Postal Life Insurance: Life insurance has evolved into an essential component of modern-day financial planning. Several financial institutions recommend include life insurance in a personal financial portfolio to protect the future of a loved one during a disaster. Purchasing life insurance has been the standard among middle-class family members in recent years; nevertheless, few are aware of its genesis story. Did you know that the British government pioneered life insurance in India?

 

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The origins of life insurance in India

On February 1, 1884, the Secretary of State established Postal Life Insurance (PLI) as a welfare plan for postal employees. This service was also expanded to include the Telegraph Department in 1888 and female P&T personnel in 1894. Postal Life Insurance was expanded after independence to include central and state governments, nationalised banks, public sector organisations, local government entities, financial institutions, and educational institutions. Surprisingly, the advantages of PLI were not available to remote village residents until March 1995.

 

Knowing about postal life insurance

The objective of postal life insurance, like that of other life insurances, is to safeguard your family by building large money over time. When you lose a family member early in life, this investment comes in useful. Postal Life Insurance provides numerous forms of life insurance to meet the needs of families throughout India. Furthermore, the insurance sum has a maximum of 50,00,000 (50 lakhs) rupees and a minimum of 20,000 rupees. To have a better understanding, consult this full study on PLI statistics:

 

Performance of PLI/RLI in 2021-2022

Postal life Insurance/Rural Postal Life Insurance
Name of Plan	No. of new policies obtain in 2021- 2022  In Lakhs (unaudited)		Sum Assured  (In crore) (unaudited)		Total no. of policies in lakhs  (unaudited)		Total sum assured (in crore) (unaudited)		Premium income  (In crore)
	April  2021 to Nov 2021	Dec 2021 to Mar 2022 (anticipated)	April  2021 to Nov 2021	Dec 2021 to Mar 2022 (anticipated)	April  2021 to Nov 2021	Dec 2021 to Mar 2022 (anticipated)	April  2021 to Nov 2021	Dec 2021 to Mar 2022 (anticipated)	April  2021 to Nov 2021	Dec 2021 to Mar 2022 (anticipated)
PLI	3.08	1.19	18546.32	7675	63.57	64.00	212546.59	220220	6576.10	2192
RPLI	6.58	3.20	11423.74	5155	256.75	259	153558.02	158710	2299.02	766

 

Who is eligible to purchase PLI insurance?

 

• Officers in the Army
• Individuals from the local government
• India’s Reserve Bank
• Government School Public Sector Project
• The government bank
• monetary institution
• Scheduled commercial bank employees

 

There are several forms of post-life insurance.

 

Suraksha PLI Whole Life Assurance Plan

This plan protects people till the age of 80 by ensuring a death payout before the policy matures. Furthermore, regardless of the policy holder’s death, you will get the entire insurance sum upon maturity. The following are some critical aspects of this policy:

 

• After the first four years of the insurance, you are eligible for a loan.
• After the first three years of the policy, you can cancel it.
• Because of your participation, you are eligible for a bonus.
• You will be paid when the insurance matures or when the policyholder dies.
• If you reach the ages of 50, 55, or 60, you will be eligible for a premium.
• After the first year and before the age of 57, you can convert to an endowment assurance insurance.
• Medical evaluation is required.

 

PLI whole life assurance plan eligibility
Age of Entry	19 to 55 years
Age of Maturity	80 years
Assurance of the amount	From 20,000 to 50,00,000 rupees
Term of Policy	Age of entry or 80 years

 

Santosh PLI Endowment Assurance Plan

Suraksha, like the PLI Whole Life Assurance Plan, pays out following maturity or death of the insured. Some of the most important aspects of this policy are:

 

• After the first three years, you can opt out of this policy.
• Similarly, after three years of keeping the insurance, you can request for a loan.
• You will be paid when the insurance matures or when the policyholder dies.
• After five years, you can convert this insurance into an endowment plan.

 

PLI Endowment Assurance Plan, Santosh eligibility
Age of Entry	19 to 55
Age of maturity	35 to 60
Assurance of the total amount	20,000 rupees to 50,00,000 rupees
Term of policy	5 years to 41 years

 

 

Suvidha PLI Convertible Whole Life Assurance Plan

This plan, as the name implies, allows the policyholder to convert their insurance plan to an endowment plan. Some of the most important aspects of this policy are:

 

• After five years of ownership, you can convert your coverage.
• It is part of a participation plan, and you may be eligible for a bonus.
• You can request for a loan after four years of having the insurance.
• After the first three years, you can opt out of this policy.
• If you are over the age of 55, you are not eligible for these benefits.

 

 

PLI Convertible Whole Life Assurance Plan, Suvidha, eligibility
Age of Entry	19 to 55
Age of Maturity	Whole life coverage after 60 Endowment plan conversion – below age 55
Assurance of the total amount	20,000 rupees to 50,00,000 rupees
Term of policy	Insurance Plan without conversion – 10 to 41 years Insurance with endowment plan – 5 to 39 years

 

Sumangal PLI Anticipated Endowment Assurance Plan

This plan pays you a set sum for your insurance on a regular basis. Some of the most important aspects of this policy are:

 

• The insurance holder’s family is entitled to the full amount of money, regardless of the advantages the holder got throughout their lifetime.
• It is provided under a participation plan, and you are eligible for profits and bonuses.
• During the plan’s term, you will be paid three times. If your tenure is 15 years, you will earn benefits in the sixth, ninth, and twelfth years of the insurance. If you have a 20-year tenure, you will receive benefits in the 8th, 12th, and 16th years of the insurance.
• Your 20% share will be set aside as a survival benefit.
• During the maturity period, you will get 40% of your assurance and incentives.

