Postal life insurance currently offers only traditional policies

Life Insurance

Is post office insurance different from life insurance? Is it a good idea to invest in post office insurance? – Ankita Roy

Postal life Insurance extend their services only to government employees, defence personnel, etc. Furthermore, postal life insurance offers traditional plans currently. Since there are limited options available with postal life insurance you can also explore other life insurance options available in the market for larger spectrum of cover. I would suggest you visit your nearest post office and seek further clarity.

Will I get tax deduction on Ulip? What about single premium plan? – Vinay Pillai

ULIP plans are also eligible for tax benefits, Section 80C provides deduction form taxable income up to Rs 1,50,000. Single premium plans are also eligible for tax benefits.

My life insurance policy’s premium is monthly. Can I change it to annual payment? – Rishi Hemdev

Yes, the premium payment frequency can be changed. However, I would recommend checking the policy terms and conditions as most policies allow change in premium payment modes on completion of policy anniversary. However, a request for change can be made at any time.

I applied online for a life insurance policy and completed the medical test as well. But I have not heard from the company after three weeks. Does this mean my application is rejected? – Bijesh Karunakaran

As per regulation, the insurer is required to communicate its decision within 15 days of requirement completion. So, it would not be right to assume that your application has been rejected. I would recommend reaching out to the customer care helpline to inquire the status of your policy issuance. More importantly, please confirm that all the required processes and document submissions, which are critical for issuance, have concluded on your end.

My current job has a group life insurance policy. If I change my job can I transfer this by paying premiums myself? – Shashank Arora

A Group Term Life policy is not portable. Considering it is an employer-sponsored benefit, employees are covered in the scheme till they are employed with the organization. All new employees joining the organization become part of the scheme and all exiting employees are deleted from the scheme.