Life insurance is the best advantage one must get for his/her family’s better future. It helps to overcome the financial crisis in everyone’s life. Prahari life insurance is a kind of insurance offered to the armed forces in case of risks in military service. This insurance reimburses the military personnel in case any risk occurs during war or similar situations.
This insurance gives financial protection to army families during the war. In this blog, we will discuss this insurance in detail with its advantages and disadvantages.
About Prahari Life insurance
Prahari life insurance is connected with the Indian armed forces and its families. It was introduced in 2009 for Military personnel by Prahari, a flagship channel. This insurance provides life insurance coverage for the armed forces against different kinds of risks.
Under this insurance, the army personnel can get a 100% payment guarantee during war times. It also provides benefits to Indian soldiers after retirement. Moreover, this life insurance is suitable for soldiers, veterans, and their families.
Advantages of Prahari Life Insurance
This life insurance is introduced to support our brave Indian soldiers. It gives multiple benefits such as:
- Gives financial support to the army: Wars create heavy destruction to the nation as well as army forces. Under Prahari life insurance, the army men will get good financial support. It covers the well-being of every Indian soldier and his family.
- Helpful in critical situations: This life insurance is helpful in various situations such as war times, disaster management, internal security, and so on. It also covers the times of conflicts and counterinsurgency.
- Customized products: Insurance holders will receive various customized insurance products under this policy. These products cater to the financial needs of army men and their family members. They apply to paramilitary forces, armed forces, and other members of military personnel.
- Quick claim processing: One of the major benefits of choosing this life insurance is easy claim processing. Policyholders will get their claims cleared within just 3 working days through a demi official letter. It is an easy process to receive funds under this life insurance.
Disadvantages of Prahari Life Insurance
This life insurance has some disadvantages such as:
- High insurance premium: This life insurance becomes an expensive option if the coverage lapses before the final period. One has to pay high insurance premiums for many years without getting actual benefits.
- Long legal procedures: Another major disadvantage of Prahari insurance is the long and expensive legal procedures. One may have to complete complex legal procedures to claim this insurance policy. It is a time-consuming process to get claims under this life insurance.
- Additional cost: Policyholders might have to pay additional fees after taking this life insurance. These costs increase the overall cost of insurance policy. On the other hand, the number of benefits is lower than these costs.
- Many inclusions and exclusions: This life insurance policy contains many inclusions and exclusions which make claim approval a difficult process.
