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Postal Life Insurance(PLI)
Postal life insurance is a product of the Department of Post. Postal Life Insurance (PLI) was introduced on February 1st, 1884. It is the oldest insurance provider. PLI is considered the best insurance compared to LIC. PLI provides the best bonus and return on investment. PLI is considered a low-premium personal investment product in the country. Postal life insurance is divided into two parts. 1-Postal life insurance 2-Rural Postal Life Insurance, There is a basic difference between the two categories: Postal life insurance is given to urban and rural individuals, but policy benefits are slightly different for both policy types. Salaried individuals in the private sector are not eligible to avail of the postal life insurance policy. The government of India guarantees Postal Life Insurance.
Rural postal life insurance(RPLI)
For the benefit of a segment of the population residing in rural India, the Rural Postal Life Insurance (RPLI) scheme was launched in 1995. Rural postal life insurance's primary goal is to provide insurance coverage for low-income groups and give them financial security so they can face challenges. The Malhotra committee's recommendation to bring about improvements in the insurance market for people living in rural areas led to the creation of the program. This scheme is designed to cover those who reside in rural areas.
Who is eligible for the policy?
Not everyone can avail of this policy. Previously, the policy was limited to government employees only, but now cover is extended to below-mentioned individuals also.
*Central and state government employees
*Deference personal
*Local body employees (municipal employees)
*Para Military forces
*Financial Institutions, RBI,
*Employees (teaching/non-teaching staff) of all private educational institutions/schools/colleges, etc. affiliated with a recognized board (recognized by the center/state government) of secondary/senior education, i.e., CBSE, ICSE, State boards, open schools.
*All banks' employees
*Employees are engaged/appointed on a contract basis by the central or state government, where the contract is extendable.
*Employee of credit co-op societies, which are with the government under the Co-operative Societies Act.
*Employees of NSC (National Stock Exchange) and BSE (Bombay Stock Exchange) listed companies in IT, banking and finance, healthcare, pharmaceutical, energy, power, and infrastructure sectors, among others, are covered for provident fund, gratuity, and other leave records.
*Doctors, engineers, chartered accountants, MBAs, lawyers, and other professionals.
*Joint ventures having a minimum of 10% government/PSU stake, etc.
*Employees are engaged/appointed on a contract basis by the central or state government, where the contract is extendable.
*Nabard employee
Sum Assured
The minimum sum assured under this scheme is Rs.20,000/-, and the maximum sum assured is Rs.50 lakh (10 lakh for the handicapped).
For RPLI, the minimum sum assured is Rs.10000/- & the maximum sum assured offered under this scheme is Rs. 10 lakh.
Tax Benefit
Yes, a tax benefit is available for availing PLI or RPLI. The insured can avail of an income tax exemption under Sec. 80 of the Income Tax Act.
Postal Life Insurance Advantages
Low premium, high bonus.
The government provides insurance.
A loan can be availed on postal life insurance.
Postal life insurance can be purchased jointly by a husband and wife.
Postal life insurance can be paid online.
Nomination facilities are available.
A lapsed postal insurance policy can be revived after six unpaid premiums if it remains in force for less than three years. It can also be revived after 12 unpaid premiums if it remains in force for more than three years.
FAQs
1-If my spouse is eligible for PLI but I am not, can we apply for a policy together?
Yes, if one partner is eligible for PLI, then the other spouse can avail policy benefit jointly by availing Yugal Suraksha's policy.
2-Can we surrender our postal life insurance?
Yes, PLI can be surrendered.
3-Can I get a loan on PLI?
Yes, one can avail a loan facility after completing 3 years of the policy.
4-Can I convert my policy into another policy plan?
Yes, PLI can be converted into other policy plans. For example, a whole life assurance policy can be covert into an endowment assurance policy.
5-Can I avail myself of multiple policies?
Yes, multiple policies can be availed, but the minimum sum assured should not be less than 20,000 and should not be more than 10 for each class.
6-Is there a rebate available for paying premiums in advance?
