Army Postal Life Insurance -know all about
Life insurance plans in India are a priority for individuals to safeguard their families in the event of an unforeseen situation, for an individual in the defense sector, it is an eventual necessity. However, insurance coverage is provided for defense personnel but it does serve the purpose of other benefits like timely requirement of money in survival during the service period, tax benefits etc.
The service of the military to the nation is extremely respectable. Therefore, to ensure a secure future for their family and provide financial benefits in a timely to army personnel, the Army Postal Service (APS) took over the responsibilities of Postal Life Insurance (PLI) for the Armed Forces Personnel in June 1975.
#What is the Army Postal Life Insurance (APS-PLI)?
Army postal life insurance is a life insurance plan entirely designed for securing the families of army personnel. It is provided with insurance benefits at an affordable premium rate.
Considering the high risk of uncertainty in their life, purchasing army postal life insurance is extremely important to all personnel. In addition to survival, this also provides other benefits like tax saving, goal base saving etc.
# Eligibility Criteria For The Army Postal Life Insurance (APS-PLI)
All Defence personnel belonging to different ranks are eligible for the army postal life insurance plans. A list of some of the personnel who can avail of the benefits:
- · Short Service Commissioned Officers
- · Border Roads Organisation Personnel
- · BSF
- · ITBP
- · CISF
- · Assam Rifles
- · Non-combatants of the Indian Army, Navy and Air Force
# Postal Life Insurance For Army Personnel – Revised procedure: –
Members of Defence Services who wish to acquire a Postal Life Insurance Policy will be treated similarly to other applicants, following the guidelines outlined in the “Post Office Life Insurance Rules, 2011,” along with any subsequent amendments. However, there are specific exemptions and considerations for Defence personnel as follows:
(a) Defence personnel categorized as “SHAPE-1” for Officers and JCOs/NCOs/OR equivalent are exempt from the requirement of a Medical Examination when submitting their proposal for a Postal Life Insurance Policy. Those not falling under the “SHAPE-1” category will need to undergo a medical examination, following the procedure applicable to other civilian applicants.
(b) Defence civilian applicants will undergo the standard medical examination conducted by designated Medical Officers as specified in the “Post Office Life Insurance Rules, 2011.” The terms and conditions for this medical examination align with those stated in the relevant sections of the aforementioned rules.
(c) Initial premium payment for all proponents, including Defence personnel, must be made in cash or by cheque, as stipulated in the “Post Office Life Insurance Rules, 2011.” However, for subsequent premium payments, the proponent, including Defence personnel, may choose between different payment modes, including Cash (including cheque/online) or deduction through Pay, as authorized by the Department.
# How to and where to buy Army Postal life insurance:-
Any defense personnel who want to purchase an army postal life insurance policy, can purchase the same online at the customer portal of the PLI or approach the nearest post office in their area, in addition, there are some PLI agents in APS through which PLI policy can be procured.
# Feature of Army Postal Life Insurance (APS-PLI)
Laon on Army postal life insurance Policy – A policyholder can obtain a loan against the purchased Army postal life insurance. The loan application can be submitted to any Head Post office all over India. The interest rate on the loan of the policy is 10 % compounded half yearly.
Postal life insurance renewal -Discontinued Army Postal life insurance policy can be renewed with the following conditions:
- · The army postal life insurance was active for less than 3 years and lapsed due to non-payment of premium for 6 consecutive times.
- · The army postal life insurance was active for more than 3 years and lapsed due to non-payment of premium for 12 consecutive times.
- · In case the policy was purchased recently premium discontinuation period should not be more than 5yrsProvided the maturity date is not over.
Change of nomination – The policyholder for the army PLI policy can nominate a person during policy inception and nomination can be changed at any time during the policy in force.
Policy conversion – There are different types of army postal life insurance plans and in the case of CWLA policy, the same can be converted into an endowment or whole life plan. The policyholder can change the maturity period or sum assured of the policy.
Duplicate policy bond – If the policyholder has misplaced, lost or damaged the original documents, they can receive a duplicate copy at any time. The detailed process is can get here.
