Post life insurance, also called PLI, is coming from 1884. This is called the oldest insurer of India. We all know that Postal Life Insurance is a venture of the Government of India. Initially, only it was issued to give benefit to the postal department employees, but with varying hours, many changes were made. New – The new insurance policy has come from which the development of PLI has increased very much. There are many employees who have postal life insurance across the country who are taking advantage of this service.
You know that there are so many Life Insurance Companies in India but you have to know that PLI is a discounted insurer under Section 118 (C) of the Insurance Act of 1938. It has also been exempted under Section 44 (D) of the LIC Act, 1956. Whereby the insured also gets the benefit. For this reason, if you are an employee then you must take advantage of it.
Also, you can buy postal life insurance online.
So first of all, let us know who can benefit from this Life Insurance i.e. who can apply for it and no one can apply for them.
Who can get Postal life Insurance
1 – Central and state government employees
2 – Defense personnel
3 – Rural Postal Service
4 – Post office staff
5 – State Bank of India and all rural bank employees
6 – Employees of Public Enterprises (Central and State)
7 – Staff of Local Fund / Local Body / Government Assisted Educational Institution
8 – Homeguard
9 – Professional staff (terms apply) such as teachers, engineers, lawyers, doctors, accountants, and bank employees
10 – Employees of listed companies of National Share Market and BSI (Mumbai Stock Market)
So you can read this list and find out if you are eligible for this insurance policy or not. You can also contact the Post Office near your home for more information. Now we give you information about its plans.
Postal Life INSURANCE PLANS Details
Postal Life Insurance offers 7 types of Policy Plans which we will give you the full information. So be sure to read it carefully
1 – Whole Life Assurance (SURAKHAHA)
2 – Convertible Whole Life Assurance (SUVIDHA)
3 – Endowment Assurance (SANTOSH)
4 – Anticipated Endowment Assurance (SUMANGAL)
5 – Joint Life Assurance (YUGAL SURAKSHA)
6 – Scheme for Physically Handicapped People
7 – Children Policy
Whole Life Assurance (SURAKSHA)
This is also called SURAKSHA policy. This is a better PLI policy. This is a scheme in which the bonus earned with the deposited money is given to the legal heir or the nominee upon the death of the person who has insured it. The applicant’s minimum age for this scheme is 19 years and the maximum age for entry is 55 years. There is a minimum sum insured of Rs 20,000 and the maximum sum insured is 10 lakh rupees.
The policy can be converted into an endowment assurance policy before completion of one year and before the insurer’s age of 57 years. After the completion of four years, the loan facility and the policy can be surrender after three years of completion. It is important to note that if you surrender or surrender for a loan before completion of 5 years, you will not get the bonus available on your Life Insurance Policy. If the policy is assigned for surrender or debt, the proportional bonus is earned on the lower sum insured. If you talk about the bonus rate, you get the benefit of Rs 65 per 1000 rupees.
Convertible Whole Life Assurance (SUVIDHA)
Most policies and conditions of this policy are the same as the above policy. Terms of the age and age of the insurance policy. But it is very important to note one thing that in this policy, the insured is assured to the extent of the sum insured and the bonus earned till he gets the prescribed age of maturity. That is, the bonus is also completed with the money deposited at the end of the policy period. Where in the case of an unanticipated death of the insurer, the assignor, the nominated or legal heir is paid a full sum insured along with the bonus earned?
Endowment Assurance (SANTOSH)
This plan is called PLI’s SANTOSH policy. This policy can be converted into an endowment assurance after five years. Age should not be more than 55 years on the conversion date. If the option for the conversion is not used within 6 years, then the policy will be treated as whole life insurance. Loan facility is also available in this policy. The policy can also be claimed after completion of three years. But the policy is not eligible for the bonus if the policy is surrendered or surrendered for the loan before the completion of 5 years from the date of commencement of the policy. If the bonus rate is spoken in this policy, then you have to deposit approximately Rs. 1000 But get 50 rupees bonus.
Anticipated Endowment Assurance (SUMANGAL)
This is the Summary Plan Policy of PLI. In which up to 5 lakh limit is insured This is a Money-Back Insurance Policy. This is very good for those people who have an urgent return again and again. Just like you can get insurance for 8 years, 16 years, 20 years. There are many benefits to this policy. This will give you more bonuses which is a good thing.
In this policy, the insurer gets paid the insured from time to time (such payment will not be taken in the event of an unexpected death of the insurer and the full sum insured with the accrued bonus will be payable to the assignee, nominee or legal heir). There are two types of policies available – 15 years duration and 20 years duration.
