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Postal Life Insurance for Government Employees

Postal life insurance for government employees

Postal Life Insurance is insurance coverage provided to all States and Central Government employees, nationalized banks, and various public sector enterprises. Purchasing postal life insurance works out much cheaper than any other insurance provided by private sector enterprises.

In this article, we have covered the main things you need to know about postal life insurance.

What is a Postal Life Insurance?

This is the insurance coverage offered by the Department of Posts, Government of India. It was introduced in 1884 as a means of providing welfare to Government employees. Today, postal life insurance has grown manifold and is a common option chosen by people who are not employed in the Government sector.

Benefits of Postal Life Insurance

With innumerable private sector companies providing insurance in India, postal life insurance is yet to keep pace with them. However, they provide a lot of benefits to policyholders which are:

How to Buy 

Postal Life Insurance can be bought easily online both by existing customers of the postal department and new customers. The same can be purchased through the following easy steps:

  1. Log Onto www.postallifeinsurance.gov.in
  2. Go to the tab ‘Purchase a Policy’.
  3. Select the suitable product and coverage you want to choose.
  4. Fill in personal details, employment details, medical information, and other information.
  5. Then pay the first premium.
  6. Upon payment of the first premium, a proposal is immediately generated.
  7. Take a printout of the proposal and visit the nearest post office with the proposal requests and other documents as will be informed to you while purchasing the policy.
  8. The list of documents can be viewed in the ‘Tools and Utility – Documents required’ tab.

Things to keep in mind while Purchasing 

Here are a few things that you need to remember:

The good thing about postal life insurance is that it comes with a Government guarantee. The Government at the end of the day takes action for the benefit of the people. Hence, postal life insurance has products that are extremely beneficial for everyone. The products range from whole life to joint life to endowment to children’s policy.

We suggest you go through the policy details carefully before investing. We hope you found this blog useful. To know more about insurance policies – both life and non-life, you can browse our website. ComparePolicy.com