Change in payment mode:– Army policyholder can change their policy premium payment mode at any time from pay to cash for their connivance or after early retirement. It is advisable to make the payment of your policy through the customer portal or set SI instructions through IPPB mobile banking app to avoid missing any installment in any month.
Wide postal network for service: – Policyholders can submit their policy service request, maturity claim, loan and another request to any Head Post Office (CPC) in India. In case of any issue, the grievance can be registered through the India Post website.
# Benefits of Army Postal Life Insurance (APS-PLI)
The Army PLI benefits make life insurance a valuable investment due to low premiums and high bonus rates. Some benefits are:-
- Tax* benefit u/s -80/C
- Low Premium High Bonus
- Online status tracking available- PLI Customer Portal
- Flexible premium payments Mode- Cash /Pay/Online/Cheques
- Quick and convenient claim procedure- Any CPC in India Irrespective of original documents in other CPC.
- Loan, surrender, Nomination, conversion facility.
# Types of Army Postal Life Insurance (APS-PLI) –
6 types of Postal Life insurance details given below are also available for the defence personnel:-
Whole Life Insurance (Suraksha):
Scheme: Assured amount + accrued bonus is paid to the nominee, assignee, or legal heir, after the insured expires or to the insured person at the age of 80yrs. The best plan with a low premium and the highest bonus in PLI.
Age at entry: Mini.19 years Max: 55 years
Policy Conversion: The policy can be converted to an EA Plan after the completion of a year and before the insured attain the age of 57 years.
Mini. Sum assured: Rs. 20,000
Maxi.Sum Assured: Rs. 50 lakh
Loan Facility: Available after four years of completion
Premium payment /maturity Term:-55yrs,58yrs and 60yrs
Policy Surrender: You have the option to surrender the policy after it has been in force for a period of four years. However, it’s important to note that if you have assigned or taken a loan against the policy within five years before its completion, you won’t be eligible for any bonus. On the other hand, if you do surrender the policy under these circumstances, you may still be eligible for a proportionate bonus based on the reduced sum assured if the policy has been assigned for a loan or surrendered.
Medical Examination: It is mandatory if the sum assured is more than 5 lakh.
Premium Payment: The amount you pay for premiums is determined by various factors, including your age at the time the policy matures and your age when you initially enroll. As a result, the premium amount can vary from one applicant to another.
Mode of premium payment:- Monthly mode only
Endowment Assurance (Santosh):
Policy Benefits: The guaranteed amount, along with any accumulated bonuses, will be disbursed to the policyholder upon reaching the predetermined maturity age. In the unfortunate event of the policyholder’s untimely demise, the insured sum and accrued bonuses will be paid out to the assignee, nominee, or legal heir. This plan offers flexible maturity periods, making it the most sought-after and popular choice within Postal Life Insurance.
Age at entry: Mini: 19 years at entry Maxi: 50 years
Premium payment /maturity Term:- 35yrs, 40yrs,45yrs,50yrs,55yrs,58yrs and 60yrs
Conversion Option: You have the flexibility to convert this policy into any other Endowment Assurance policy, adhering to the guidelines and regulations set forth by Postal Life Insurance (PLI).
Mini. Sum assured: Rs. 20,000
Maxi. Sum Assured: Rs. 50 lakh
Loan Facility: Available after three years of completion
Surrendering the Policy: You have the option to surrender the policy after it has been in effect for a period of three years. However, it’s important to note that if you have assigned or taken a loan against the policy within five years before its completion, you won’t be eligible for any bonus. On the other hand, if you do surrender the policy under these circumstances, you may still be eligible for a proportionate bonus based on the reduced sum assured if the policy has been assigned for a loan or surrendered.
Premium Payment: The amount you pay for premiums is determined by various factors, including your age at the time the policy matures and your age when you initially enroll. As a result, the premium amount can vary from one applicant to another.
