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PLI offers 7 (Seven) types of plans:
- Whole Life Assurance (SURAKSHA)
- Convertible Whole Life Assurance (SUVIDHA)
- Endowment Assurance (SANTOSH)
- Anticipated Endowment Assurance (SUMANGAL)
- Joint Life Assurance (YUGAL SURAKSHA)
- Scheme for Physically handicapped persons
- Children Policy
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WHOLE LIFE ASSURANCE:
This is a scheme where the assured amount with accrued bonus is payable to the
assignee, nominee or the legal heir after death of the insurant. Minimum Age at
entry is 19 years and the maximum Age at entry is 55 years. The minimum Sum
Assured is Rs 20,000 and the maximum Sum Assured is Rs 10 lacs. The policy can
be converted into an Endowment Assurance Policy after completion of one year and
before 57 years of age of the insurant. Loan facility is available after completion
of four years and policy can also be surrendered after completion of three
years. The policy is not eligible for bonus if surrendered or assigned for loan
before completion of 5 years. Proportionate bonus on the reduced sum assured is
accrued if the policy is surrendered or assigned for loan.
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ENDOWMENT ASSURANCE:
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. In case of unexpected death of the insurant, the assignee, nominee or
the legal heir is paid the full Sum Assured together with the accrued bonus. The
minimum age at entry is 19 years and the maximum Age at entry is 55 years. The
minimum Sum Assured is Rs 20,000 and the maximum Sum Assured is Rs 10 lacs. Loan
facility is available and policy can also be surrendered after completion of
three years. The policy is not eligible for bonus if surrendered or
assigned for loan before completion of 5 years. Proportionate bonus on the
reduced sum assured is accrued if the policy is surrendered or assigned for
loan.
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CONVERTIBLE WHOLE LIFE ASSURANCE:
The features of this scheme are more or less same as Endowment assurance.
Policy can be converted into Endowment Assurance after five years. Age on the
date of conversion must not exceed 55 years. If option for conversion is not
exercised within 6 years, the policy will be treated as Whole Life Assurance.
Loan facility is available. The policy can also be surrendered after completion of
three years. The policy is not eligible for bonus if surrendered or
assigned for loan before completion of 5 years. Proportionate bonus on the
reduced sum assured is accrued if the policy is surrendered or assigned for
loan. The policy is not eligible for bonus if surrendered or assigned for loan
before completion of 5 years. Proportionate bonus on the reduced sum assured is
accrued if the policy is surrendered or assigned for loan.
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ANTICIPATED ENDOWMENT ASSURANCE:
It is a Money Back Policy with maximum Sum Assured of Rs 5 lacs. Best
suited to those who need periodical returns. Survival benefit is paid to the
insurant periodically. Two types of policies
are available - 15 years term and 20 years term. For the 15 years term policy, the
benefits are paid after 6 years (20%), 9 years (20%), 12 years (20%) and 15
years (40% and the accrued bonus). For the 20 years term policy, the benefits
are paid after 8 years (20%), 12 years (20%), 16 years (20%) and 20 years (40%
and the accrued bonus). Such payments will not be taken into
consideration in the event of unexpected death of the insurant and the full sum
assured with accrued bonus is payable to the assignee or legal heir.
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JOINT LIFE ASSURRANCE:
It is a joint-life Endowment Assurance in which one of the spouses
should be eligible for PLI policies. Life insurance coverage is provided to both
the spouses to the extent of sum assured with accrued bonus with only one
premium. All other features are same as an Endowment policy.
All the above schemes have compulsory medical examination. For the
non-medical policy of any category (except AEA and Joint Life Assurance for
which Medical Examination is compulsory), the maximum Sum Assured is Rs 1 lac.
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LIMITS OF SUM ASSURED IN POSTAL LIFE INSURANCE:
Any person who is eligible to the benefit of Post Office Life
Insurance Fund under Rule 6, may effect an insurance-Whole Life Assurance, Endowment
Assurance, Convertible Whole Assurance, Anticipated Endowment Assurance and Yugal
Suraksha Policy or all of them on his life for a sum not less than Rs. 20,000 in each class
but not more than an aggregate of
Rs. Twenty Lac (Rs. 20,00,000/-) in respect of
one class/all classes of insurance policy (s) taken together. The value of policy shall
be taken in multiples of Rs. 10,000/- after minimum limit of Rs.20,000/- i.e. Rs. 20,000/-,
Rs.30,000/-,Rs. 50,000/- and so on.
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SCHEME FOR PHYSICALLY HANDICAPPED PERSONS:
The maximum limit of Insurance for Physically Handicapped persons in PLI is the
same as others and he/she can take any one of the plans. Medical
examination is compulsory under this scheme in order to determine the exact
nature and extent of their handicap and its bearing on the life being
insured. Depending upon the nature and extent of handicap, normal or a slightly
higher premium is charged.
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CHILDREN POLICY
The Department has introduced
Children Policy under PLI/RPLI, with effect form 20th Jan 2006. The salient
features of this scheme are as under:-
- The Scheme is envisaged to provide Insurance cover to the children of PLI/RPLI
policy holders.
- Maximum two children in family will be eligible to take children policy.
- Children between the age of 5 and 20 years are eligible and maximum sum assured
is Rs 1 lakh or equivalent to the sum assured of the main policy holder which
ever is less.
- The main policy holder should not have attained the age of 45 years.
- No premium is required to be paid on the children policy on the death of
the main policy holder and full sum assured with the accrued bonus shall be paid
to the child after the completion of the term of the children policy. On the
death of the child/children, full sum assured with the accrued bonus shall be
payable to the main policy holder.
- Main policy holder shall be responsible for payments for the Children Policy. No
loan shall be admissible on Children Policy. However, the policy shall have
facility for making it paid up provided the premia are paid continuously for 5
years.
- No Medical examination of the Child is necessary. However, the child should be
healthy on the day of proposal and the risk shall start from the date of
acceptance of proposal.
- The policy shall attract bonus at the rate applicable to Endowment Policy.
The POIF Rules amended from time to time shall be applicable to Children Policy.
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