POSTAL INSURANCE PLAN

=========================================================================

Introduction 

Postal Life Insurance (PLI) was introduced on 1st February 1884.It started as a welfare scheme for the benefit of postal employees and was later extended to the employees of the Telegraph Department in 1888.It is the oldest life insurer in this country. Over the years, PLI has grown substantially from a few hundred policies in 1884 to more than 50 Lacs policies as on 31.03.2021. It now covers employees of Central & State Governments, Defence and Para-Military Services, Public Sector Undertakings, Banks, Educational Institutions, Local Bodies, professionals (such as doctors, engineers, chartered accountants, MBAs, lawyers etc.) and employees of companies listed with National Stock Exchange (NSE) / Bombay Stock Exchange (BSE)

Whole Life Assurance (Suraksha)

This is a scheme where the assured amount with accrued bonus is payable to the insured either on attaining the age of 80 years, or to his/her legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim.

Ø  Minimum & Maximum age at entry: 19-55 years

Ø  Minimum Sum Assured ₹ 20,000; Maximum ₹ 50 lac

Ø  Loan facility after 4 years

Ø  Surrender after 3 years

Ø  Not eligible for bonus if surrendered before 5 years

Ø  Can be converted into Endowment Assurance Policy upto 59 years of age of the insurant provided the date of conversion does not fall within one year of the date of cessation of premium payment or date of maturity.

Ø  Premium paying age can be opted for as 55,58 or 60 years

Ø  Proportionate bonus on reduced sum assured is paid if policy is surrendered

Ø  Last declared Bonus- ₹ 76/- per ₹ 1000 sum assured per year​

Convertible Whole Life Assurance (Suvidha)

A Whole Life Assurance Policy with the added feature of an option to convert to Endowment Assurance Policy at the end of five years of taking policy.

Ø  Assurance to the extent of sum assured with accrued bonus till attainment of maturity age

Ø  In case of death, assignee, nominee or legal heir paid full amount of sum assured with accrued bonus

Ø  Minimum age & Maximum age at entry: 19-55 years

Ø  Can be converted into Endowment Assurance after 5 years not later than 6 years of taking policy. If not converted, policy will be treated as Whole Life Assurance

Ø  Minimum sum assured ₹ 20,000; Maximum ₹ 50 lac

Ø  Loan facility after 4 years

Ø  Surrender after 3 years

Ø  Not eligible for bonus if surrendered before completion of 5 years

Ø  Last declared Bonus- ₹ 76/- per ₹ 1000 per year (for WLA policy if not converted to Endowment Assurance)

Ø  ​On conversion, bonus of Endowment Assurance will be payable.

 Endowment Assurance (Santosh)

 Under this scheme the proponent is given an assurance to the extent of the sum assured and accrued bonus till he/she attains the pre- determined age of maturity i.e 35,40,45,50,55,58 & 60 years of age.

Ø  In case of death of insurant, assignee, nominee or legal heir is paid full amount of sum assured with accrued bonus

Ø  Minimum & maximum age at entry: 19-55 years

Ø  Minimum sum assured ₹ 20,000; Maximum ₹ 50 lac

Ø  Loan facility after 3 years

Ø  Surrender after 3 years

Ø  Not eligible for bonus if surrendered before completion of 5 years

Ø  Proportionate bonus on reduced sum assured is paid if policy is surrendered after 5 years

Ø  Last declared Bonus- ₹ 52/- per ₹ 1000 sum assured per year

Joint Life Assurance (Yugal Suraksha)

It is a Joint Life Endowment Assurance in which one of the spouses should be eligible for PLI policies.

Ø  Life cover to both spouses to the extent of sum assured with accrued bonus with a single premium

Ø  Minimum sum assured ₹ 20,000; Maximum ₹ 50 lac

Ø  Minimum age & Maximum age at entry of spouses: 21-45 years

Ø  Maximum Age of the elder policy holder should not be more than 45 years & the couple should be between 21 years to 45 years

Ø  Minimum term of policy 5 years and maximum 20 years

Ø  Loan facility after 3 years

Ø  Surrender after 3 years

Ø  Not eligible for bonus if surrendered before completion of 5 years

Ø  Proportionate bonus on reduced sum assured is paid if policy is surrendered

Ø  Death benefits are paid to either of the survivors in the event of death of spouse or main policy holder

Ø  Last declared Bonus- ₹ 52/- per ₹ 1000 sum assured per year

 Anticipated Endowment Assurance (Sumangal)

It is a Money Back Policy with maximum sum assured of ₹ 50 lacs, best suited to those who need periodical returns. Survival benefits are paid to the insurant periodically. Such payments will not be taken into consideration in the event of unexpected death of the insurant. In such cases, full sum assured with accrued bonus is payable to the assignee, nominee of legal heir.

