All about Defence Personnel Insurance

Posted on: Jan 24, 2023 | | Written by:

All about Defence Personnel Insurance

Published on January 24, 2023. EST READ TIME: 4 minutes

We take great pride and honour in the way our defence personnel protect the country from external and internal threats. From protecting the borders in freezing cold on mountain tops to patrolling in sizzling heat in the desert, they fulfil their duties with unflinching courage and commitment. Given the risk of death and disability they face every day, the government has many provisions in place to look after their families’ finances. However, the insurance sector wants to do its bit and has several policies designed explicitly to keep the insurance needs of such brave men and women in mind.

Why Insurance?

Insurance provides financial protection in case of any unforeseen events causing loss or damage relating to home, health, travel or vehicles. Given the nature of their work, it is important for defence personnel to have an insurance policy that offers complete protection to them and their families. After understanding the requirements of the armed forces, insurance providers offer plans customised to the specific needs of every personnel. All types of casualties during war and war-like situations are covered.

How can insurance help?

After finalising the insurance provider, you can purchase the policies online or offline,although the online method is convenient, faster and easy. Here’s how insurance can help you:

• There’s a dedicated team for every product. If you need help understanding the terms, clauses, or what a plan offers, the insurance provider will advise you based on your requirements and offer a suitable policy.

• The insurance provider offers 24*7 customer care to assist you in times of need.

• If you want offline support for any query, the insurance company will send its agent or team to help you with the same.

• The insurance provider will ensure your claims are settled without any hassles.

• Nominees are updated about the policies, claims process and any other changes required in the policy.

• You can access any information about your policies from the insurance provider’s app or website.

• Be rest assured all the information that you provide in the proposal form is kept confidential.

What Categories of Insurance can you buy?

1. Health insurance

Also called medical insurance, health insurance plans offer financial assistance to meet your healthcare expenses. With medical expenses skyrocketing, it is important to safeguard yourself as well as your finances with a health insurance plan. You can buy an individual or a family health insurance plan and claim expenses for pre-&post-hospitalisation, hospitalisation, ICU charges, day care treatments, ambulance charges, organ donor expenses, AYUSH treatment, etc. You can also claim tax benefits for health insurance premiums under section 80D of the Income Tax Act.

2. Home insurance

Home or property insurance protects the structure and contents of your house against unforeseen circumstances like natural or man-made calamities, thefts, fires, etc. Your home is the most valuable asset, and home insurance is a must to safeguard yourself from financial losses.

3. Motor insurance

Any damage to your four-wheeler or bike due to an accident, natural calamity, theft, or fire is covered by motor insurance. Car insurance or two-wheeler insurance also protects against third-party liabilities, that is, any injury or loss to a third-party person or property due to an accident involving your vehicle is covered by insurance. In India, third-party insurance is mandatory as per law.

4. Term insurance

This type of life insurance policy offers coverage for a specified term. In case of unfortunate death of the insured during the policy term, such a policy provides death benefits or financial benefits to the nominee of the insured. The premiums are significantlyless compared to other types of insurance policies.

5. Life insurance for Air Force, Navy, & Paramilitary

Life insurance for the armed forces personnel is more expensive compared to other individuals because their life is always at risk. Most insurance providers also refuse to provide them coverage.Considering all these factors, the government provides them with insurance, but the premiums have to be paid by the insured. The policies are Air Force Group Insurance Scheme, Army Group Insurance Fund, and the Naval Group Insurance Scheme. All types of casualties, including war and war-like situations, are covered.

6. Disability insurance

It’s important to buy individual disability insurance as the life insurance provided by the government comes with certain conditions and, in some cases, may not be sufficient.

Conclusion

While the government and armed forces take care of the expenses of the families of defence personnel in case of death or disability, with inflation, the compensation may not match the growing needs of the family. That’s why it’s important to keep loved ones financially protected with health insurance plans and life-term policies, especially when the insurance companies have designed plans specifically for them.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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