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What all you should know about Postal Life Insurance?

What is the Postal Life Insurance (PLI) Scheme?

Postal Life Insurance (PLI) is the oldest insurance company in India that started its operation in 1884. At that time, the postal life insurance scheme was a welfare scheme that was restricted only to the postal service employees. But gradually, this post office insurance scheme has thrived, and now, postal life insurance policy is one of India’s most expedient and considerably low-premium investment products. This PLI India post policy offers the highest insurance coverage, with the highest returns on minimal premiums. Under this post office PLI scheme, the sum assured is Rs. 50 lakhs.

Postal Life Insurance Eligibility

Employees of the below-mentioned organizations/companies are eligible for various postal life insurance scheme plans.

  • Défense and para military services
  • State and state government (both permanent and contractual)
  • Local Bodies
  • Reserve Bank of India
  • Co-operative, nationalized, and commercial banks and other financial institutions
  • Government-supported educational institutions and institutes accredited by established bodies, including the All India Council of Technical Education, National Assessment and Accreditation Council, Medical Council of India, etc.
  • Public Sector Undertakings
  • Autonomous Bodies
  • Department agents in post departments

 

Prime benefits of PLI online payment policies

PLI post office policy offers a plethora of benefits to the policyholders.

  • Because of its flexibility, the postal life insurance online payment policy is highly applauded by customers.
  • At any point, the insured policyholder can change the nominee as per the requirements.
  • If your original PLI online premium payment policy gets lost, burnt, torn, or maimed, the duplicate will be re-issued to the insured policyholder.
  • You can revive your lapsed postal life insurance policy after 6 unpaid premiums if it remained in force for less than 3 years. On the other hand, if it remained in force for more than 3 years, you can revive it after 12 unpaid premiums.
  • You are eligible for a loan by pledging your postal life insurance online policy to Heads of the Circle/Region on behalf of the President of India, after the completion of 3 years for Endowment Assurance and 4 years for Whole Life Assurance.
  • To get a loan, you can use your post office life insurance policy
  • You can easily convert your Whole Life Assurance policy to Endowment Assurance, or you can migrate from one Endowment Assurance to another Endowment Assurance under specific rules & regulations.

 

Postal Life Insurance Plan Details

Let’s take a look at different insurance plans that come under Postal Life Insurance (PLI) scheme details are given below:- 

1. Whole Life Assurance (Suraksha) 

Under this PLI policy, the sum assured along with accrued bonus is payable to the insured policyholder either when he/she turns 80 years or to his legal beneficiary in case of the demise of the policyholder (whichever happens earlier)

  • Eligibility and features for this postal life insurance scheme
  • Minimum and Maximum age at entry:19 years and 55 years, respectively
  • Minimum and maximum sum assured: Rs.10,000 and Rs. 50 lakhs respectively
  • Loan facility: only after 4 years
  • Surrender: only after 3 years of the completion of the policy
  • Premium: Premiums will be varied based on the sum assured and the age of the candidate
  • Bonus: Rs. 85/- per Rs. 1000 sum assured per year 
  • Premium: The premium amount depends on the maturity and age of the candidate.

 

2. Endowment Assurance (Santosh)

This PLI online payment scheme offers an extent of the sum assured and accrued bonus until the policyholder reaches the maturity pre-determined age.

Eligibility criteria and features

  • If the policyholder dies, the beneficiary will receive the entire sum assured and accrued bonus.
  • Minimum and maximum entry age:19 years and 55 years, respectively
  • Minimum and minimum sum assured: Rs10,000 and Rs. 50 lakhs
  • Loan facility: Only after 3 years of completion of the
  • Surrender: After 3 years 
  • Premium: Premium depends on maturity age, the entry age of the applicant, and so on.
  • Life insurance bonus rate: Rs. 58 per Rs. 1000 of the sum assured

 

Also Read: Postal Life Insurance for Government Employees

3. Convertible Whole Life Assurance (Gram Suvidha)

This policy has many resemblances with the whole life assurance policy. But it offers some more additional features. After the completion of the 5 years of the policy, you can convert it to an Endowment assurance policy.

Eligibility criteria and prime features

  • This policy embraces policyholders with an extent of sum assured and accrued bonus at the time of maturity
  • If the policyholder expires, the beneficiary will get the sum assured with accrued bonus
  • Minimum and maximum entry age: 19 years and 55 years, respectively
  • Minimum and minimum sum assured: Rs10,000 and Rs. 50 lakhs
  • Loan facility: Only after 4 years of completion of the
  • Surrender: after 3 years 
  • Premium: Premium depends on maturity age, the entry age of the applicant, and so on
  • Bonus: Rs. 85 per Rs.1000 of the sum assured

 

4. Anticipated Endowment Assurance (Gram Sumangal)

This postal life insurance policy is a money-back policy (with 50 lakhs sum assured) plan specially designed for people looking for cash periodically to meet their short-term financial needs. No period payments will be made if the policyholder dies. But in such cases, the nominee will have the full sum assured with accrued bonus.

Eligibility criteria and prime features

  • Policy Term: This plan has two tenure periods (for 15 years and 20 years)
  • Minimum age and maximum age at entry: 19 years and 40 years for 20 years’ term policy
  • Minimum age and maximum age at entry: 19 years and 45 years for 15 years’ term policy

Survival benefits under this policy

  • For 15 years Policy: 20% each after the completion of 6 years, 9 years & 12 years and with 40% accrued bonus at the time of maturity.
  • For 20 years Policy: 20% each after the completion of 8 years, 12 years & 16 years and 40% accrued bonus at the time of maturity.
  • Surrender: after 3 years.
  • Bonus: Rs. 53 per Rs.1000 of the sum assured per year.

 

5. Joint Life assurance (Yugal Suraksha)

Under this policy scheme, one spouse is eligible for PLI policies.

This policy offers life cover to both partners to the extent of the sum assured along with accrued bonus

  • Survival benefits are given after 4 years (20%), after 7 years (20%) and after 10 years (60% with accrued bonus)
  • Minimum and maximum entry age: 21 years and 45 years 
  • Minimum and maximum sum assured: Rs 20,000 and Rs. 50 lakhs
  • Loan facility: after 3 years of the completion of the policy
  • Bonus: Rs. 58 per Rs. 1000 of sum assured per year

 

6. Children policy (Bal Jeevan Bima)

Eligibility criteria and features

  • This scheme offers life insurance coverage to children of policyholders.
  • Children age between 5- 20 years are eligible
  • The maximum sum assured amount is 3 lakh or equal to the sum assured of the parent (which one is lesser).
  • The age of the policyholders(parent) should not cross 45 years
  • No amount will be given on the death of the policyholder (parent). The policyholder will get the entire sum assured along with accrued bonus at the term of maturity.
  • Parents are responsible for the payment of this post office insurance scheme policy.

 

How to check your postal life insurance policy status?

To check your PLI policy status, just follow the below steps.

  • You can visit your online policy account using your username and other details by login to the Postal Life Insurance website
  • You can write an email to either pli.dte@gmail.com or amplidte@gmail.com to know the policy status.

 

Postal Life Insurance (PLI) is the best option to secure and protect your family financially under any unforeseen incident. This blog might have given you all the required information about Postal Life Insurance to make the right decision. 

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