Postal Life Insurance

PLI consist of 

• Endowment Assurance (Santosh)
• Whole Life Assurance (Suraksha)
• Convertible Whole Life Assurance(Suvidha)
• Joint Life Assurance (Yugal Suraksha)
• Anticipated Endowment Assurance(Sumangal)
• Children Policy
• Bonus
• Maturity Value
• Loan

Introduction

Postal Life Insurance was started in 1884 as a welfare measure for the employees of Posts & Telegraphs Department under Government of India dispatch No. 299 dated 18-10-1882 to the Secretary of State. Due to popularity of its schemes, various departments of Central and State Governments were extended its benefits.

Now Postal Life Insurance is open for employees of all Central and State Government Departments, Nationalized Banks, Public Sector Undertakings, Financial Institutions, Local Bodies like Municipalities and Zila Parisads, Educational Institutions etc.

PLI- Eligibility

• Government servants
• Defense Service
• GDS
• All Educational Institutions
• Local Bodies- Municipalities, ZPs
• Banks
• Doctors , Engineers, Charted Accountants and Employees of MNC etc

PLI – Plans available

• Endowment Assurance (Santosh)
• Whole Life Assurance (Suraksha)
• Convertible Whole Life Assurance(Suvidha)
• Joint Life Assurance (Yugal Suraksha)
• Anticipated Endowment Assurance(Sumangal)
• Children Policy

Endowment Assurance (SANTOSH)

• Lump sum payment at desired age
• Payment to nominee- on death
• Premium payment frequency Monthly ,
• Quarterly, Half Yearly and Annually.
• Limit :- 20000 to 5000000

Whole Life Assurance(SURAKSHA) 

• Payment to Customer only after attaining the age of 80 year (Policy Maturity Period) or to nominee on death of insurant 
• Premium payable Only for selected period (55, 58,60)
• After crossing premium payment period no need to pay , benefits will also be provide after crossing
• the period till maturity .
• Limit:- 20K to 50 Lac.

Convertible Whole Life Assurance(Suvidha)

• Less premium for 1st 5 years
• Conversion option with higher premium to Endowment .
• Limit :- 20k to 50 Lac

Joint Life Insurance(Yugal Suraksha)

• Payment at the end of term
• Payment to either of two lives- on death
• Max limit up to 50 Lac.
• Both husband and wife will cover through this policy

Anticipated Endowment Assurance (Sumangala)

• Payment (Bonus) at periodical intervals
• Payment at the end of the term or on death

Two types of this policy :-

1. 15 years Term (Max Age at entry 45)
2. 20 years Term (Max Age at entry 40)

Children Policy

• Both parent’s and children’s risk covered
• Parent should have a policy
• Minimum- Rs.20,000
• Maximum- Rs.3 Lac
• One EA or WLA Policy of Parent
• Two children only
• 5 to 20 children age and main policy holder age not greater than 45

 Features

• Low Premium and High Bonus
• Premium Calculation on Basis of Age
• Exception from Income Tax on depos in Maturity
• Loan Facility 3/4 Years
• Surrender facility after 3 Years
• Premium payment through Online (Debit/Credit Card)
• Revival of Lapsed Policy
• Nomination Facility
• Easy settlement of Claim
• Premium deposit on Any Post office in India
• Passbook Facility

Bonus - Postal Life Insurance

Rebate Postal Life Insurance

Advance deposit of premium for Monthly frequency Policies

• Rebate

• 12 Months- 2%

• 6 Months- 1 %

• Rebate Yugal Suraksha

• 12 M- 50% of single Premium

• 06 M- 10% ---------do---------

• 03 M- 02% ---------do---------

Loan - PLI

• Loans can be obtained from Banks
• Granted by Head Post Master on security of policy
• 10 % interest compounded half yearly basis charged
• Entitlement on prefixed proportion of surrender value as per table below

Loan- Entitlement

Lapsing of Policy

Approximate Maturity Value