Life insurance coverage is a must for everyone irrespective of their profession. In certain cases, insurers refrain from providing coverage to some individuals due to the risky nature of their jobs. People whose profession involves a higher than normal level of risk associated with injuries or death may have a difficult time finding a good life insurance plan. This applies to police personnel and members of the Armed Forces as well. While it is difficult for them to get coverage under a regular life insurance coverage, they may subscribe to plans specifically designed for them. Let’s explore the life insurance coverage options available for Armed Forces and their family members.
This is an in-house insurance fund created by the Armed Forces for their own members. A similar insurance fund is also available for the navy and the air force. This insurance fund was created without any tie-up with the Life Insurance Corporation of India (LIC) or any other insurance service providers in the country. The premium for this coverage is deducted directly from the salary of cadres. The coverage amount available for an individual may vary based on his/her rank in the army, and the premium is likely to vary accordingly.
As of now, officers in the Indian Army are eligible for life insurance coverage up to Rs.40 lakh. Jawans, on the other hand, are eligible for a life cover of Rs.20 lakh. To avail this coverage from the Army, Jawans have to pay a premium of Rs.2,000 per year. Officers must pay a premium of Rs.4,000 per year. This cover provides relief to the families of army personnel in case of unexpected death during a war or battle. The insured person may also receive adequate compensation under this cover even during the time of superannuation.
Most of the regular life insurance policies exclude military personnel and police due to the high risk nature of the jobs. However, some of the top private insurers in the market have come up with products designed specifically for members of the Armed Forces. The following list provides a short description about the life insurance covers available in the market for Armed Forces:
Members of the Armed Forces play a major role in protecting the welfare of the country. While most of the common insurance plans will not provide coverage for them, the options listed above help them access the best life insurance coverage available for their requirements. When it comes to life insurance for military families, members who are not part of the active service will not have any issues in getting regular life insurance covers available in the market. For military personnel and ex-servicemen, these plans provide adequate coverage to meet the financial requirements.