For the policy of 15-year term, profit is paid after 6 years (20%), 9 years (20%), 12 years (20%) and 15 years (40% and earned bonus).
For a policy of 20-year term, profit is paid after 8 years (20%), 12 years (20%), 16 years (20%) and 20 years (40% and earned bonus). Such payments will not be kept in mind in the event of the insurer’s unexpected death, and the accrued bonuses will be payable to the assignee or the legal heir to the full sum insured.
Joint Life Assurance (YUGAL SURAKSHA)
This is called YUGAL SURAKSHA Insurance Policy of Postal Life Insurance. This policy is for husband-wife. Of which one of the spouses must be eligible for the Postal Life Insurance Policy. Life Insurance coverage is provided to both the sum assured and the amount of sum insured along with a premium. All other facilities are similar to the endowment policy. All the above schemes have a mandatory medical examination. That is, a medical test will be done first. For any category of non-medical policy (excluding AEA and Joint Life Insurance, for which medical examination is compulsory), the maximum sum insured is Rs. 1 lakhs.
Scheme for Physically handicapped persons
In PLI, the maximum limit of insurance for physically handicapped persons is the same as the others and they can take any plan. A medical examination is mandatory under this scheme. To determine the exact nature and extent of their disability and its impact on the insured. Depending on the nature and extent of disability, a normal or slightly higher premium is charged. In the event of the death of the insured before the date of maturity, the amount payable to the nominee or legal heir, as the case may be, will be determined as follows: but some conditions are kept in mind. Like –
A – If the death of the insured occurs before the completion of one year from the date of acceptance of the policy, then only 35% of the sum insured and earned bonus will be payable.
B – If the life insured dies before the expiry of two years, but only one year after the date of acceptance of the policy, only 60% of the sum insured and earned bonus will be payable.
C – If the life insured dies before the expiry of three years, but after two years from the date of acceptance of the policy, 90% of the sum insured and earned bonus will be payable.
D – If the insured person dies after completion of three years, then the full sum insured will be payable along with the bonus earned on it.
The Department of Posts has effectively introduced Child Policy under PLI / RPLI on January 20, 2006. The main features of this scheme are as follows: –
A – This plan has been envisaged to provide insurance cover to children of PLI / RPLi policyholders.
B – A maximum of two children in the family will be eligible for the policy of children. The third child will not be eligible.
C – Children aged 5 to 20 years are eligible and the maximum sum insured is Rs. 1 lakh or equivalent amount of the principal policy holder’s sum. Pay special attention to this.
D – The main policyholder should not get 45 years of age. I.e. age 45
Should be less than
E – No premium payment will be made on the policy of children on the death of the main policyholder and the full sum insured along with the accrued bonus will be given to the child after the expiry of the term of the children’s policy. At the death of the child/children, the full sum insured along with the accrued bonus will be payable to the main policyholder.
F – The main policyholder will be responsible for paying the children’s policy. No loan will be acceptable on the children’s policy, even though the policy will have the facility to make payments, provided the premiums are paid continuously for 5 years.
G – The child’s medical examination is not necessary, though the child should be healthy on the day of the proposal and the proposal will start from the date of acceptance.
H – The policy will attract bonuses at the rate applicable to the endowment policy. From time to time, modified POIF rules will apply to children’s policy.
Postal Life Insurance Policy’s Benefits
1 – Postal Life Insurance provides more bonuses on paying less premium than any Life Insurance Company in India. If we compare LIC and PLI’s Whole Life Insurance Policy, then the insured with PLI pays the premium of approximately 26% to 36% less than the insured with the LIC. For this reason, you should get this insurance. If you fulfill its eligibility criteria.
2 – There is no need for us to revolve around any private agent. You can know about all the policies and get insurance by going to the nearest post office.
3 – Under the terms, the Policy Holder Loan can also be obtained. But under certain conditions, it is accepted.
4- If the policyholder loses his policy to the Bond Document or for some reason you do not have the document available, you are issued a new Duplicate Bond.
5 – There is not much hassle. There are clear and straightforward terms and conditions. There is a trust that you can not take on another company’s policy.
7 – PLI has a good interest bonus rate.
6 – In addition to this, you get many benefits that you do not get in any other Life Insurance Policy.
So what will soon get to the full post by going to the Post Office and buy a better Life Insurance Policy for yourself?
If you want to get complete information about PLI Life Insurance, you can visit their Offical Site. Online