Postal Life Insurance – The first postal life insurance was introduced in 184. This insurance was introduced mainly for the convenience of the employees working in the postal department. The main purpose of this was to ensure that the employees of the postal department could live happily with financial benefits in times of danger.
After 1947, the scope of insurance was extended. At present this insurance is not limited to the employees of the postal department only. It is now open to government, semi-government and autonomous organizations as well as officials and employees of non-government organizations.
The insurance that is executed by the post office and pays a certain premium to the nominee on the death of the insured or at the end of the term is called postal life insurance.
Postal life insurance is primarily aimed at improving the quality of life of low-income people through savings, capital formation and income growth.
Since the premium rate is very low in this insurance, everyone can take this insurance. Such insurance is managed by the government. But the government does not participate in the benefit of this insurance, it is kept in the custody of the government only in the interest of the insurers.
In conclusion, postal life insurance is the insurance provided by the post office for all earning citizens, employees of government-private-semi-government and autonomous organizations, members of the navy, air force and the civil armed forces.