Know All About Life Insurance Plans For Armed Forces
Published On Dec 20, 2021 10:00 AM By InsuranceDekho
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Everyone, regardless of their occupation, should have life insurance coverage. In some circumstances, insurers refuse to cover particular persons owing to the hazardous nature of their work. People whose work carries a higher-than-average risk of injury or death may have a tough time getting a suitable life insurance policy. This also applies to police officers and members of the armed forces. While it may be difficult for them to obtain coverage under a standard life insurance policy, they may be able to enrol in plans tailored expressly for them. Let's take a look at the life insurance alternatives accessible to members of the armed forces and their families.
This is a private insurance fund established by the Armed Forces for its own personnel. For the navy and the air force, there is a comparable insurance fund. This insurance fund was established independently of the Life Insurance Corporation of India (LIC) or any other insurer in India. Cadres' salary is withdrawn straight from their premium for this coverage. The quantity of coverage offered to an individual will likely vary depending on his or her army rank, as will the price. Officers in the Indian Army are currently eligible for a life insurance policy worth up to Rs.40 lakh. Jawans, on the other hand, are entitled to a Rs.20 lakh life insurance policy. Jawans must pay a yearly fee of Rs.2,000 to the Army in order to receive this coverage. Officers are required to pay a yearly premium of Rs.4,000. This insurance protects the families of army members in the event of an untimely death in a war or combat. Even after retirement, the insured individual may be entitled to reasonable remuneration under this policy.
Private Insurers Provide Insurance Protection
Because of the high risk nature of the employment, most standard life insurance policies exclude military and police employees. However, some of the market's leading private insurers have developed solutions tailored to the needs of military personnel. The following list gives a brief overview of the many life insurance options accessible to Armed Forces personnel
1. DHFL Pramerica Prahri
This is another type of life insurance available to military people who dedicate their lives to the country's welfare. This policy is solely for the benefit of members of India's Armed Forces. This policy's goods encompass war and warlike conditions. This policy's protection aids military people and their families in making sound financial decisions.
2. Aviva Suraksha
Suraksha is an umbrella insurance that includes a variety of goods intended exclusively for the Armed Forces. It provides several covers for the country's military personnel's investment, retirement, and child protection needs. This policy's coverage assures that policyholders and their families are covered from death as a result of conflict. The claim settlement process and other regulations have been reduced in order to ensure that the dependents' needs are effectively met during a time of crisis.
3. HDFC Life Shaurya
This is a life insurance policy intended exclusively for military and ex-service members in the country. The employees at HDFC who provide this service have a thorough awareness of military members and their way of life. This policy can be utilised to provide long-term security for army personnel while also assisting them with their various financial needs. Other service personnel, such as the Indian Navy, paramilitary organisations, Border Security Force, Fire Services, and workers of Armed Forces-run schools, may also benefit from this policy.
Armed Forces personnel play a critical role in ensuring the country's security. While most standard insurance policies will not cover them, the options outlined above will assist them in finding the finest life insurance coverage for their needs. When it comes to life insurance for military families, those who are not currently serving will have no trouble finding standard life insurance policies on the market. These plans provide appropriate coverage for military personnel and ex-servicemen to meet their financial obligations.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.