Postal Life Insurance Scheme for Physically Handicapped Person

Not many people may know that the post office is one of the oldest insurers in India. The existence of Postal Life Insurance (PLI) dates to the colonial era; it was first introduced in 1884. During the initial years, the maximum amount for PLI was limited to Rs. 4000. Over the years, with the changing landscape of the insurance industry, the limit has now increased to Rs. 50 lakhs.The postal life insurance was introduced with the sole objective to help people from all walks of life, including the differently-abled, get the benefit of welfare-based schemes. Earlier PLI didn’t have many takers, but it has gained immense popularity over the years and covers the state and central government employees, including the defence personnel.

If you wish to life Insurance policy , you must be aware of its features and benefits. Some of the salient features are:

• The minimum entry for PLI is 19 years, and the maximum age is 55 years.
• You can buy the policy for a maximum duration of 20 years.
• The minimum sum assured for the PLI is Rs. 20,000 and the maximum amount is Rs. 50,00,000
• The premium you pay for the postal life insurance policy depends on several factors, including the entry age, degree of handicap, and the sum assured of the plan.
• After the completion of a certain period, you have the flexibility to surrender the policy.
• In the event of an emergency, you can avail of a loan against the policy after completing a predefined period mentioned in the policy document.

If you wish to buy a postal life insurance policy under the physically handicapped scheme, you must compulsorily undergo a medical examination at a government-authorised medical centre. The objective of the test is to determine the nature and extent of the handicap. The medical report lists the following details:

• The reason for handicap (whether the disability is congenital or post-congenital)
• The impact of the disability on the individual and its correlation to the longevity of life.
• The report must also quantify the extent of the disability. If the medical reports state that the nature of the disability poses a risk to the individual’s life, the policy can be rejected.

Anyone suffering from any of the following health issues is eligible to apply for postal life insurance:

• Deafness
• Blindness
• Dumbness
• Loss of limbs
• Deformity due to polio or paralysis
• Hunchbacks
• Hunchback

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.