What Is Postal Life Insurance 2019?

Postal life insurance is the country’s oldest life insurance. It began its operations in 1884, when the Indian Foreign Minister of the British Government (then representing the British Queen, Queen Victoria) officially agreed to take office on 1 February 1884.

Originally in 1881 as a social protection plan for his Majesty’s post office In 1888, the former postmaster General FR Hogg soon extended the regime to employees of the telegraph department.

Employees of the postal and telegraph division extended their cover to employees of the postal and telegraph department. At that time, no insurance company was intended for women.

Postal Life insurance
  • The company was founded under British rule with the approval of Her Majesty the Queen of England.
  • After four years of training, the social protection system was extended to the telegraph department in 1888.
  • The PLI also includes officers and personnel of the defense and paramilitary forces.
  • Postal life insurance maintains a group insurance scheme for additional employees in the postal service (Gramin Dak Sevaks).

Also Read: Top Best Life Insurance Companies In India

Life insurance policies offered by postal life insurance:

Postal Life insurance Plan : Whole Life Assurance (Suraksha):

  • The plan covers the insured until the age of 80 years.
  • If the policyholder survives the due date, the sum insured and the cumulative bonus are his responsibility.
  • If the insured person dies before the age of 80, the amount will be refunded to the owner or legal heir.
  • The minimum age for admission is 19 years and the maximum age for access is 55 years.
  • The minimum insurance sum is INR 20,000 and the maximum sum is 50,000 lakh
  • The policy can be converted into a personnel plan after one year of the contract and before the age of 57 of the contractor.
  • The loan function is also available in this policy

Postal Life insurance Plan : Endowment Assurance (Santosh)

  • Traditional personnel policy that guarantees the guaranteed amount and accumulated bonus on maturity
  • The plan covers the life of the insured person. In the event of an unfortunate death, the sum insured and the accrued bonus will be awarded to the candidate or heir
  • The minimum age for admission is 19 years and the maximum age for access is 55 years.
  • The minimum insurance amount is INR 20,000 and the maximum amount is INR 50 lakhs.
  • The credit protection policy is available to the police after three years in the police.

Postal Life Insurance Plan: Convertible Whole Life Insurance (Suvidha)

  • The plan is similar to life insurance, with the exception that all life insurance can be converted into a foundation fund
  • Life insurance, admission and maximum age are the same as for the entire life insurance
  • The policy conversion option is available after 5 years and less than 6 years.
  • The age of the contractor must be less than 55 in order to use the conversion function.
  • The plan achieves an income value after 3 years
  • The loan function is available in the policy once the value of the ransom has been reached

Postal Life Insurance Plan :Anticipated Endowment Assurance (Sumangal)

  • This is a repayment plan of up to 50 lakhs INR
  • The entry age is 19 years and the maximum age for access is 55 years.
  • Ideal for people who want to come back regularly
  • Option of two policy periods 15 and 20 years
  • The plan provides for the total sum insured to cover the death of the candidate and regular reports are not taken into account.
  • There is no credit line available in this policy

Postal Life Insurance Plan :Joint Life Insurance (Yugal Suraksha)

  • This is a common foundation where at least one spouse is eligible for the PLI Directive.
  • The plan covers both spouses at a price
  • All features are exactly the same as the cast policies
  • Medical examinations are required for the sum insured of more than 1 lakh.

Postal Life Insurance Plan: Children’s Policy (Bal Jeevan Bima)

  • This plan is available to children of people who already have postal life insurance
  • The plan includes two children per family
  • Children must be between 5 and 20 years old and their parents must be under 45 years old.
  • The maximum sum insured is INR 3 lakh or the sum insured of the parent, whichever is lower
  • Exemption from the premium in the policy If the parent (principal insurer) dies, the policy pays the money to the child at the end of the term.
  • It is not possible to take out a loan for child policy

Also read: Top 5 Best Term Insurance Plans In India

Postal Life Insurance for Government Employees:

Whole Life Assurance (SURAKSHA):

The comprehensive insurance has a minimum age of 18 upon registration with a maximum age of 55 years and pays the sum insured with the premiums expired by the contractor on expiry, the applicant or heir over the death of the insured.

The insured minimum is 20,000 RS with a maximum of 50 lakhs.

If the directive has been in force for more than a year and the entrepreneur is not yet 57 years old, he can be transformed into a personnel policy.

