Postal Life Insurance – Post Office ‘Suraksha’ policy for Government Employees! Know features, benefits here!

Are you aware of the Postal Life Insurance (PLI) schemes being offered by India Post? Under this scheme, six different insurance policies are being offered now viz Whole Life Assurance (Suraksha), Convertible whole Life Assurance (Suvidha), Endowment Assurance (Santosh), Joint Life Assurance (Yugal Assurance), Anticipated Endowment Assurance (Sumangal), Children Policy (Bal Jeevan Bima). Know who all is eligible for this scheme, its features and the benefits which come along with it.  

This welfare scheme which was introduced on 1 February 1884 was started for the benefit of postal employees and was later extended to the employees of the Telegraph Department in 1888. From a few hundred policies, it has issued over 46 policies as on 31 March 2017. 

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Who is Eligible? 

It now covers employees of central and state governments, central and state public sector undertakings, universities, government aided educational institutions, nationalised banks, local bodies, autonomous bodies, joint ventures having a minimum of 10 per cent Government/PSU stake, credit cooperative societies etc. PLI also extends insurance cover to the officers and staff of the Defence services and Paramilitary forces.  

Whole Life Assurance (Suraksha) 

This is a scheme where the assured amount with accrued bonus is payable to the insured either on attaining the age of 80 years, or to his/her legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim. 

See important features and benefits here:  

1. Minimum and maximum age at entry is between 19 and 55 years 
2. Minimum sum assured Rs 20,000 and maximum is Rs 50 lac 
3. Loan facility available after 4 years 
4. Policy holder can surrender after 3 years 
5. One is not eligible for bonus if the policy is surrendered before 5 years 
6. It can be converted into Endowment Assurance Policy up to 59 years of age of the insurant provided the date of conversion does not fall within one year of the date of cessation of premium payment or date of maturity. 
7. Premium paying age can be opted for as 55,58 or 60 years 
8. Proportionate bonus on reduced sum assured is paid if policy is surrendered 
9. Last declared Bonus - Rs 85/- per Rs 1000 sum assured per year. 

The above information has been taken from the website.