Premium payment mode:– Monthly, Quarterly, Half Yearly and Yearly
Convertible Whole Life Insurance (Suvidha):
Policy Benefits: In the unfortunate event of an unexpected demise within the first 5 years of the policy, the insured sum along with any accrued bonuses will be paid out to the assignee, nominee, or legal heir. If the policy reaches the 5-year mark, you have the choice to either convert it to an Endowment plan or, if not converted within the 5 to 6-year timeframe, it will automatically transition to a whole life plan.
This policy offers a fantastic combination: a low premium during the initial period, which is great for the early stages, and the option to convert it to an Endowment plan when your income increases, providing you with an affordable premium.
Age Eligibility: Mini:19 years Maxi: 55 years
Conversion Option: You have the flexibility to convert this policy into an Endowment Assurance plan, but this conversion must take place within five years and before reaching the age of 55. If you choose not to exercise the conversion option, the policy will automatically transition into a Whole Life Insurance plan as the default course.
Mini. Sum assured: Rs. 20,000
Maxi. Sum Assured: Rs. 50 lakhs
Loan Facility: Available after three years of completion
Premium payment /maturity Term:-55yrs,58yrs and 60yrs
Surrendering the Policy: You have the option to surrender the policy after it has been in effect for a period of three years. However, it’s important to note that if you have assigned or taken a loan against the policy within five years before its completion, you won’t be eligible for any bonus. On the other hand, if you do surrender the policy under these circumstances, you may still be eligible for a proportionate bonus based on the reduced sum assured if the policy has been assigned for a loan or surrendered.
Premium Payment: The amount you pay for premiums is determined by various factors, including your age at the time the policy matures and your age when you initially enroll. As a result, the premium amount can vary from one applicant to another.
Mode of premium payment:- Monthly mode only
Anticipated Endowment Assurance (Sumangal):
Scheme: Money-back policy. Best plan for regular money back for requirement and maturity value with bonus.
For 15 Years Plan: After six years 20% of the assured sum, after nine years 20% of the assured sum, after 12 years 20% of the assured sum, and after 15 years 40% of the assured sum + assured bonus.
For 20 Years Plan: After eight years 20% of the assured sum, after 12 years 20% of the assured sum, after 16 years 20% of the assured sum, and after 20 years 40% of the assured sum + assured bonus
Maxi.Sum Assured: Rs. 50 lakh
Age Eligibility: Minimum:19 years Maximum: 45 years for 15yrs Plan and 40 years for 20yrs plan
Premium payment /maturity Term:-15yrs and 20yrs
In case of the insured’s unfortunate demise, any prior payments made will not affect the payout. The entire sum assured, along with any accrued bonus, will be disbursed to the assignee or legal heir, regardless of any previous benefits already paid out.
Premium Payment: The amount you pay for premiums is determined by various factors, including your age at the time the policy matures and your age when you initially enroll. As a result, the premium amount can vary from one applicant to another.
Mode of premium payment:– Monthly mode only
Surrender/Loan – Not available
Joint Life Endowment Assurance (Yugal Suraksha):
Joint Life Assurance offered by Postal Life Insurance is designed to provide coverage for two individuals, and it’s important that at least one of the spouses qualifies for PLI policies. This option is highly advantageous as it allows both lives to be covered under a single premium amount. Here are the key features and requirements of this scheme:
Scheme: spouses are covered with an insured sum + accrued bonus with only one premium.
Age at entry: Mini: 21 years Maxi: 45 years
The age of any spouse should not be more than 60yrs at the time of maturity.
Mini. Sum assured: Rs. 20,000
Maxi. Sum Assured: Rs. 50 lakh
Loan Facility: After three years of completion
Premium payment /maturity Term:– Minimum 5yrs and maximum 20yrs period.
Mode of premium payment: – Monthly mode only
Policy Surrender: Policy can be surrendered after three years of completion. The policy will not be eligible for the bonus if assigned or loaned five years before completion else a proportionate bonus on the reduced amount assured can be accrued if the policy is assigned for a loan or surrendered.
