Postal life insurance for government employees

If you are a government employee, it would not be wrong to say that as a significant perk, you can go for Postal Life Insurance i.e. PLI. When it comes to PLI, it covers many departments of the State as well as Central governments, public sector undertakings, financial institutions, nationalised banks and so on. Thus, being a government employee, you can avail this insurance at much lower rates as compared to those of private insurance companies.

What is a Postal Life Insurance(PLI)?

When it comes to Postal Life Insurance PLI, it was initiated in 1884, and is presently handled by the Department of Posts that comes under Government of India. It was initially started as a way of ensuring the welfare of the government employees which has now grown by leaps and bounds.

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What are the various policies offered by PLI?

In postal life insurance, you have seven plain vanilla insurance plans that include:

Whole Life Assurance (SURAKSHA)

According to this plan, the amount of the #insurance along with its bonus is to be paid to the nominee or legal heir, followed by the death of the insured person.

Joint Life Assurance (YUGAL SURAKSHA)

When it comes to this insurance policy, it insures both the spouses under this single cover. Moreover, it will also extended to the family member, and if either of the spouse is a government employee, this particular policy can easily be availed. Not only this, another perk of this policy is the fact that it requires the payment of only just a single premium for both.

Endowment Assurance (SANTOSH)

According to this endowment policy, the sum assured along with the bonus is liable for the payment at the pre-determined age of the maturity. However, after the unfortunate demise of the policy holder, the nominee will get the sum assured.

Convertible Whole Life Assurance (SUVIDHA)

Well, this insurance policy offers you with the provision of being changed into an endowment assurance plan once this policy completes five years.

Anticipated Endowment Assurance (SUMANGAL)

This insurance policy provides you with the periodical returns and is basically a money-back policy. In fact, the maximum sum-assured you will get in this policy is Rs. 5 lakh.

Children Policy

It is an extented policy for the children of the government employees. Moreover, it can be taken on either the sum assured of the policy holder or Rs. 1 lakh, well whichever is lower.

Insurance for the Disabled

Postal Life Insurance also extends insurance to the disabled persons upon a medical examination that helps deciding on the premium to be paid.

What are the Benefits of Availing Postal Life Insurance?

However, as these types of insurance policies are yet to gain the prominence, even though it offers plethora of benefits which make them attractive. Some benefits are listed below

• Postal Life Insurance investments are liable for the tax benefits just like other life insurance policies.

• They provide you with the coverage with immediate effect.

• They give you the ease of transfer from anywhere across India.

• The conversions are quite easy from a whole life insurance to an endowment assurance.

• Loans can easily be availed on endowment assurance policy with the effective completion of three years of the plan.

• The delay in a month's premium will lead towards the fine of Re1 upon every Rs.100 of the sum assured.

Do Child insurance plans are worthy?

Child Insurance Solutions are insurance plans that take care of your Protection and Savings needs for securing the future of your children. As a parent, one of your most important goals would be to make sure that your children have a bright future and lead their lives comfortably. These solutions can help you achieve that by saving for your children’s higher education at a prestigious university.

Why Child Insurance is important?

1: The time and resources to grieve.

There is likely nothing more devastating than the loss of a child. In such an unfortunate and untimely event, day-to-day responsibilities might be overwhelming - the demands of your job, paying the bills, and having to care for other children in the household. The reality is you might not have enough paid sick or vacation time from work to take care of yourself, your spouse or your other children during this difficult time. If the unthinkable were to happen, would you have done enough financial planning to have the resources to go 

back to work on your terms?

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2: Cash Value and living benefits.

The cash value earned from a permanent life policy (such as whole life, universal and variable life) can be withdrawn or borrowed against, providing living benefits that can used by your child as he or she gets older for many things such as:

· College tuition and expenses

· Financing a vehicle

· Paying for a wedding

· Collateral for loans

3: They'll always be insured.

There are a number of factors that can affect your child's future insurability. High blood pressure, diabetes, obesity and cancer are just a few of the many health complications that might prevent your child from being insured down the road. One of the primary benefits of purchasing a life insurance policy when they are young is that they will always be covered regardless of their future health as long as premiums are being paid.

