Health checkup is the norm for life insurance policies in general. Health checkups is not mandatory, if the age at entry of a villager is between 19 to 35 years and sum assured of all Rural Postal Life Insurance policies taken by him/ her is up to Rs. 25000/-
Department of Posts under its extant Endowment scheme launched a drive to procure small value micro insurance policies without mandatory health checkups. Details are as under:
- Type of Assurance: Endowment Assurance maturing at the age of 40, 45, 55, 58 and 60 years
- Sum Assured: Minimum Rs. 10000/- and Maximum Rs. 25000/-
- The Maximum limit of sum assured of all policies taken by one person is Rs. 25000/-
- Age limit at entry: Minimum 19 years and Maximum 35 years on next birth day
- Declarations: About self health and family history.
The insured person/ nominee has to submit claim application along with policy document and Premium Receipt book. This reply was given by Shri A. Raja, Minister for Communications and Information Technology in Rajya Sabha today.
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