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Understand insurance plans for defence personnel in India

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Understand insurance plans for defence personnel in India
December 12, 2018
Our defense personnel are the pride of the entire nation. They serve to protect and the services rendered by them are of supreme importance for the citizens of the country. While they serve at their posts and protect us all, due importance must be accorded to their own financial needs and the future of their loved ones. The financial strength of the defense personnel and their stress free lives are very important for the entire population. Insurance policy serves as one basic requirement towards achieving this.
 
Due to the very nature of their services, the insurance requirements for defense personnel tend to be a bit varied from those of the civilian segments. The immense risks that they endure, the regular postings, etc. all form the platform on which their financial coverage is based. Therefore, the features of the policies that can be availed by them must be comprehensive and coherent and ideally suited for their specific requirements.

The complete domain of defense services and the personnel who render their services is quite huge. Generally, following are the personnel who come under the purview of the term Defense Personnel:

  1. All members of Indian military forces (Army, Navy and Air Force)
  2. Members of Territorial Army
  3. Members of Indian Coast Guard
  4. Members of BSF (Border Security Force)
  5. Members of CRPF (Central Reserve Police Force)
  6. Members of CISF (Central Industrial Security Force)
  7. Members of RPF (Railway Protection Force)
  8. Members of ITBP (Indo-Tibetan Border Police)
  9. Members of all state police forces
  10. Members of NSG (National Security Guards), Fire Services, schools administered by Armed Forces, Reserve Forces etc.

The important features of an ideal insurance plan for defense personnel are mentioned below:

  1. Tracking mechanism: The plan must offer a specific customer tracking mechanism for the personnel so that due contact can be retained with them in the event of their transfer/posting to a new location, anywhere in India.
  2. Specialized services: The insurer must offer the services of a dedicated team that specifically understands the financial requirements of the defense personnel and caters to them on a timely manner.
  3. Serviceability and ease of access: Any defense personnel posted in a specific location cannot avail of a policy that has limited serviceability. Thus, the insurer must have broad scope of access and the personnel must be able to purchase the policy from any place near her/his location.
  4. Claim settlement: Defense work comes in the category of high risk work and the personnel must not be made to face any hassle when it comes to settlement of the policy. The documentation must be minimal and timely disbursement of the maturity proceeds must be ensured at all times.
  5. Ease of renewals: This is also another important feature of an ideal plan for defense personnel. Any required renewals must offer flexible terms and conditions and ease of payments.

HDFC Life offers SHAURYA an initiative by HDFC Life that offers guaranteed financial protection and tailor-made benefits for the defense personnel. It comes with flexible terms and conditions and ensures ease of operation and specialized services. For details, click on the mentioned link: https://www.hdfclife.com/defence-personal-insurance-plan-offerings.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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