6 life insurance policies that post office offers; do you have one of them?
Post Office Insurance Schemes: Started in 1984 as a welfare scheme for postal employees, PLI was extended to the employees of the Telegraph Department in 1888. In 1894, PLI extended its cover to female employees of the erstwhile P & T. It is the oldest life insurer in this country.
Postal Life Insurance (PLI): The history of Postal Life Insurance in India (PLI) is more than 140 years old. It was introduced on February 1, 1884. Started as a welfare scheme for postal employees, PLI was later extended to the employees of the Telegraph Department in 1888. In 1894, PLI extended its cover to female employees of the erstwhile P & T. It is the oldest life insurer in this country. As of March 2021, PLI covered 50 lakh policies. Under its cover, come the employees of central and state governments, defence and paramilitary services, PSUs, and employees of companies listed with NSE and BSE, etc. It offers 6 types of insurance covers. Here, we discuss all of them.
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Whole Life Assurance (Suraksha)
In this scheme, the assured amount with accrued bonus is payable to the insured either on attaining the age of 80 years or to their legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim.
Whole Life Assurance (Suraksha)
The minimum age at entry is 19 years, while the maximum age is 55 years. The minimum sum assured is Rs 20,000 and the maximum is Rs 50 lakh. It provides loan facility after 4 years, and one can surrender the policy after 3 years.
Convertible Whole Life Assurance (Suvidha)
It is also a whole life assurance policy with the added benefit of an option to convert to an endowment assurance policy at the end of 5 years of taking the policy. The assurance is to the extent of sum assured with accrued bonus till attainment of maturity age.
Convertible Whole Life Assurance (Suvidha)
The minimum age at entry is 19 years, while the maximum age is 55 years. The minimum sum assured is Rs 20,000, while the maximum sum assured is Rs 50 lakh.
Endowment Assurance (Santosh)
Under this scheme, the proponent is given an assurance to the extent of the sum assured and accrued bonus till they attain the predetermined age of maturity, i.e., 35, 40, 45, 50, 55, 58, and 60 years of age.
Endowment Assurance (Santosh)
The minimum age at entry is 19 years, while the maximum age is 55 years. The minimum sum assured is Rs 20,000, while the maximum is Rs 50 lakh.
Joint Life Assurance (Yugal Suraksha)
This policy is a joint life endowment assurance in which one of the spouses should be eligible for PLI policies. Life cover is given to both spouses to the extent of sum assured with accrued bonus with a single premium.
Joint Life Assurance (Yugal Suraksha)
The minimum sum assured is Rs 20,000, while the maximum is Rs 50 lakh. The minimum age for spouses at entry is 21 years, while the maximum age is 45 years. The minimum term of policy is 5 years, and the maximum is 20 years.
Anticipated Endowment Assurance (Sumangal)
This is a moneyback policy with a maximum sum assured of Rs 50 lakh. In the scheme, survival benefits are paid to the insurant periodically. However, such payments are not taken into consideration in the event of the unexpected death of the insurant.
Anticipated Endowment Assurance (Sumangal)
The policy terms are 15 years and 20 years.The minimum entry age is 19 years, while the maximum age is 40 years for 20 years’ term policy and 45 years for 15 years’ term policy.
Children Policy (Bal Jeevan Bima)
The scheme provides life insurance cover to the children of policy holders. Maximum two children of the policyholder (parent) are eligible for the scheme. Children between 5 and 20 years of age are eligible. The maximum sum assured is Rs 3 lakh or equal to the sum assured of the parent, whichever is less.
Children Policy (Bal Jeevan Bima)
The policyholder (parent) should not be over 45 years of age. The scheme doesn't provide premium on the death of the policyholder's parent. There is no surrender facility available in the scheme.