Post Office Life Insurance Scheme: Life insurance is essential for every individual, as it provides financial security for the family in the future. If you’re looking for a reliable and effective life insurance plan, the Post Office’s Postal Life Insurance Scheme could be a great option. This scheme offers life cover of up to Rs 50 lakh, along with several additional benefits.
What is Postal Life Insurance?
Postal Life Insurance is an old and reliable insurance scheme of the Indian Postal Department. Under this scheme, called Whole Life Assurance-Suraksha, you get insurance cover of up to Rs 50 lakh. This scheme is available to citizens between the ages of 19 and 55. The sum assured and bonus benefits of up to Rs 20,000 are added to the sum assured.
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Key Benefits of This Scheme
The biggest advantage of Postal Life Insurance is that it offers a loan facility along with insurance cover. After running the policy for 4 consecutive years, you can take out a loan against it. Investing in this scheme also provides tax exemption under Section 80C of the Income Tax Act. Premium payment options are also flexible, allowing you to pay monthly, quarterly, half-yearly, or annually.
Another major advantage of the scheme is that it is transferable to any part of the country. If you frequently relocate due to job or city changes, this policy is ideal for you. Previously, this scheme was only available to government and semi-government employees, but after 2017, it was opened to every citizen.
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Other Post Office Insurance Schemes
Postal Life Insurance offers several other schemes, including Whole Life Assurance-Suraksha, Convertible Whole Life Assurance, Endowment Assurance, Joint Life Insurance, Anticipated Endowment Assurance, and Child Life Insurance. All these schemes are designed to suit different needs.