4: Guaranteed insurability:

Some life insurance policies for children come with an optional guaranteed insurability rider/endorsement that may available for a nominal cost. As your child grows into an adult, this rider allows you to buy additional life insurance above the face value of the current policy (on specific dates and in certain increments) regardless of his/her health status at the time. Usually, the older the child gets, the fewer dates the policy owner has to purchase more life insurance and in some instances, after a certain age, the rider may not be exercised.

5: A locked-in rate.

Life insurance premiums for minors can be very affordable. Buying life insurance for your child now could give you an opportunity to lock in that rate for the life of the policy. As long as the required premium is paid, the policy will stay in force.

Policies vary greatly from company to company. A life insurance professional can help you select the right policy type and optional policy riders so your child will get the most out of their policy - even when he or she is grown with a family of their own.

Know the Tips of Investing in Child Insurance Plans.

The rising cost of education is troubling Indian parents. More than 60% of the respondents in an online survey this as their biggest worry. This was followed by lack of knowledge, not saving enough and starting too late.

We hadn't included the biggest worry-the risk of their own untimely death-as a choice. We should have. According to the National Crime Records Bureau statistics, an Indian dies in an accident every 90 seconds.

It's a terrifying thought for a .. 

Child Insurance Solutions are insurance plans that take care of your Protection and Savings needs for securing the future of your children. As a parent, one of your most important goals would be to make sure that your children have a bright future and lead their lives comfortably. These solutions can help you achieve that by saving for your children’s higher education at a prestigious university.

Why Child Insurance is important?

1: The time and resources to grieve.

There is likely nothing more devastating than the loss of a child. In such an unfortunate and untimely event, day-to-day responsibilities might be overwhelming - the demands of your job, paying the bills, and having to care for other children in the household. The reality is you might not have enough paid sick or vacation time from work to take care of yourself, your spouse or your other children during this difficult time. If the unthinkable were to happen, would you have done enough financial planning to have the resources to go back to work on your terms?

Are you finding difficulty in getting insurance for your child? Protect their future Seek advice of a financial planner who will make ease for you .Just leave a missed call @022 62116588 and have a personalised financial planner for FREE. MoneyMindz provides Free Financial Advisory, Financial Investment Services, Financial Planning, Certified Financial Planner Assistance, Retirement Planning Advisory, Free Financial Advisors, Online Personal Finance, On-call Investment Management, Best Financial Planner, CFP India, Personal Financial Planning.

You make like : What is a Health Insurance Policy and How Does it Work?

2: Cash Value and living benefits.

The cash value earned from a permanent* life policy (such as whole life, universal and variable life) can be withdrawn or borrowed against, providing living benefits that can used by your child as he or she gets older for many things such as:

• College tuition and expenses

• Financing a vehicle

• Paying for a wedding

• Collateral for loans

3: They'll always be insured.

There are a number of factors that can affect your child's future insurability. High blood pressure, diabetes, obesity and cancer are just a few of the many health complications that might prevent your child from being insured down the road. One of the primary benefits of purchasing a life insurance policy when they are young is that they will always be covered regardless of their future health as long as premiums are being paid.

4: Guaranteed insurability:

Some life insurance policies for children come with an optional guaranteed insurability rider/endorsement that may available for a nominal cost. As your child grows into an adult, this rider allows you to buy additional life insurance above the face value of the current policy (on specific dates and in certain increments) regardless of his/her health status at the time. Usually, the older the child gets, the fewer dates the policy owner has to purchase more life insurance and in some instances, after a certain age, the rider may not be exercised.

5: A locked-in rate.

Life insurance premiums for minors can be very affordable. Buying life insurance for your child now could give you an opportunity to lock in that rate for the life of the policy. As long as the required premium is paid, the policy will stay in force.

Policies vary greatly from company to company. A life insurance professional can help you select the right policy type and optional policy riders so your child will get the most out of their policy - even when he or she is grown with a family of their own.