Postal Life Insurance was launched in India under the British Government. Queen Victoria gave her approval to set it up on February 1st 1884. A unique distinction of postal life insurance was it covered women workers of Posts and Telegraphs Department in 1894. This was the time when no insurer covered women.
What is postal life insurance? Postal life insurance is a contract entered into by the Government, where money is paid to the life assured if he survives the term period. On death within the term of the plan, money is paid to nominees. Postal life insurance enjoys a Government guarantee. It is just like any traditional life insurance plan, but it is run by the Government.
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Under the Suraksha scheme, the assured amount + accrued bonus is payable to the insured, when he attains the age of 80 years or to his nominees on the death of the insured, whichever happens first. The policy must be in force at the time/date of the claim.
The minimum age of entry to the plan is 19 years and the maximum is 55 years. The minimum sum assured is Rs 20,000, while the maximum being Rs 50 Lakhs. You can avail a loan against postal life insurance after 4 years and surrender the postal life insurance after 3 years. The last declared bonus was Rs 85/Rs 1,000 sum assured.
In the Santhosh scheme, the life assured is given an assurance up to the sum assured and accrued bonus, till he/she attains a pre-determined maturity age of 35, 40, 45, 50, 55, 58 and 60 years of age.
If the life assured dies, the nominee/legal heir gets the entire sum assured with the accrued bonus. The minimum and maximum entry age remain 19 and 55 years.
The minimum sum assured is Rs 20,000 while the maximum is Rs 50 Lakhs. A loan against PLI can be taken after 3 years and PLI can be surrendered after 3 years. You will have to undergo medical tests, before availing santhosh or endowment assurance. Premiums depend on age of entry and maturity and vary across applicants.
Suvidha is a Whole Life Assurance with an option to convert to an Endowment Plan. This is within the end of 5 years of opting for the plan. Assurance is up to the extent of sum assured + accrued bonus till maturity age.
If the life assured dies within the term of the plan, the nominee gets the sum assured + accrued bonus. The minimum and maximum entry age remain 19 and 50 years. The minimum sum assured is Rs 20,000, while the maximum being Rs 50 Lakhs. You can avail a loan against postal life insurance after 4 years and surrender the postal life insurance after 3 years. The last declared bonus was Rs 85/Rs 1,000 sum assured.
Sumangal is a money back plan, which is well suited to citizens who seek periodic returns. The maximum sum assured is Rs 50 Lakhs. The insured gets to enjoy the survival benefits of Sumangal. Payments already made will not be taken into consideration if the life assured dies within the term of the plan. The full sum assured + accrued bonus is paid to the nominee.
Sumangal has a policy term of 15 and 20 years. The minimum age of entry is 19 years for a 20 year term policy, while the maximum entry age being 40 years. The maximum entry age is 45 years for a 15 year term policy.
Survival benefits are paid periodically under:
Yugal Suraksha is a joint endowment life assurance plan. The condition is one of the spouses must be eligible for PLI Plans.
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The salient features of the scheme:
· Central Government
· Defence Services
· Para Military forces
· State Government
· Local Bodies
· Government-aided Educational Institutions
· Public Sector Undertakings
· Financial Institutions
· Nationalized Banks
· Autonomous Bodies
· Extra Departmental Agents in Department of Posts
· Employees Engaged/ Appointed on Contract basis by central/ State Government where the contract is extendable
· Employees of all scheduled Commercial Banks.
WLA Rates: Bonus rates for whole life assurance was around Rs 90 / Rs 1000 in 2006, but as of March 2012, it’s around Rs 85 / Rs 1000.
CWA Rates: Bonus rate for convertible whole life assurance was Rs 85 / Rs 1000 in 2012.
EA Rates: Endowment Assurance rates were Rs 58 / Rs 1000 in 2012.
AEA Rates: Anticipated endowment rates were Rs 53/ Rs 1000 in 2012.
YS Rates: Yugal Suraksha rates stood at Rs 58/Rs 1000 in 2012.
With the PLI Calculator, you can calculate premium on the PLI Santhosh Plan. With the calculator you get, monthly, quarterly, half yearly and yearly premium, as per sum assured, age and term.
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