Postal Insurance: Postal department’s insurance & saving plans hailed at mela

National Postal Week which began on Monday, October, 15, was celebrated as  Postal Life Insurance day. On the occasion, a grand postal life insurance mela was  organised in government/semi government offices of Allahabad region. The mela  was inaugurated by Director Postal services, Allahabad Region Krishna Kumar  Yadav.

Addressing the gathering on the occasion, Yadav said Postal Department was  serving the public also with savings bank and postal life insurance schemes. Postal  life insurance was started with effect from 1 February 1, 1984 for Central  Government/State Government officials, Defence personnel, officials of Govt  institutions, municipal corporation and boards, government universities,  employees of nationalised banks, additional bodies of State Banks of India and  Reserve Bank, operational units under Central/State government, UTI, IDBI and employees of state insurance corporation.

There are six schemes of Postal Life Insurance such as Suraksha, Santosh, Suvidha, Yugal Suraksha, Sumangal and Children’s policy. Rural-Postal Life lnsurance Schemes for the benefit of villagers are called Gram Santosh, Gram Suraksha, Gram Suvidha, Gram Sumangal, Gram Priya and Children’s policy. The minimum and maximum age limit of the postal life insurance scheme is fixed between 19 and 55 years, respectively whereas maximum age limit for the Sumangal scheme which matures in 15 years and 20 years are 45 and 40 years, respectively.

Discussing benefits of the postal life insurance, he said Government was bound for 100 per cent security of investor’s investment, relaxation in Income Tax under section 88, low premium and high bonus, loan benefit on the policies, deposit of premium at any post office in the country and rebate of 1 per cent & 2 per cent on advance premium of 6 months and 12 months, respectively.

Yadav said Postal Department had earned more than Rs 2-crore business on the occasion and 150 persons were insured in different schemes of Postal life insurance. Postal department will organise more melas in coming days, he promised.