 

PLI Anticipated Endowment Assurance Plan, Sumangal, Eligibility
Age of Entry	19 to 45
Age of Maturity	60
Assurance of the total amount	Below or equivalent to 50 lakhs
Term of policy	15 to 20

 

 

Yugal Suraksha, PLI Joint Life Insurance Plan

This coverage allows you to add two persons to a single life insurance policy. Some of the most important aspects of this policy are:

 

• This is for a married pair.
• To get this insurance, one of the spouses must fulfil the qualifying requirements.
• It is provided under a participation plan, and you may be eligible for incentives.
• After three years of owning the insurance, you can apply for a loan.
• If one of the members dies, you have the right to service the entire sum using collected bonuses.
• If you pick the insurance coverage over or comparable to 40,000 rupees, you will earn a discount of Rs 1 every Rs 10,000.
• You can change your insurance policy to an appropriate endowment plan.
• If your assurance amount is greater than or equal to one lakh rupees, you must have a medical examination.
• If you leave before 5 years, you will not be eligible for any incentives.

 

Bal Jeevan Bima, PLI Children’s Life Plan

This insurance is particularly designed for youngsters. This insurance aids in the generation of money for the child’s future. Some of the most important aspects of this policy are:

 

• This plan is designed to provide financial security for a child.
• Only two children can be added to this policy.
• If either parent dies during the time, the kid premium is forfeited. The whole money, plus incentives, will then be paid to the kid upon adulthood.
• The policy will be monitored by the parents.
• Before purchasing this one, the parents must have PLI insurance.

 

PLI Children Life Plan, Bal Jeevan Bima, Eligibility
Age of the child	5 to 20 years
Age of the parent	Below 45
Assurance of the total amount	Minimum of 3,00,000 Maximum of the equal amount assured to the parents

 

Bonus scheme for Postal Life Insurance

Insurance Policy	Bonus rates
Endowment Assurance	50 rupees per 1000 rupees of the assured amount
Whole Life Insurance (WLA)	65 rupees per 1000 rupees of the assured amount
Convertible Whole Life Policies	It is applicable, bonus rate will be equivalent to the endowment bonus rate
Anticipated Endowment Assurance	47 rupees per 1000 of the assured sum

 

Why should you invest in PLI insurance?

• You can appoint or update your selected beneficiary as a policyholder.
• You can request for a loan against your insurance in front of the President of India’s nominated Regional Heads.
• If you fail to pay your premium, you can reinstate your insurance. The administration has established two requirements for renewing your policy:
• If you missed six premium payments within the first three years of having your insurance,
• If you missed 12 premium payments in the first three years of having your insurance,

 

• Regardless matter whether the original insurance documents are burnt, lost, ripped, etc., you will obtain a copy.
• Your entire life insurance policy can be readily converted into an endowment assurance policy.
• These insurance policies have exceptionally low rates.
• You can receive appealing incentives.

 

Customer Guidelines for Postal Life Insurance

• Each policy document will have its own unique policy number, which will aid in the identification of your insurance. This policy number will be used to make and receive payments.
• Keep your policy bond secure since it will be required when claiming your insurance money.
• Continue to pay your premium on a regular basis. Otherwise, your insurance will lapse and you will be unable to make a claim. Furthermore, you must pay your insurance at the beginning of each month.
• Without your intervention, you can pay your premium immediately from your salary. It will appear on your pay stub for tax reasons.
• Because India has the world’s biggest postal network, you may move your insurance coverage from one location to another.
• You can pay your premium by cheque, cash, online banking, or in person at the post office.
• You must be cautious and provide your correct address and phone number. As this will be necessary for matching your insurance details.
• Missed six premium payments within the first three years of having your insurance. If you missed 12 premium payments in the first three years of having your insurance,
• If you wish to reactivate your insurance, you must submit your medical certificate as well as pay any outstanding fees.

 

Postal Life Insurance Forms

 

• Life Insurance for Rural Postal Workers
• Medical form RPLI
• Form for Child Proposal
• Form of Yugal Suraksha
• Whole Life Coverage
• Endowment Assurance Form for Convertible Whole Life Insurance
• Loan Form applicable
• Form for Claims
• Form for Revival of a Lapsed License Policy
• Maturity Claim
• Personal Indemnity Bond Survival Benefit Claim Form

 

PLI turnaround time 

Service	Turnaround time
Acceptance Letter issued	15 days
Inner-circle transferring policy	10 days
Policy bond issue	15 days
Maturity claim settlement	30 days
Investigating and settlement related to death	90 days
Nominee death and claim settlement	30 days
Death without nominee and claim settlement	30 days
Paid-up payment amount	30 days
Address change	10 days
Loan against policies	10 days
Nomination change	10 days
Duplication of policy documents	10 days
Assignment	10 days
Policy conversion	15 days

 

How do I calculate the premium for Postal Life Insurance?

You may compute your premium by putting accurate information into any premium calculator. A premium calculator can assist you in determining your overall premium amount in relation to your intended corpus investment. Your premium amount and time frame will have an impact on your investment. You must provide information such as your age when you purchased the insurance, the kind of policy, the sum assured, your date of birth, and the date of birth of your spouse. The specifics will vary depending on your insurance coverage.

 

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