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Army Postal Life Insurance: The Detailed Guide

02-08-2022 |

Purchasing life insurance plans in India is a priority for individuals to safeguard their families in the event of their unexpected demise. And for an individual in the defence sector, it is an ultimate necessity.


The service of the armed forces to the nation is highly respectable. Therefore, to ensure a secure future for their family and provide the required financial benefits on timely basis, the Army Postal Service (APS) took over the responsibilities of Postal Life Insurance (PLI) for the Armed Forces Personnel in June 1975.


Here are the details about the army postal life insurance for your understanding.


What is the Army Postal Life Insurance?

Army postal life insurance is a life insurance plan exclusively designed for securing the families of armed forces personnel. It is provided to servicemen at an affordable premium rate. Considering the high risk of uncertainty in their life, purchasing the army postal life insurance is extremely important.



Eligibility Criteria For The Army Postal Life Insurance

Defence personnel belonging to different ranks are eligible for the army postal life insurance plans. Here is a list of some of the personnel who can avail the benefits:

  1. Short Service Commissioned Officers
  2. Border Roads Organisation Personnel
  3. BSF
  4. ITBP
  5. CISF
  6. Assam Rifles
  7. Non-combatants of the Indian Army, Navy and Air Force


Types of Army Postal Life Insurance


There are different types of postal life insurance schemes available for the benefit of the armed forces personnel. Here is a brief about them.

  • Suraksha Whole Life Insurance - It is a PLI that provides the sum assured with the accumulated bonus1 to the policyholder when he/she is 80 years old or to the nominee in case of their unexpected demise at any time during the policy tenure.


Eligibility criteria

 

Minimum entry age

19 years

Maximum entry age

55 years



Sum Assured

Minimum

₹20,000

Maximum

₹50,00,000



Other information

Loan option

After 3 years

Surrender option

After 3 years. Bonus1 is not applicable if surrendered before 5 years

Policy conversion

 Applicable for conversion after 1 year to an Endowment Assurance Plan for up to 57 years for the policyholder.

 

 

  • Suvidha Convertible Whole Life Assurance – This plan has an option to convert to an Endowment Assurance Plan after 5 years
    .

Eligibility criteria

Minimum entry age

19 years

Maximum entry age

50 years



Sum Assured

Minimum

₹20,000

Maximum

₹50,00,000



Other information

Loan option

After 4 years

Surrender option

After 3 years. However, the surrender amount is paid after 4 years, and the bonus1 is not applicable if surrendered before 5 years.

Policy conversion

 Applicable for conversion to an Endowment Assurance Plan after 5 years of policy inception.

 

  • Santhosh Endowment Assurance - The sum assured and bonus1 will be paid as a maturity benefit or to the nominee in case of the policyholder's unforeseen demise.


Eligibility criteria

Minimum entry age

19 years

Maximum entry age

50 years



Sum Assured

Minimum

₹20,000

Maximum

₹50,00,000



Other information

Loan option

After 3 years

Surrender option

After 3 years. However, bonus1 is not applicable if surrendered before 5 years.

 

  • Sumangal Anticipated Endowment Assurance – This plan comes with a money-back feature that provides a return periodically to the surviving policyholder and pays the entire sum assured with bonus1 to the beneficiary.


Eligibility criteria

Minimum entry age

19 years

Maximum entry age

40 years for 20 years of policy tenure

45 years for 15 years of policy tenure



Sum Assured

Maximum

₹50,00,000



Other information

Money back survival benefit

  • For 15 years of policy tenure, 20% of the sum assured is paid at the end of 6, 9 and 12 years. The remaining 40% and the bonus1 are paid at maturity.
  •  For 20 years of policy tenure, 20% of the sum assured is paid at the end of 8, 12 and 16 years. The remaining 40% and the bonus1 are paid at maturity.

 

  • Yugal Suraksha Joint Life Assurance - It is an army PLI policy that allows the inclusion of spouses under a joint life cover.


Eligibility criteria

Minimum entry age for spouse

21 years

Maximum entry age for spouse

45 years

Maximum entry age for policyholder

45 years



Policy Tenure

Minimum

5 years

Maximum

20 years



Other information

Loan option

After 3 years

Surrender option

After 3 years

 

  • Children policy - It is a life insurance plan provided to the children of the armed forces personnel. The minimum sum assured is ₹20,000 and the maximum is ₹1 lakh. The sum assured and the accumulated bonus1 are provided at maturity or after the child's unexpected death, whichever is earlier.


Features of Army Postal Life Insurance

 

The PLI features are given below:

  • Army postal life insurance loan - The PLI scheme acts as a collateral. Therefore, a policyholder can obtain a loan against the purchased army postal life insurance.
  • Postal life insurance renewal - The policyholders can revive a lapsed life insurance plan based on the following conditions:
    • The army postal life insurance was active for less than 3 years and lapsed due to non-payment of premium for 6 consecutive times.
    • The army postal life insurance was active for more than 3 years and lapsed due to non-payment of premium for 12 consecutive times.
  • Change of nomination - The policyholder for the army PLI policy can nominate a person during policy inception and change it as and when required.
  •  Policy conversion - There are different types of army postal life insurance plans. The policyholder can switch between the plans, from whole life insurance to an endowment assurance plan.
  • Receiving a policy duplicate - If the policyholder has misplaced, lost or damaged the original documents, they can receive a duplicate copy at any time.


Benefits of Army Postal Life Insurance

The Army PLI benefits make life insurance a valuable investment. Here is a list of the assured benefits:

  • Tax* benefit
  • Affordable premium
  • Online status tracking available
  • Flexible premium payments
  • Quick and convenient claim procedure
  • Army PLI online compatibility

With the increasing technological developments, the army postal life insurance online is a beneficial feature that allows you to apply and track the application status conveniently and cost-effectively. You can visit the official website for any further references.

Life insurance policy plans are flexible and valuable financial instruments that can safeguard your family in the event of your unexpected demise. Purchasing it at the right time with the necessary sum assured for a longer policy tenure will yield the required financial benefits. At Tata AIA Life Insurance Company Ltd., we provide a range of life insurance plans. We also provide comprehensive life insurance plans that combine life cover with savings and investment benefits online.


Conclusion


Life insurance is an important financiasavings that helps people secure their family's financial future in their absence. The armed forces have increased responsibility for securing their family. The army postal life insurance is an exclusive life insurance benefit with convenient features. Purchasing it early in life can prove extra beneficial in the long term. 

L&C/Advt/2022/Jul/1710

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA), Tata AIA Life Insurance is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Frequently Asked Questions

Why should a person in the Armed Forces purchase a life insurance plan?

Life insurance policy is an important investment for everyone to safeguard their family’s financial future in case of an untimely demise of the policy holder.

What are the online benefits of an Army Postal Life Insurance Plan?

The army postal life insurance plan is accessible online. You can view your personal and life insurance details through your online account. There is also the possibility of contacting the relevant officials through email and the official website.

Disclaimers

 

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  • 1These bonuses are not guaranteed in nature. The Company may declare Cash Bonus rate annually in advance. The Cash Bonuses if declared, will be applicable provided all due premiums have been paid.

Need more information?

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

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