Postal life insurance (PLI) plan details

You will go to the post office sending your savings or mail but do you know that the post office also provides a life insurance policy? postal life insurance plan details or PLI is known. Its eligibility was first restricted and this insurance was meant for government employees only but recently the postal department has simplified the rules of postal life.

What is Postal life insurance (PLI) plans details? 

Postal life insurance works like any other life insurance service provider, the only difference is that it is run by the Indian postal department INDIA POST. In addition, the only offering is a traditional insurance policy and term insurance. The first thing that provides protection for your family of life was first started in 1884 for the benefit of the postal workers.

Eligibility for Postal Life Insurance PLI

• Based on the above list, I am sharing you the below new eligibility for PLI (Postal Life Insurance) rules as below.
• Central Government
• Defense Services
• Para-Military forces
• State Government
• Local Bodies
• Government-aided Educational Institutions
• Reserve Bank of India
• Public Sector Undertakings
• Financial Institutions
• Nationalized Banks
• Autonomous Bodies
• Extra Departmental Agents in Department of Posts
• Employees Engaged/ Appointed a Contract basis by central/ State Government where the contract is extendable
• Employees of all Scheduled Commercial Banks
• Employees of Credit Co-operative Societies and other Co-operative Societies registered with Government under the Co-operative Societies Act and partly or fully funded from the Central/ State Government/RBI/ SBI/ Nationalized Banks/ NABARD and other such institutions notified by Government
• Employees of deemed Universities an educational institutes accredited by recognized bodies such a National Assessment and Accreditation Council, All India Council of Technical Education, Medical Council of India etc.
• Employees (teaching or non-teaching staff) of, all private educational institutions/schools/colleges etc. affiliated to recognized Boards (recognized by Centre / State Governments) of Secondary / Senior Secondary education i.e. CBSE, ICSE, State Boards, Open Schools, etc.
• Professionals such as Doctors (includingDoctorspursuing Post Graduate degree courses through any Govt/Private Hospitals,Residents Doctorsemployedon contract/ permanent basis in any Govt/PrivateHospitalsetc),Engineers (including’ Engineers pursuing Master’s /’ Post·Graduate degree after having passed GATE entrance test), Management Consultants; Chartered Accountants (registered with Institute orCharteredAccountantsofIndia),Architects, Lawyers (registered with Bar Council of India/ States ), Bankers (working in Nationalised and its Associate Banks,Foreign Banks,Regional Rural Banks,Scheduled Commercial Banks including Private Sector Banks) etc.
• Employees of listed companies of NSE (National Stock Exchange) and Bombay Stock Exchange (BSE) in IT, Banking & Finance, Healthcare/ Pharma, Energy/power, Telecom, Infrastructure Sector etc, where employees are covered for Provident Fund./ Gratuity and / or their leave records are maintained by the establishment.

Type of Postal life insurance PLI plans

In addition to the single insurance policies, postal life insurance postal department currently has 6 types of post life insurance policies.
PLI provides the following six types of policies Currently, PLI offers 6 types of policies and they are as below.

1. Whole Life Insurance (SURAKSHA)
2. Convertible Whole Life Insurance (SUVIDHA)
3. Endowment Insurance (SANTOSH)
4. Anticipated Endowment Insurance (SUMANGAL)
5. Joint Life Insurance (YUGAL SURAKSHA)
6. Children Policy(BAL JEEVAN BIMA)

1. Whole Life Insurance (SURAKSHA)

This is a scheme where the Sum Assured along with the accrued bonus is to be paid on the death of the insured person or his legal representatives or the insured after getting the age of 80 years, whichever is earlier.

