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Postal insurance is one of the nation’s oldest insurance products, having been established in 1884. Many people place a high premium on giving their loved ones financial security, and life insurance is a useful instrument for making sure they do. The Indian government’s Department of Posts is currently in charge of the program. The insurance product, which is well-known for being affordable, provides higher returns at lower prices. Let’s learn more about the many sorts of the scheme.
Personal injury insurance at a reasonable rate was recently introduced by India Post Payments Bank (IPPB). Before you invest, learn everything there is to know about the new accident policy, including coverage, premiums, and crucial facts.
Features
- The maximum amount guaranteed by the Indian postal life insurance is ₹50 Lakh.
- The Income Tax* Act’s Section 88 provides for certain tax exemptions.
- A premium discount of 1% of the value is available if you pay for your premium in advance for a period of six months.
- You can receive a 2% value-added premium discount if you pay a 12-month advance premium.
- The policyholder may designate a beneficiary under the arrangement. In some cases, he or she may also alter the beneficiary’s name.
- Loans are another option available to you through postal life insurance plans.
- If, for any reason, your policy lapses, you may, under certain circumstances, renew it.
- You can also convert postal life insurance policy from whole life assurance to endowment assurance or vice versa.
Postal Insurance policies Avail upto 15 lakh for just Rs-755
This initiative offers a comprehensive safety net for individuals aged 18 to 65, with the policy available at an affordable premium of Rs 755 for a one-year term. In the unfortunate event of an accident resulting in death or disability, the policy ensures a substantial payout of Rs 15 lakh to the nominee.
A healthy Postal Insurance policy for Rs. 15 lakh has a sum insured of Rs. 15 lakh, meaning that it will pay for medical expenses up to that amount. A Rs. 15 Lakh Postal Insurance health insurance policy shields you and your loved ones from having to pay for medical expenses if you get sick, have an accident, or experience other unforeseen circumstances. You can deal with such an unforeseen circumstance and the associated costs of treatment without having to worry about them if you have health insurance and know how much is covered.
conclusion
This money-back policy(Postal Insurance), which offers a maximum insured sum of ₹ 15 lacs, is ideal for people who require frequent returns. A periodic payment of survival benefits is made to the policyholder. In the event of the insured’s untimely death, such payments will not be considered.