Postal Life Insurance for Handicapped Persons

Life is a journey filled with unexpected twists and turns, and sometimes, we find ourselves facing challenges that seem insurmountable. But let us assure you that in the face of adversity, there is always strength. Postal life Insurance for handicapped people recognises the unique challenges associated with being differently abled. It extends a supportive hand to help navigate the path toward financial security. Given the unpredictable nature of life, it's only natural to worry about what the future holds. But with Postal Life Insurance by your side, you can find solace in the knowledge that you are protected. It is like a safety net that not only covers unforeseen circumstances but also offers peace of mind, knowing that you have a reliable partner supporting you every step of the way.

Let’s Begin By Understanding Postal Life Insurance

Postal life insurance (PLI) is currently handled by the Department of Posts under the Government of India. PLI provides a range of life insurance that are not only convenient but also highly cost-effective. Postal life insurance scheme is specifically designed for central and state government employees, public sector undertakings, educational institutions aided by the government, nationalised banks, and others. Under Postal life insurance, you can also enjoy good returns on your investment at affordable premiums. The schemes under PLI are highly suitable for individuals who are physically differently abled. You have the option to select from a range of policies, which are discussed below.

Various Postal Life Insurance Plans For Differently Abled

There are various postal life insurance plans that are available for individuals with physical disabilities. Let’s understand some of the plans below:

Whole Life Assurance (Suraksha)

This plan will offer you the sum assured amount along with a bonus amount as your final payout. If you live through the policy term and reach the age of 80, this entire amount will be paid to you. However, if you do not survive the term, the amount will be paid to your legal representative or assignee Some of the features of the plan are as follows:

• You must be between 19 and 55 years old to buy the policy.
• The minimum sum assured is Rs. 20,000.
• The maximum sum assured is Rs. 50 lakhs.
• You can avail of a loan facility after 4 years.
• If you decide to surrender the policy, you can do so after 3 years. However, please note that you will not be eligible for the bonus if you surrender the policy before 5 years.
• The last declared bonus is Rs. 76 per Rs. 1000 sum assured per year.

Convertible Whole Life Assurance (Suvidha)

It is a Whole Life Assurance Policy that offers the added benefit of being converted to an Endowment Assurance Policy. This conversion option is available to you after 5 years of purchasing the policy, but no later than 6 years. If you choose not to convert, your policy will continue as a Whole Life Assurance. Some of the features of the plan are as follows:

• You must be between 19 and 55 years old to be eligible for this policy.
• The minimum sum assured is Rs. 20,000.
• The maximum sum assured is Rs. 50 lakhs.
• If you survive the policy term, you will receive the sum assured plus any bonus.
• In the unfortunate event that you do not survive the policy term, the death benefit will be paid to your assignee, nominee, or legal heir.
• Upon conversion, the bonus for the Endowment Assurance policy will become payable.
• After 4 years, you can avail of a loan facility.
• You can choose to surrender the policy after 3 years. Please note that if you surrender the policy before 5 years, you will not be eligible for the bonus.
• The last declared bonus is Rs. 76 per Rs. 1000 sum assured per year.

Endowment Assurance (Santosh)

In this plan, you have the opportunity to receive the payout up to the sum assured, along with the accrued bonus, until you reach the predetermined age of maturity. These ages include 35, 40, 45, 50, 55, 58, and 60 years. Some of the features of the plan are as follows: You must be between the ages of 19 and 55 to be eligible for this policy.

• The minimum sum assured is Rs. 20,000.
• The maximum sum assured is Rs. 50 lakhs.
• If you survive the policy term, you will receive the sum assured plus any applicable bonus.
• In the event of your death during the policy period, the assigned person, nominee, or legal heir will receive the death benefit.
• After 3 years, you can avail of a loan facility.
• You can choose to surrender the policy after 3 years. However, please note that you will not be eligible for the bonus if it is surrendered before 5 years.
• The last declared bonus amounts to Rs. 52 for every Rs. 1000 of the sum assured per year.

Joint Life Assurance (Yugal Suraksha)

The primary objective of the Joint Life Assurance plan is to extend insurance coverage to both spouses, with the condition that at least one of them must meet the eligibility criteria to purchase a Postal Life Insurance policy. Some of the features of the plan are as follows:

• You and your spouse must be between the ages of 21 and 45 to be eligible for this policy.
• The minimum sum assured for this policy is Rs. 20,000.
• The maximum sum assured for this policy is Rs. 50 lakhs.
• With this policy, both spouses will receive life coverage up to the sum assured amount, along with any accrued bonus.
• In the unfortunate event of either spouse's death, the death benefit will be paid to the surviving spouse.
• After 3 years, you can avail of a loan facility with this policy.
• You can surrender the policy after 3 years. If you surrender the policy before 5 years, you will not be eligible for the bonus.
• The last declared bonus is Rs. 52 per Rs. 1000 sum assured per year.

Anticipated Endowment Assurance (Sumangal)

This is a money-back policy where you can receive regular returns, also known as the ‘survival benefit’. However, it's important to note that if you were to pass away during the policy term, the survival benefit would cease. Instead, your assignee, nominee, or legal heir would be entitled to receive the full sum assured amount along with any accrued bonus. Some of the features of the plan are as follows:

• You can choose between a 15-year or a 20-year policy term.

• To be eligible, you should be between 19 and 40 years old for a 20-year policy term or between 19 and 45 years old for a 15-year policy term.

• The maximum sum assured for our policy is Rs. 50 lakhs.

• Conditions for survival benefit: •If you choose the 15-year term, you will receive 20% of the sum assured after completing 6 years, 9 years, and 12 years. The remaining 40% will be paid at the end of the policy term, along with the accumulated bonus.
  •If you opt for the 20-year term, you will receive 20% of the sum assured after completing 8 years, 12 years, and 16 years. The remaining 40% will be paid at the end of the policy term, along with the accumulated bonus.

  
  

• Unfortunately, there is no loan facility available for this policy.

• Surrendering the policy is also not an option available here.

• The last declared bonus stands at Rs. 48 for every Rs. 1000 of the sum assured per year.

Wrapping Up!

With a steadfast commitment to inclusivity, postal life insurance empowers individuals with disabilities to embrace their potential and secure their future. Postal Life Insurance offers a lifeline to those who have faced adversity head-on. Together, we can rewrite the narrative, ensuring that every differently abled person is not only protected but also empowered to live a life full of promise and resilience.