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  • Postal Life Insurance For Handicapped Persons

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Postal Life Insurance (PLI) scheme offered by the central government is one of the simplest, most affordable and most flexible insurance products available. The plan is available only for government and semi-government employees and can be purchased from any post office nearby. Premiums can be paid by cash, cheque, or auto-debit of the individual’s salary.

    Physically challenged individuals can also avail any of the postal life insurance plans after undergoing a medical examination. The medical examination will reveal the extent of the handicap and determine the mortality of the individual. This will help ascertain the premium amount payable by the policyholder.

    Types of postal life insurance policies offered for physically challenged individuals

    The life insurance plans offered to the physically challenged individuals are the same as the general plans and are as below:

    1. Whole Life Assurance (Suraksha)

    This plan offers the sum assured plus accrued bonuses if the life assured passes away. In case he/she survives up to the maturity age, he/she will receive the maturity benefit. The loan option will be available after completion of 4 policy years.

    1. Endowment Assurance (Santosh)

    The plan offers a maturity benefit equal to the sum assured plus accumulated bonuses on reaching the day of maturity. Upon the death of the individual, the nominee/legal heir will be provided with the death benefit. The loan facility will be made available after completion of 3 policy years.

    1. Anticipated Endowment Assurance (Sumangal)

    This plan offers a percentage of the sum assured as payouts at regular intervals. It is a money back policy that provides partial benefits throughout the term and settles the rest of the amount on reaching maturity. In case the life assured passes away during the policy term, the death benefit is payable to the nominee or legal heir.

    1. Convertible Whole Life Assurance (Suvidha)

    This plan is basically a Whole Life Assurance plan that can be converted to an Endowment Assurance plan after 5 years of the policy are completed. If the policy is not converted post 6 policy years, the plan will remain a Whole Life Assurance policy. Loans can be borrowed after 5 years of the policy are completed.

    1. Joint Life Assurance (Yugal Suraksha)

    This plan permits an individual who is eligible to purchase this plan to extend coverage to his/her spouse under a single policy. The sum assured of the policy will cover both the individuals. A minimum of 5 years is required to be completed to avail loans.

    Medical examination details of physically challenged individuals who wish to purchase PLI

    A special medical examination is conducted for physically handicapped people who wish to purchase a Postal Life Insurance product under ‘’Scheme for Physically Handicapped”. The reports will particularly contain the following details:

    • The extent of the physical handicap
    • Whether the cause of the handicap is congenital or post-congenital
    • The effect of the handicap in future and the risk involved

    The application may be rejected if the proposer of the policy is considered a high-risk individual.

    Individuals who suffer from the below-mentioned conditions may apply for a Postal Life Insurance plan:

    • Orthopaedic handicap
    • Loss of limbs
    • Hunchbacks
    • Midgets
    • Paralysis/weakness/deformity caused by Polio
    • Dumbness
    • Deafness
    • Blindness
    • Any deformity caused by a non-neurological factor

    Death benefit payable to the physically challenged individual’s nominee

    If the life assured expires before completion of the policy term, a death benefit will be payable to the nominee of the policy and the death benefit amount payable will be determined as mentioned below:

    • If the life assured expires within one year from the date of inception of the policy, 35% of the sum assured along with accumulated bonuses will be payable to the nominee/legal heir.
    • If the life assured expires within two years from the date of inception of the policy but after completion of one year, 60% of the sum assured along with accumulated bonuses will be payable to the nominee/legal heir.
    • If the life assured expires within three years from the date of inception of the policy but after completion of two years, 90% of the sum assured along with accumulated bonuses will be payable to the nominee/legal heir.
    • If the life assured expires after completion of three policy years, the complete sum assured plus accumulated bonuses will be payable to the nominee/legal heir.

    Key Features of Postal Life Insurance offered to the physically challenged

    Age at entry Minimum: 19 years Maximum: 55 years; 40 years in case of Anticipated Endowment Assurance
    Sum Assured Minimum: Rs.20,000 Maximum: Rs.20 lakh; Rs.5 lakh in case of Anticipated Endowment Assurance
    Premium The premium payable depends on the sum assured chosen, age at entry, the extent of handicap and other such factors.
    Surrender The policy can be surrendered after a specific time period as mentioned in the policy.
    Loan Loans from the policy can be availed after a specific time period as mentioned in the policy.

    The Postal Life Insurance scheme is highly beneficial as it is backed by the government, provides guaranteed benefits and offers high rates of bonus.

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