This article explains the revised Extended Life (EL) Insurance scheme for Officers (Officers) and Junior Commissioned Officers/Other Ranks (JCOS/OR) retiring from the Indian Armed Forces. The revision aims to provide improved financial security to veterans.
Key Points of the Revised EL Scheme
- Increased Cover: The revised scheme offers significantly higher insurance cover compared to the previous version. Officers will now be covered for ₹16 lakh, and JCOS/OR for ₹7.5 lakh.
- Refundable Premium: Unlike the previous scheme’s one-time non-refundable premium, the revised scheme offers a refundable premium. This means the deducted premium amount will be refunded to the member as a survival benefit at the end of the policy term.
- Policy Duration: The policy duration remains the same as before. It will continue to provide coverage for 26 years post-retirement or up to 80 years of age (whichever is earlier) for Officers and 30 years post-retirement or up to 75 years of age (whichever is earlier) for JCOS/OR.
- Effective Date: The revised scheme applies to personnel retiring on or after May 31, 2022.
Benefits of the Revised Scheme
- Improved Financial Security: The increased cover amount provides greater financial security to veterans and their families in case of an unfortunate event.
- Flexibility: The refundable premium offers more flexibility, allowing veterans to access the premium amount if needed.
How to Apply
Detailed information regarding the application process and eligibility criteria will likely be provided by the Armed Forces Group Insurance Fund (AGIF). Veterans can contact their respective service headquarters or the AGIF for further information.
Conclusion
The revised EL insurance scheme is a welcome improvement for retiring defence personnel. It demonstrates a commitment to enhancing the financial well-being of veterans and their families.
