Postal Life Insurance (PLI)

Postal Life Assurance or Postal Life Insurance -

 

The inception of Postal Life Assurance (PLA) dates back to the 1st of February in 1884. It emerged as a benevolent endeavor aimed at the welfare of postal staff and subsequently extended its protective embrace to employees of the Telegraph Department in 1888. In a noteworthy stride, in 1894, PLA pioneered insurance coverage for female employees within the then P & T Department, an unprecedented feat at a time when no other insurance entity ventured to safeguard women's lives. This establishment bears the distinction of being the most ancient life insurance provider within our nation. The annals of time have witnessed PLA's impressive evolution, transforming from a mere handful of policies in 1884 to a staggering tally of over 50 Lacs policies as of the 31st of March, 2021. Presently, it extends its protective canopy over personnel from various sectors, encompassing Central & State Governments, Defense and Para-Military Services, Public Sector Undertakings, Financial Institutions, Educational Entities, Municipal Bodies, and an array of professionals, including but not limited to doctors, engineers, chartered accountants, MBAs, and lawyers. It also safeguards the interests of employees affiliated with companies listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

 

• Comprehensive Life Assurance (Suraksha)

• Convertible Comprehensive Life Assurance (Suvidha)

• Endowment Assurance (Santosh)

• Mutual Life Assurance (Yugal Suraksha)

• Anticipated Endowment Assurance (Sumangal)

• Child Policy (Bal Jeevan Bima)

 

Comprehensive Life Assurance (Suraksha)

This scheme entails that the guaranteed sum, coupled with accrued bonuses, shall be disbursed to the insured party either upon reaching the age of 80 years or upon the demise of the insured, whichever event occurs first, provided that the policy remains in force at the time of the claim.

o Minimum & Maximum entry age: 19-55 years

o Minimum Guaranteed Sum ₹ 20,000; Maximum ₹ 50 lakh

o Loan facility available after 4 years

o Policy can be surrendered after 3 years

o Bonus is not eligible if the policy is surrendered before 5 years

o The policy can be converted into an Endowment Assurance Policy until the insurant reaches 59 years of age, provided that the conversion date does not fall within one year of the cessation of premium payments or maturity.

o The premium payment age options include 55, 58, or 60 years

o Proportional bonuses are disbursed on the reduced sum assured if the policy is surrendered

o Last declared Bonus- ₹ 76/- per ₹ 1000 sum assured per annum

 

Convertible Comprehensive Life Assurance (Suvidha) –

This Comprehensive Life Assurance Policy offers the additional flexibility of converting it into an Endowment Assurance Policy after five years of inception.

o Assurance extends to the sum assured value, along with accrued bonuses until the policy matures

o In the event of the policyholder's demise, the assignee, nominee, or legal heir shall receive the full sum assured amount along with accrued bonuses

o Minimum entry age & Maximum entry age: 19-55 years

o The policy can be converted into an Endowment Assurance Policy after 5 years but not later than 6 years from its commencement. If not converted, it shall continue as a Comprehensive Life Assurance Policy

o Minimum Guaranteed Sum ₹ 20,000; Maximum ₹ 50 lakh

o Loan facility available after 4 years

o Policy can be surrendered after 3 years

o Bonus is not eligible if the policy is surrendered before completing 5 years

o Last declared Bonus- ₹ 76/- per ₹ 1000 per annum (for Comprehensive Life Assurance policies not converted to Endowment Assurance)

o Upon conversion, the bonus of the Endowment Assurance Policy becomes payable.

