Government as well as semi-government employees can opt for postal life insurance (PLI).
There are several options to choose from.
Whole Life Assurance (Suraksha): This policy offers life-long coverage and a lump sum amount upon surrender or maturity. This provides a sum assured with an accrued bonus either when the insured dies or reaches the age of 80. The minimum sum assured is Rs 20,000 and the maximum is Rs 50 lakh.
Endowment Assurance (Santosh): This policy comes with dual benefits of insurance and savings; along with maturity benefits (on a pre-determined age of maturity) and accrued bonuses. Here too the minimum sum assured is Rs 20,000 while the maximum sum assured is Rs 50 lakh. At the time of inception, the policyholder can opt for the policy to mature at 35,40,45, 50,55, 58, or 60 years.
Convertible Whole Life Assurance (Suvidha): This policy allows the insured to convert their whole life policy to an endowment policy post five years of policy purchase. This can be converted into an endowment assurance after five years, not later than six years of taking a policy. If not converted, the policy will be treated as a Whole Life Assurance.
Anticipated Endowment Assurance (Sumangal): This money-back policy comes with survival benefits and periodic returns. The survival benefits of the insurer periodically. In case of the unexpected death of the insured, the full sum assured with accrued bonus is paid.
Joint Life Insurance (Yugal Suraksha): This policy is specifically for married couples covering both partners under one single plan, provided one of them is eligible for such a plan.
