Postal Life Insurance is the oldest life insurer in the country, which started functioning in 1884, when the Secretary of State for India (representing the then British Emperor, Queen Victoria) under the British Government, set up a set up for it on 1 February Express was approved. 1884. Initially in 1881 His Majesty’s postal staff was assigned to the then Director General, F.R. Hogg, the plan was soon expanded to cover the staff of the Telegraph Department in 1888. Another feather in the cap for the budding organization was in 1894 expanding the cover for women workers of the Department of Posts and Telegraphs. This was at a time when no insurance company covered women.
Postal life insurance now includes central and state government employees and others working in public sector institutions and organizations. Postal life insurance has grown significantly from a few hundred policies in the 21st century to more than 64 lakh insurance (as of March 31, 2015). In its early days, the upper limit for life insurance was Rs 4,000. In previous years this figure has now gone up to Rs 50 lakhs in actual value of money.
Postal Life Insurance (PLI) and RPLI – Benefits and Features:
Postal life insurance and rural postal life insurance have many benefits for policy holders. Some of them are given below if you are wondering if to go for any of these schemes.
Postal Life Insurance and Rural Postal Life Insurance today offer the lowest premium in the insurance market and have the highest cover for such premiums.
Postal life insurance covers offer some of the highest bonus rates.
Insured persons can take a loan against the insurance scheme if they give a policy on behalf of the President of India to the heads of the circle or sector. A loan can be taken for 3 years after purchasing an Endowment Assurance Plan and for 4 years in case of Whole Life Assurance cover.
Policyholders can also submit their policy.
They can also entrust policy to any financial institution for availing loans.
Under Postal Life Insurance, the insured can convert their entire life insurance plans into Endowment Assurance cover. They can also change their Endowment Assurance plans to other Endowment Assurance policies.
Policyholders can change their nominee at any time.
Different plans of Postal Life Insurance:
1.Complete Life Assurance (Safety):
It is a scheme wherein the sum assured along with the accrued bonus is payable to the insured at the age of 80, or on his / her legal representatives or the death of the insured, whichever is earlier, provided the policy is in force . On the claim date.
Minimum and maximum age at entry: 19-55 years
Minimum Sum Assured ₹ 20,000; 50 million maximum
Loan facility after 4 years
Surrender facility after 3 years
Last declared bonus – Rs 85 / – per annum Sum Assured per Rs 1000
2.Endowment Assurance (Santosh):
Under this scheme, the proposer is given an assurance to the extent of the assured amount and bonus earned, till he attains the pre-determined age of maturity i.e. 35,40,45,50,55,58 and 60 years Age of.
In case of death of the insurer, the nominee, legal or legal heir is paid the full amount along with the bonus earned.
Minimum and maximum age at entry: 19-55 years
Minimum Sum Assured 20,000; 50 million maximum
Loan facility after 3 years
Surrender after 3 years
Last Declared Bonus – Rs.58 / – per annum Assured Sum Assured per Rs. 1000
3.Variable Life Insurance (Convenience)
It is a complete life insurance policy, which includes the option to convert to an endowment assurance policy at the end of five years of taking the policy. In case of assured death to the extent of the sum assured along with the bonus earned till the attainment of maturity age, the nominee, nominee or legal heir shall be paid the full amount along with the assigned bonus.
Minimum age at entry and maximum age: 19-50 years
Minimum Sum Assured 20,000; 50 million maximum
Loan facility after 4 years
Surrender after 3 years
Last Declared Bonus – 85 / – per Rs 1000 Sum Assured
4.Anticipated Endowment Assurance (Sumangal):
It is a money back policy with a maximum amount of 50 lakhs, which is best suited for those needing returns from time to time. Survival benefits are paid to the insurer from time to time. In the event of unexpected death of the insurer such payment will not be taken into consideration. In such cases, the full sum assured along with the bonus earned, is payable to the nominee of the legal heir.
Policy Term: 15 years and 20 years
Minimum age 19 years; Maximum age is 40 years for 20 years policy and 45 years for 15 years policy.
Survival benefits are given from time to time as follows: –
15 year policy – 20% on completion of 6 years, 9 years and 12 years and 40% with bonus earned on maturity.
20 years policy – 20% on completion of 8 years, 12 years and 16 years and 40% with bonus earned on maturity.
Last declared bonus – ₹ 53 / – per ₹ 1000 Sum Assured per year
5.Joint Assurance (Couple Safety)
It is a joint life endowment assurance in which one of the spouses must be eligible for PLI policies. Cover both spouse to the extent of sum insured along with the bonus earned.
Minimum Sum Assured 20,000; 50 million maximum
Minimum age and maximum age at entry of spouse: 21-45 years
The maximum age of the elder policy holder should not be more than 45 years and the age of the couple should be between 21 years to 45 years.
Loan facility after 3 years
Loan after 3 years
In case of death of spouse or main policy holder, death benefit is given to any one of the survivors.
Last Declared Bonus – 58 / – per annum Assured Sum of Rs 1000
6.Child Policy (Child Life Insurance):
The scheme provides life insurance cover to the children of policy holders. The maximum two children of the policy holder (guardian) are eligible
Children ages 5-20 are eligible
Maximum Sum Insured 3 Lakhs or equal to Parent’s Sum Insured, whichever is less
The policy holder (s) should not be more than 45 years of age.
No premium will be paid on the Children’s Policy on the death of the policy holder (parents). On completion of term, full sum assured and bonus earned will be paid
The policy holder (parents) will be responsible for the payment of the children’s policy
Attract the rate of bonus applicable for the endowment policy (Santosh), i.e. the final bonus rate / 58 / – per annum on the sum assured of ₹ 1000.
To participate in postal life insurance plans or to get more information, you must visit the nearest post office near you. All the plans of Indian post are sold only and only in post offices.
