Postal Life Insurance is a 125 year old life insurance scheme run by postal department in India. The postal life insurance scheme is for people who are not capable enough to afford the private companies insurance policies.This policy was initially started for employees of Postal Department and is now expanded to cover all central and state government employees. After the success of this scheme Postal Insurance made a new scheme for Rural people called as Rural Postal Life Insurance to make advantage to rural people which accounts for 60% of India’s population.
This Postal Life Insurance Scheme gives better returns than other products. Recently postal life insurance announced a bonus of Rs 70 on Rs 1000 sum assured which means the insurer gets sum assured plus annual bonus when policy period is over.
In comparison to that Life Insurance Corporation of India (LIC) has till now given a bonus of Rs 38-40 in past five years.
Also this Postal Life Insurance scheme provides various tax benefits. The returns for this scheme are tax-free and premium payment is subject to tax exemption. Postal Life Insurance scheme are not for people or investors who are looking for new age products like unit-linked insurance plans and other schemes. Its is specifically designed as basic insurance covering policy.
Like life Insurance these scheme doesn’t provide you with any accidental death benefit but only offers death cover.
So if you are interested for a simple life insurance policy and become eligible for it the Postal Life Insurance is a great tool for you.
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