Yes, if the policy premium is paid for 6 months in advance, a 1% rebate is given, and if the premium is paid for 12 months in advance, a 2% rebate is given.
7-Can NRIs purchase postal life insurance?
No, non-resident Indians (NRI) can not avail of postal life insurance.
8-What if I failed to pay a premium in a particular month?
One can pay the premium by paying a minimum penalty of 1% of the premium amount per month.
9-When is the proposer's medical examination required?
Regardless of age, a PLI policy with a sum assured of up to 2 lakh rupees will be non-medical. Additionally, for policies with up to 5 lakh in PLI for proposers under 40 years of age and (ii) up to 1 lakh in RPLI for proposers under 35 years of age, a medical examination is not necessary. A medical evaluation is required for other PLI/RPLI insurance.
10-If a person leaves the service, can the policy be continued?
Yes, the policy can be continued by making a payment at any post office, even if the person leaves the job on the basis that the policy is opted.
11-Is the maturity amount of postal life insurance taxable?
No, the maturity amount will only be taxed if the amount insured is below the set limit.
12-Can a person who lives in an urban area purchase a policy through RPLI?
No, the RPLI plan is only available to those who reside inside a rural area's limits.
13-Does PLI provide an online payment option?
Yes, you can pay your PLI premiums online through the official India Post website.
14-What is the highest amount that can be assured under RPLI's insurance plans?
For insurance plans offered by RPLI, the highest sum assured is INR 10 lakhs.
15-Is PLI preferable to LIC?
When compared to other private insurers, PLI offers low premium rates. PLI offers a bonus rate that ranges from 7% to higher. LIC now offers a bonus rate of between 4% and 5%
16-I have a degree from a foreign country, so can I apply for PLI?
Those who have obtained degrees from foreign countries are not eligible for the Postal Life Insurance policy.
Customer Care
You can contact at toll free number 1800 180 5232/155232 for inquiry related to Postal life insurance/Rural Postal life insurance. Or send email at epli.dte@gmail.com or amplidte@gmail.com.
1-Whole Life Assurance (Suraksha)
If the insured person dies before reaching the age of 80, the assured amount plus accrued bonus will be paid to his or her legal representatives or assignees, depending on which event occurs first, provided the policy is still in effect at the time of the claim.
2-Convertible Whole Life Assurance (Suvidha)
Upon reaching the predetermined age of maturity, the proponent gets paid the guaranteed sum plus any earned bonus. In the event of an unexpected death, the assigned, nominee, or legal heir will get the insured amount plus any bonuses.
3-Endowment Assurance (Santosh)
Upon reaching the predetermined age of maturity, the proponent gets paid the guaranteed sum plus any earned bonus. In the event of an unexpected death, the assigned, nominee, or legal heir will get the insured amount plus any bonuses. In accordance with this program, the proponent is given an assurance up to the amount of the sum assured and accrued bonus until age 60.
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4-Joint Life Assurance (Yugal Suraksha)
One premium will provide life insurance for couples up to the amount of the death benefit plus an earned bonus. One of the spouses should be qualified for PLI policies under this Joint Life Endowment Assurance (JLEA). The policy has a minimum term of 5 years and a maximum term of 20 years. If a spouse or the primary policyholder passes away, death benefits are paid to either of the surviving parties.
5-Anticipated Endowment Assurance (Sumangal)
It is a money-back policy with a 50-Lakh maximum sum assured. Periodically, survival rewards are given to the insured. In the event of an untimely death, such payments won't be taken into account. The full amount insured plus accrued bonus is payable to the assignee, nominee of the legal heir.
Policy for 15 Years
6-Children Policy (Bal Jeevan Bima)
The policy offers life insurance coverage to the policyholders' children.There is a two-child limit for policyholders (parents).On the death of the policyholder, there is no premium due for the children's policy (parent). Upon term completion, the whole amount assured and collected bonuses will be paid. It is possible to make it paid up if premiums are paid constantly for 5 years.
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