Ø  Policy term: 15 years and 20 years

Ø  Minimum age 19 years; maximum age at entry 40 years for 20 years’ term policy & 45 years for 15 years’ term policy

Ø  Survival benefits paid periodically as under: -

Ø  15 years Policy- 20% each on completion of 6 years, 9 years & 12 years and 40% with accrued bonus on maturity

Ø  20 years Policy- 20% each on completion of 8 years, 12 years & 16 years and 40% with accrued bonus on maturity

Ø  ​Last declared Bonus- ₹ 48/- per ₹ 1000 sum assured per year

Children Policy (Bal Jeevan Bima)

The salient features of this scheme are as under:

Ø  ​The scheme provides life insurance cover to children of policy holders

Ø  Maximum two children of policy holder (parent) are eligible

Ø  Children between 5- 20 years of age are eligible

Ø  Maximum sum assured ₹ 3 lac or equal to the sum assured of the parent, whichever is less

Ø  Policy holder (parent) should not be over 45 years of age.

Ø  No premium to be paid on the Children Policy, on the death of policy holder (parent). Full sum assured and bonus accrued shall be paid on completion of term

Ø  Policy holder (parent) shall be responsible for payment of Children policy No loan admissible

Ø  Has facility for making it paid up, provided premiums are paid continuously for 5 years

Ø  Surrender facility is not available

Ø  No medical examination of child necessary. However, child should be healthy and risk shall start from day of acceptance of proposal

Ø  Attract the rate of bonus applicable for Endowment policy (Santosh) i.e. last bonus rate is ₹ 52/- per ₹ 1000 sum assured per year

Source: https://www.indiapost.gov.in/Financial/Pages/Content/pli.aspx

 


Comments

Post a Comment

Popular posts from this blog

. TATA MOTORS SET TO BEGIN THEIR MANUFACTURING UNIT IN RANIPET, TAMIL NADU Today , an important milestone for Tamil Nadu in General and Manufacturing industry N CM MK Stalin laid the foundation stone for Tata Motors Rs 9000 crore manufacturing plant in in Panapakkam, Ranipet district. It has an economic mileage for the Tamil Nadu. Just after six months of signing of MOUs with Tata Motor Groups, Tata Motor set to begin their manufacturing whch would fetch 5,000 jobs. MOU was signed in March,2024 for envisaging an investment woth Rs.9,000 crores over the period of 5 years which will provide direct and indirect employment opportunities for unemployed youths of Tamil Nadu. he plant will manufacture vehicles of flagship models of luxurious Jaguar and Land Rover, apart from four-wheelers of the Tata Motors portfolio. About Tata Motors Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of inte...
Read more

BASIC CONCEPTS- PART 1

  INCOME TAX - BASIC CONCEPTS AND DEFINITIONS  1 Give the Meaning of Tax   A tax is a  compulsory financial charge  levied by a government on an individual, organization, or transaction. The revenue collected is used to fund public expenditures like infrastructure (roads, bridges), healthcare, defense, and education. It is not a voluntary payment or donation; it is a mandatory contribution. 2. What are the different Types of Tax ?   Taxes are broadly classified based on what is being taxed. The main types include: ·          Income Tax:  Tax on personal or corporate income/profits. ·          Goods and Services Tax (GST):  Tax on the supply of goods and services. ·          Customs Duty:  Tax on goods importe...
Read more
ALLOWANCE- U/S 10(14) 1) Allowances-Exemption depends on actual expenditure S.No Name of Allowances u/s 10(14) (i) Exemption 1 Helper Allowances Actual amount spent 2 Uniform Allowances Actual amount spent 3 Academic Research Allowance Actual amount spent 4 Conveyance Allowance Actual amount spent 5 Travellin or Transfer Allowance Actual amount spent 6 Daily Allowance Actual amount spent   2) Allowances - Exemption does not depend  on actual expenditure S.No Name of Allowances u/s 10(14) (ii) Exemption 1 Hill Allowances Rs.300 p.m. to Rs.7,000 p.m. 2 Border Area Allowances Rs.200  per month to Rs.1,300 per month 3 Compensatory Field Area ...
Read more