The Telangana State Government Life Insurance (TGLI) is a vital insurance plan designed exclusively for government employees in Telangana.
This scheme offers comprehensive life insurance coverage, providing financial security to employees and their families in case of the policyholder’s untimely demise.
The TGLI scheme is a government-initiated life insurance program specifically for Telangana State Government employees.
This contributory scheme ensures that premiums are automatically deducted from employees’ salaries, providing seamless coverage without manual payments.
Key Features of the TGLI Scheme
Premium Calculation: The TGLI premium is determined based on the employee’s age, salary, and assured sum. It is deducted monthly from the employee’s salary, making the process convenient and hassle-free.
Sum Assured: The sum assured refers to the amount payable to the employee’s family in case of their demise. It is calculated based on the employee’s salary and years of service.
Bonus: Employees under the TGLI scheme are entitled to an annual bonus for every completed year of service. The bonus amount is calculated considering the sum assured and the duration of service.
Maturity Benefit: The policyholder receives a maturity benefit upon reaching the age of 58 or retirement, whichever comes first. This benefit is also calculated based on the sum assured and the number of years served.
Surrender Value: Employees who surrender their policy will receive a surrender value. The sum assured and the length of service also determine this amount.
TGLI Eligibility Criteria
To be eligible for the TGLI scheme, the following criteria must be met:
- Employment: The scheme is available to all Telangana State Government employees, including those in regular, temporary, and part-time positions.
- Age: Employees must be between 21 and 53 years of age to enroll in the TGLI scheme.
- Service Requirement: A minimum of one year of service is required to be eligible for the scheme.
How to Apply for the TGLI Scheme
Applying for the TGLI scheme is straightforward. Here’s a step-by-step guide:
- Download the Application Form: Obtain the application form from the official Telangana State Government website.
- Fill in Required Details: Complete the form with personal information, nominee details, and bank account information.
- Attach Necessary Documents: Include copies of your salary slip, age proof, and service certificate.
- Submit the Application: Submit the completed form and the attached documents to the nearest TGLI office.
Benefits of the TGLI Scheme
The TGLI scheme offers several significant benefits to employees and their families:
- Financial Security: Provides essential financial support to the employee’s family in case of their untimely death.
- Maturity Benefit: Ensures the employee a lump sum payout upon retirement age or turning 58.
- Annual Bonus: Rewards policyholders with a bonus for every year of completed service.