 

Endowment Assurance (Santosh) –

This scheme confers an assurance equal to the sum assured value and accrued bonuses upon the policyholder, maturing upon reaching pre-determined age milestones of 35, 40, 45, 50, 55, 58, or 60 years.

o In the event of the policyholder's demise, the assignee, nominee, or legal heir shall receive the full sum assured amount along with accrued bonuses

o Minimum & Maximum entry age: 19-55 years

o Minimum Guaranteed Sum ₹ 20,000; Maximum ₹ 50 lakh

o Loan facility available after 3 years

o Policy can be surrendered after 3 years

o Bonus is not eligible if the policy is surrendered before completing 5 years

o Proportional bonuses are disbursed on the reduced sum assured if the policy is surrendered after 5 years

o Last declared Bonus- ₹ 52/- per ₹ 1000 sum assured per annum

 

Mutual Life Assurance (Yugal Suraksha) –

A Joint Life Endowment Assurance wherein one of the spouses must meet the eligibility criteria for PLI policies.

o Life coverage extends to both spouses to the sum assured value, including accrued bonuses, with a single premium

o Minimum Guaranteed Sum ₹ 20,000; Maximum ₹ 50 lakh

o Minimum age & Maximum age at entry for spouses: 21-45 years

o The elder policyholder's maximum age must not exceed 45 years, and the couple's age should fall between 21 and 45 years

o Policy terms range from a minimum of 5 years to a maximum of 20 years

o Loan facility available after 3 years

o Policy can be surrendered after 3 years

o Bonus is not eligible if the policy is surrendered before completing 5 years

o Proportional bonuses are disbursed on the reduced sum assured if the policy is surrendered

o In the event of the demise of one spouse or the primary policyholder, death benefits are payable to the surviving party

o Last declared Bonus- ₹ 52/- per ₹ 1000 sum assured per annum

 

Anticipated Endowment Assurance (Sumangal) –

This Money Back Policy offers a maximum sum assured value of ₹ 50 lakhs and is ideally suited for those seeking periodic returns. Survival benefits are periodically disbursed to the insured party. In case of the unexpected demise of the insured, such payments do not factor in, and the full sum assured, along with accrued bonuses, is payable to the assignee, nominee, or legal heir.

o Policy term options: 15 years and 20 years

o Minimum entry age 19 years; maximum entry age 40 years for a 20-year term policy and 45 years for a 15-year term policy

o Survival benefits are disbursed as follows: -

o 15-year Policy- 20% at the end of 6, 9, and 12 years, with 40% along with accrued bonuses at maturity

o 20-year Policy- 20% at the end of 8, 12, and 16 years, with 40% along with accrued bonuses at maturity

o Last declared Bonus- ₹ 48/- per ₹ 1000 sum assured per annum

 

Child Policy (Bal Jeevan Bima) –

 

The key attributes of this scheme are as follows:

o The scheme extends life insurance coverage to the children of policyholders

o A maximum of two children of the policyholder (parent) are eligible

o Children aged between 5 and 20 years qualify

o The maximum sum assured is ₹ 3 lakhs or the sum assured of the parent, whichever is lower

o The policyholder (parent) should not exceed 45 years of age.

o No premiums are due on the Children Policy upon the demise of the policyholder (parent). The full sum assured, along with accrued bonuses, shall be disbursed upon completion of the term.

o The policyholder (parent) is responsible for the continuous payment of Children Policy premiums

o The policy can be made paid up after five years of continuous premium payments

o Surrender facility is not available

o No medical examination of the child is necessary. However, the child should be in good health, and the risk coverage commences from the acceptance date of the proposal

o Attracts the bonus rate applicable for the Endowment policy (Santosh), with the last bonus rate being ₹ 52/- per ₹ 1000 sum assured per annum

 

Customer Checklist

 

I have securely stored the Policy bond

I have informed a trusted individual of the bond's location

I have reviewed the Policy schedule on the first page

I have recorded the policy number in my diary, along with due dates and premium amounts

I have noted the Post Office's contact number in my diary

I have documented details of the PLI INFO Center

I understand that it is in my best interest to keep PLI informed of any changes in my address, phone number, or email address

I am aware that I should continue paying premiums even if I have not received a notice

I have designated a nominee under this Policy

Premium table postal life insurance

For any requirement in Pune India Contact - 

Anil S Abhang

Agent ID MHDE14216

Sales Force (Postal Life Insurance)

Pune City 

Mobil -8237160160

Email- abhang.anil@gmail.com 

 

Reference taken from Post office site