Premium Payment: The amount you pay for premiums is determined by various factors, including your age at the time the policy matures and your age when you initially enroll. As a result, the premium amount can vary from one applicant to another.
Children Policy (Bal Jeevan Bima):
There is a separate policy for the children of policyholders which can be taken. Best Children plan to cover the life of both parent and child in a single premium with the highest bonus rate. A maximum of two children in a family is eligible for this scheme:
Main Policyholder Age Eligibility: Maximum: 45 years
Children Age Eligibility: Mini.-5 years Maxi- 20 years
Maxi. Sum Assured: Rs. 3 lakh or equivalent to the SA of the main PLI policy holder whichever is less
Loan and surrender Facility: Not available
In the unfortunate event of the main policyholder’s demise, there’s no need for any further premium payments. Instead, the full assured sum along with the accrued bonus will be paid out at the policy’s completion.
The main policyholder is responsible for making premium payments for the Children Policy.
The good news is that there’s no mandatory medical examination required for the child.
The policy bonus is calculated using the same rate as applicable to the Endowment Policy. It’s essential to note that the rules outlined in POIF (Post Office Insurance Fund) apply both at the time of policy issuance and throughout the term, ensuring they are also applicable to the Children Policy.
# Detail Of Mapped CPC Of Defence Policies:-
Here you can check where your Army postal life insurance policy is mapped. However, you can submit any army postal life insurance service from any Head Post office.
In case you have to buy an army postal life insurance policy and now want to auto deduct premium from your Pay every month, you have to submit a consent form for the same. The format of the consent form can be downloaded here.
# Maturity/Surrender/Loan and another service request of Army Postal Life Insurance policy:-
All service request like maturity/surrender/loan etc.. can be submitted by the army personnel in any Head Post Office of India. The Head post office will obtain the documents from the respective CPC(HO) and provide the service to army personnel.
# How to check Army postal life insurance Policy Status?
You can check your army postal life insurance policy status by visiting the nearest post office as now all the records of policy are made online. You can also create a customer id through the PLI customer portal and can check your policy status online. To access the customer portal you have to update your email and mobile number at the nearest post office. The details process to access the PLI customer portal can be checked.
# How do I surrender my Army postal life insurance?
- If in the past you have brought the army postal life insurance and now due to some reasons want to surrender your army postal life insurance.
- The surrender request can be sent to any CPC all over India, the concerned CPC will obtain the original policy documents from the respective CPC and process your surrender request.
- However, it is always advisable not to surrender a policy due to loss of risk cover and low surrender value.
- If there is any premium payment issue or pre-mature retirement, you can change the payment mode from pay to cash and can deposit the premium at any post office or through the customer portal online.
- Hence it is beneficial to continue to your policy due to the higher bonus rate.
# Army PLI Office Delhi Contact No: –
You can contact us at toll-free number 1800 180 5232/155232 for enquiry related to Postal life insurance/Rural Postal life insurance.
# Army PLI Complain:-
Recently operation of army postal life insurance has been shifted to some selected CPC all over India. However, PLI service by the policyholder can be taken in any CPC all over. The policy payment of premium and policy status can be checked in any post office. In case of any grievance, the same can be registered through the Indiapost website.
# My army postal life insurance policy is not updated:-
You can check your policy status either registration on the customer portal or by visiting the nearest post office. If your policy details are not completed like premium payment is not updated in case of pay deduction, need not worry, you may contact your DDO or submit your premium deduction details like a copy of your salary slip for updation of your policy status.
More about Army Postal Life Insurance:-
Army PLI Policy Status | PLI Post Office scheme in Hindi |
सैलरी से काटा हुआ PLI Premium कैसे Update hoga
Conclusion
Life insurance is an important element that helps people secure their family’s financial future in their absence. The armed personnel have increased responsibility for securing their family. The Army postal life insurance is an exclusive life insurance benefit with the best features like low premiums and high bonuses. Purchasing it early in life can prove extra beneficial in the long term for families securing, tax benefits. If you have already Army postal life insurance, please keep continuing to keep view its benefit.