• Minimum and maximum age on the entry: 19-55 years
• Minimum Sum Assured ₹ 20,000; Maximum ₹ 5 million
• 4 years loan facility
• Surrender after 3 years
• Last declared bonus- ₹ 85 / - per 1000 insurance per year assured

2. Endowment Insurance (SANTOSH)

In this scheme, the supporter is given assurance to the extent of the sum insured and the earned bonus till he gets the prescribed age of maturity, 35, 40, 45, 50, 55, 58 and 60 years of age.
In the case of death of the life assured, the nominee or legal heir is paid the full sum of the sum insured along with the earned bonus. Even here, 

• the minimum and maximum age at entry are 19 years and 55 years 
• Minimum and maximum age on the entry: 19-55 years
• Minimum Sum Assured ₹ 20,000; Maximum ₹ 5 million
• Loan facility after 3 years
• Surrender after 3 years
• Last declared bonus - ₹ 58 / - per 1000 insurance per year assured

3. Convertible Whole Life Insurance (SUVIDHA)

There is a full life insurance policy with the option of converting to endowment assurance at the end of five years of choosing this policy. With the accrued bonus till the maturity date, the sum insured is given up to the limit. In case of death, the assignee or nominee or legal successor will be paid the full amount of sum insured along with the earned bonus.

• Minimum and maximum age at entry are 19 years and 55 years respectively.
• The minimum sum insured is Rs 20,000, while the maximum is Rs 50 lakhs.
• The loan facility will be available after 4 years and the policy can be surrendered after 3 years.

4. Anticipated Endowment Insurance (SUMANGAL)

This money back policy comes with a maximum sum insured of 50 lakh rupees and is most suitable for those who require periodic returns. From time to time, the survival benefit is paid to the insured person. In the event of unanticipated death of the insured, these benefits will not be considered, but, with the accrued bonus, the full sum insured is payable to the assignee, nominated or legal heir.

• Policy Term: 15 years and 20 years
• Minimum age 19 years; The maximum age of admission will be 40 years for a policy of 20 years and 45 years for a policy of 15 years
• Benefits paid on survival benefit from time to time: -
• A policy of 15 years - with the bonus earned on maturity, 6 years, 9 years and 12 years and 40% is 20% each
• The policy of 20 years - 8 years, 12 years and 16 years and 40% with bonus earned on maturity 20% each
• Last Announced Bonus - ₹ 53 / - per 1,000 Insurance Amount Per Year

5. Joint Life Insurance (YUGAL SURAKSHA)

Post life insurance is a joint life endowment plan in which one of the spouses should be eligible for postal life insurance policies. Also, with the accrued bonus, life insurance will be provided to both husband and wife till the limit of sum insured.

• Minimum Sum Assured ₹ 20,000; Maximum ₹ 5 million
• Minimum age and maximum age at the entry of spouse: 21-45 years
• The maximum age of the large policyholder should not be more than 45 years and this should be between 21 years and 45 years.
• Loan facility after 3 years
• Loan after 3 years
• In the event of the death of a husband or chief policyholder, a death benefit is paid to any of the survivors
• Last declared bonus- ₹ 58 / - 1000 sum insured per year

6 Children Policy (BAL JEEVAN BIMA)

The main features of this scheme are as follows:

• This plan provides life insurance cover to the policyholders' children.
• Maximum two children of the policyholder (parent) are eligible
• Children 5-20 years old are eligible
• The maximum sum assured is ₹ 3 lakhs or the sum insured of the parents, whichever is less
• Policyholder (parent) should not be more than 45 years.
• On the death of the policyholder (parent), the children do not have to pay any premium. The full insured amount and bonus will be paid upon completion of the earned period.
• The policyholder (parent) will be responsible for the payment of the insurance premium to the children.
• Attract the bonus rate applicable for endowment policy (i.e. satisfaction) i.e. the last bonus rate ₹ 58 / - 1000 sum insured per year.

Postal life insurance plan details is a good option for the life insurance plan of India which provides you with every facility and this is less premium and more bonuses than this and the insurance company. You are requested that if you have to buy this plan, then you have purchased only about postal life insurance more than the post office.