4. Joint Life Endowment Assurance Policy (Yugal Suraksha)

The policy offers coverage to both spouses even if one of them is eligible for the plan. The policy duration ranges between 5-20 years. Moreover, the loan facility and the surrender option are provided after the 3 years since the policy inception. 

Endnotes

Postal life insurance policies are excellent for the physically handicapped because of the flexible terms and reasonable rates. You can choose the most suitable plan after comparing all the options mentioned above, according to your needs and requirements. You can even consult an insurance agent or a financial advisor to help make a more sound financial decision.

Also read - Why You Shouldn't Cancel Your Life Insurance Policy?

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.