Postal insurance schemes: To Help People in Medical Emergencies
What are postal insurance schemes?
Postal insurance schemes a life insurance scheme or a contract issued by the Government of India to pay a certain amount of money on the death of an individual to his nominee or himself/herself, if he or she survives till the maturity period. The Postal insurance schemes are available since 01.02.1884.
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Who can avail this PM insurance schemes?
The difference between postal life insurance and other insurances is that postal life insurance is only for government employees and also semi-government employees, while usual insurances are for every individual. One can avail policies for two children.
Here is the list to eligible employees who can avail this policy:
Though we only government employees and also semi-government employees are eligible for this postal insurance schemes. Here is the list of employees who can avail this facility.
- Both state and central government
- Nationalized Banks
- Defense, Para-Military force Services
- Extra Departmental Agents in Department of Posts
- Government-aided Educational Institutions
- Reserve Bank of India
- Employees of all Scheduled Commercial Banks
- Public Sector Undertakings
- Nationalized Banks
- Financial Institutions
- Employees who are engaged or appointed on a Contract basis by the central or the state Government.
The policyholder is provided a premium receipt book to deposit the premium. One can deposit the amount to any departmental post office. The premium also can be paid through a bank cheque. The policyholder can recover the premium through salary You can deposit your premium monthly, half-yearly, yearly, but in this case, you can’t recover it through salary.
These insurances don’t pay for suicide or attempt to suicide, intentional self-injury, Excessive amount of intoxication liquor or drugs intake etc. For more details please refer to the policy master.
Benefits of Postal Life Insurance:
The postal insurance schemes come with a hand full of benefits and discount offers. These facilities are listed below:
- Passbook facility is provided to track the payment details.
- On paying an advance premium for a period of 12 months, one can gain a discount worth 2% of the value.
- The payable premium amount is lower than the assured coverage.
- The nomination is accessible.
- This scheme has a centralized book-keeping capacity. Thus, claims process is quick and smooth other than in other insurance policies.
- The policy can be shifted to any Circle in India and most fascinating thing is that they don’t charge extra money for transferring the policy.
- The policyholder does not have to pay income tax. As it is a rule under Section 88 of the Income Tax Act.
- On paying an advance premium for a period of 6 months, one can gain a discount worth 1% of the value.
- In addition to those facilities mentioned above, there are other advantages that are provided by this [policy. Such as loan, paid-up value option, conversions, assignment and so many more.
Keep yourself updated with these postal insurance schemes to avail maximum profit.
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