Friday, 9 October 2020

Postal Life Insurance: Plans & Benefits

Do you know about Postal Life Insurance / Postal Life Insurance (PLI)? It's a life insurance scheme of the Government of India. Actually, the post office sells life insurance coverage along with its basic work. It's included within the country's oldest insurance scheme. During the British rule in India, Postal Life Insurance i.e. PLI was began on 1 February 1884.

Postal Life Insurance Plans

Security (whole life insurance)

On this scheme, the sum assured and bonus quantity is paid to the relations or authorized consultant on the age of 80 years or on demise of the insured. The age for this insurance coverage ought to be no less than 19 years and most 55 years. The sum insured will be no less than 20,000 and most of 50 lakhs. You may avail mortgage facility after Four years and give up the coverage after Three years.

Santosh (Endowment Assurance)

In this scheme, there's a fixed ratio of the sum assured and bonuses earned on 35, 40, 45, 50, 55, 58 and 60 years before maturity. On demise of the insured, the nominee or legal representative will get the sum assured along with the bonus earned. Also, the age for insurance should be at least 19 years and maximum 55 years. The sum insured can be at least 20,000 and most of 50 lakhs. After Four years, you may avail the mortgage facility.

Suvidha (full life insurance with change option)

It's also a complete life insurance that may be converted into an endowment assurance policy after 5 years. A fixed ratio of the sum assured and bonus earned is given. On demise, the prescribed person, nominee or legal consultant gets the sum assured together with the bonus earned. The age for insurance coverage must be at least 19 years and not more than 55 years. The sum insured can be at least 20,000 and maximum of 50 lakhs. After Four years, you can avail the mortgage facility and after 3 years the policy can be surrendered

Sumangal (Estimated Endowment Assurance)

The money back policy comes with a sum assured of a most of 50 lakhs and it's better for those who want returns from time to time. Survival benefits are issued to the insured from time to time. These benefits don't accrue on the demise of the insured, but the sum assured and the bonus earned accrue to the designated person, nominee or legal representative.

The time period of this policy is 15 and 20 years. The age to start it should be 19 years, while the maximum age should be 40 years for 20 years policy and 45 years for 15 years policy. The Survival Profit 15 year coverage gives 20% each 6 years, 9 years and 12 years and 40% on maturity and earned bonus. However, 20 years coverage will get 20% each 8 years, 12 years and 16 years and 40% on maturity and earned bonus.

Couple Safety (Joint Life Assurance)

It's a joint life endowment assurance through which a partner is entitled to a PLI policy. Additionally, each spouses get life cover up to the limit of sum insured and bonus earned. In this, the life of both spouses should be at least 21 years and maximum 45 years.

The minimal sum assured is Rs 20,000, whereas the maximum is 20 lakh. The elder policy holder shouldn't be more than 45 years of age and both of them should be between 21 and 45 years. After 3 years loan facility can be availed. Demise benefit is either to a survivor or to the main policy holder.

Child Life Insurance (Little one Policy)

This scheme gives life cowl to the policyholder's kids (most 2). The utmost sum assured is the same as Three lakhs or equal to the father or mother's sum assured, whichever is much less. The age of the insured (father or mother) shouldn't be greater than 45 years. It's value noting that no premium is paid after the demise of the insured (father or mother) in a baby coverage. On completion of the time period, you get the complete sum assured and the bonus earned.

Postal Life Insurance Benefits

PLI currently in the life insurance market according to the official web site of Postal Life Insurance
There's a scheme which is very much less if compared to different insurance products available in the market.

  • Premium has a very high return ie bonus-giving scheme. Whole of PLI as an example
  • premium of ife insurance policy from 26% of LIC's total life insurance policy
  • 36% is less, however it depends on the age of entry into the policy. Ditto PLI
  • The Endowment Policy is as much as 6% cheaper than LIC's Endowment Policy. Postal Life
  • Bonus earned below Insurance may also be 7% or more than LIC.
  • is. According to the official web site of PLI, personal insurance coverage firms who've life insurance coverage 2 to 3 years ago
  • Started business, but have not been able to declare bonuses, whereas under RPLI since the first year
  • The bonus is being paid. Apart from this, some of the important benefits to the insurer are as follows.
  • Nomination change is available to the insurer.
  • On completion of three years in the status of Endowment Insurance coverage, Whole Life Insurance
  • Within the event of completion of 4 years, the insurer can also apply for a loan on the policy.
  • Facility for assignment of policy to a financial institution for availing mortgage.
  • Revival of Lapse Policy is available.
  • If the policy is less than three years old, then the policy is not paid for 6 premiums
  • There shall be lapse, this limit is 12 Unpaid Premium for more than three years.
  • Under Postal Life Insurance, if the bond of the original policy is burnt, torn,
  • The facility to issue duplicate policy bonds in lieu of it's turned or lost.
  • Is available.
  • Whole life insurance as per endowment assurance and endowment as per rules
  • Facility to convert Assurance to other Endowment Assurance is also available.

If the Maharashtra authorities talks according to the launch period, you may consider PLI as India's oldest life insurance scheme. Now you may take life insurance as much as Rs 10 lakh below Postal Life Insurance (PLI) scheme.

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