Whole Life Assurance (Suraksha): Post Office life insurance plan, sum assured up to Rs 50 lakh; loan; tax exemption; and more benefits

When we take about an insurance scheme, the first name that strikes our mind is LIC. But do you know that life insurance facility is also available in post office schemes? Most people do not know about it, although it is the oldest life insurance scheme. This scheme is known as Postal Life Insurance (PLI). It was started on 1 February, 1884, during the British period. Under this scheme, as many as six schemes are run, one of which is Whole Life Assurance-Suraksha. Know here the details of this scheme.

Sum assured up to Rs 50 lakh with bonus

Anyone age 19-55 years can purchase the Whole Life Assurance-Suraksha policy.

Under this scheme, the policy holder gets a minimum sum assured of Rs 20,000 and a maximum of Rs 50 lakh along with bonus.

If the policy holder dies in the meantime, the amount goes to his heir or nominee.

Loan facility after 4 years

After running the policy continuously for 4 years, the policy holder is also given the facility to take a loan against it.

If you are not able to run the policy for a long time, you can surrender it after 3 years.

But if you surrender it before 5 years, you will not get the benefit of bonus on it.

On surrender after 5 years, a proportionate bonus is paid on the sum assured.

Tax Exemption

In this scheme, the policyholder also gets tax exemption.

The premium paid in Postal Life Insurance can be availed of as exemption under Section 80C of the Income Tax Act.

In this plan, you are given the option of monthly, quarterly, half-yearly and yearly for premium payment.

You can choose the option as per your convenience.

Not only this, you can also convert this policy into Endowment Assurance Policy till the age of 59 years, provided the date of conversion should not be within one year of the last date of payment or the date of maturity.

Apart from this, you can get the policy transferred to any part of the country.

Who can take advantage?

Earlier, only government and semi-government employees could avail the benefit of this policy, but after 2017, doctors, engineers, lawyers, management consultants, chartered accountants, architects, bankers and employees, etc., can also avail the benefits of all the insurance policies run under PLI.

If you want to take advantage of this scheme, you can also buy it online. For more information, click on the link https://www.indiapost.gov.in/Financial/Pages/Content/pli.aspx.