The policy states that loans are set. However, if a loan is set before the end of five years, the policy is not eligible for a price.

Endowment Assurance(SANTOSH):

Like the Lifetime Warranty, the contractor in this policy has the guarantee that a sum of benefits will be paid and that the premium will be accumulated on the policy covering the period of expiration.

A death bonus equal to the sum insured, plus any premiums, will be paid to the candidate and the policy will approve the loans after 3 years.

However, for loans completed 5 years ago, premium accumulation will be discontinued.

This Directive also has a minimum age of 18 years and a maximum age of 55 years.

Also Read: Whole Life Insurance Policy

Convertible Whole Life (SUVIDHA):

This policy may be converted into an endowment fund after five years’ coverage unless the insured person’s age at the time of conversion is more than 55 years.

If the insurance policy is not implemented after 6 years of insurance, it is considered a full life insurance.

The police achieve a cash value by providing a loan after completing a 3-year policy

Anticipated Endowment Assurance (SUMANGAL):

This policy is a reimbursement policy for policyholders who return regularly. The police offer 2 terms, 15 years and 20 years.

If the duration of the 15-year policy is chosen, benefits will be paid in the following format: 20% of the services provided over 6 years, 20% in 9 years, 20% in 12 years and the remaining 40% and 40% cumulative Rewards are paid after 15 years.

If you choose the insurance period of 20 years, the benefits are paid in the following format: 20% discount over 8 years, 20% payment over 12 years, 20% payment over 16 years and the remaining 40%.

The cumulative premiums will be paid at the end of year 20. In the case of death of the insured, the applicant receives no regular payments, but the insured sum with the accumulated premiums in the form of a lump sum.

Joint life insurance(YUGAL SURAKSHA):

If one of the spouses is entitled to a postal life insurance policy, the common life insurance policy may be determined by the legitimate spouse who collects both the spouse’s insured sum and the premiums collected a one-time premium that must be paid.

Also read: Life Insurance Policy for Children

Benefits of postal life insurance

  • PLI is the only insurer that offers the highest return (Bonus) and calculates the lowest premium for each product on the Indian life insurance market.
  • You can use a line of credit to meet the direct liquidity needs of the PLI guidelines.
  • Flexibility with respect to converting one life insurance to cover endowment life insurance and endowment life insurance with another capital guarantee under the terms
  • In the event of loss or destruction of the certificate of origin, the company may issue a double guarantee certificate.

Postal insurance premium calculator:

You can calculate the amount of the premium to be paid in the postal life policy by using the online calculation tool.

By entering some relevant details, the premium calculation tool reflects the estimated premium amount that the insured must pay for the required coverage.

The factors that affect the premium are: the age of the insured person, the type of insurance, the sum insured, etc.

The information that contains information about the insured person, eg. Age at the time of enrollment / enrollment, type of contract, sum insured, date of birth, spouse’s birth date, if you submit the plan “Yugal” Suraksha “, age of the insured at the expiration of the policy, etc.

The minimum guaranteed amount is Rs. 10,000 and The maximum available insurance amount is Rs. 5,00,000 The types of postal life insurance available are: the insurance plan, the pension insurance the entire life insurance plan and the comprehensive convertible insurance plan, after you have provided all the relevant details and clicked “Submit” , you will get details about your monthly price.

Also Read: How to Compare Life Insurance Online?

Postal Life Insurance Online Payment :

India Post offers an online payment service for premium life insurance.

You can now pay  PLI premium online at http://indiapost.gov.in .

Postal life insurance customers can pay they’re a monthly/quarterly/ half-yearly premium for an online PLI using the debit/credit card from Cad / Net Banking.

Detailed procedure Pay at PLI Premium Online Pays the postal life insurance premium online.

How do I pay for PLI Premium Online?

  • Visit the postal department website Click Here
  • Go to Postal Life Insurance (https://pli.indiapost.gov.in/CustomerPortal/PSLogin.action)
  • Click Customer Login
  • Click Generate Customer ID
  • Send your policy details with your mobile number and email ID. (If your policy is not updated with your mobile phone number and email ID, uat your nearest Head Post Office)
  • The customer number and the link will be sent to you within 24 hours.
  • Click on the link sent to your email ID and set the password
  • With the customer ID and password, you can pay PLI Premium online with Debit / Credit / Net Banking

Also read: LIC Term Insurance Plans

The Article written By

Swapnil R. Chavan (Digital Marketing & SEO Expert)

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