In case of death of the insurer, the benefit amount will go to his legal heir. If you do not want to continue for longer than this, the policy can be surrendered after three years.
Whenever someone thinks of life insurance, the first name that comes to mind is LIC. But do you know that Post Office also provides life insurance facility. Many people will not be aware of this scheme of the post office. But this is the oldest life insurance scheme. Its name is Postal Life Insurance Scheme.
When did it start?
The Postal Life Insurance Scheme of the Post Office was started on 1 February 1884 during the British era. Six schemes are being run in this. One of these is Whole Life Insurance-Suraksha. People between the age of 19 years to 55 years can invest in this scheme. In which the sum assured along with bonus can be a minimum of Rs 20,000 and a maximum of Rs 50 lakh.
What happens if the insurer dies?
In case of death of the insurer, the benefit amount will go to his legal heir. If you do not want to continue for longer than this, the policy can be surrendered after three years.
Know what will be the benefits
- If the insurer continues the policy for four consecutive years, then after that a loan against investment can also be taken.
- Investing in this scheme also provides exemption under Section 80C of the Income Tax Department.
- Premium can be paid on monthly, quarterly, half yearly or yearly basis.
- This scheme can be converted into Endowment Insurance Policy at the age of 59 years.
- Your policy can be transferred to any part of the country.
- After the year 2017, everyone can take advantage of this policy. Earlier only government and semi-government employees used to get this benefit.
How can I apply?
Any person can apply online or offline. To apply offline, you can apply on the official website https://www.indiapost.gov.in/Financial/Pages/Content/pli.aspx.
