Completely understand all the schemes of Post Life Insurance and their benefits, and Know how to apply for PLI through online and offline modes
Postal Life Insurance (PLI) is a government-backed life insurance scheme administered by the Department of Posts in India. This scheme was introduced on 1st February in 1884. Mainly it started as a welfare scheme of the postal employees gradually it extends up employee of the Telegraph department in 1888.
It provides low-cost life insurance with attractive premium returns. PLI provides a variety of plans, including Whole Life, Endowment, and Money Back policies, to meet a wide range of needs.
After knowing about PLI, getting some anxiety to apply this scheme, but you don’t any idea about how to apply Postal life Insurance, then you are coming to the right place. Here I will explain that complete required information in this given below article, So, please go head on this until end.
How to Apply Post Life Insurance (PLI)
There are two ways to apply that PLI scheme, they are through online or offline, and in the given below, we explained in step by step.
Apply Postal Life Insurance Online
This is an easy way to apply that post life insurance compared to that through offline. It is possible you are in anywhere, because this process is done with in your electronic devices.
- Visit the official website of Post life Insurance by the help of given link https://pli.indiapost.gov.in/CustomerPortal/mHome.action
- By the selecting of above link, you can enter the home page of PLI
- You have four options in that homepage
- Select the purchase a policy option
- you received a Quote and Application form
- after that you will go through instructions given from that PLI
- provide the required information in sequential manner
- Note: By the time of filling that application your whole concentration on that application. Otherwise, you will suffer
- Tap on Quote option button it is in the last of that application form with red colour small box
How to Apply PLI Offline
It is small difficulty then apply through online. But in this way, you’re in safe zone. Because, at the time fill the application if you did any mistake then their staff will be informing you and sometimes, they give new application form. They are also with you at the time taking policy.
Here I will explain that how to apply PLI through online. In this article I will explain that in detail and with clear explanation.
- Visit the post of office nearby you
- Consult the postmaster and explain him which type of policy you want
- Take the PROPOSAL FORM FOR POSTAL LIFE INSURANCE
- This form deals with 18 types of information
- Enter the required information in given that boxes with the help of Post office Staff
- Finally, Submit that to the Post Master
- Follow the instructions given from Post Master.
That’s all in this simple way you can apply for that Post Life Insurance through offline.
Is PLI is collecting any tax from their policy Holder?
It is completely based on your annual premium amount. The annual premium should be no more than 10% of the total assured.
Is it possible claim my money from Post Life Insurance?
Yes, it is possible to claim my money from PLI.
What is process to claim money from PLI?
Before, you claim that money you must provide a surrender claim form, consent form, and any required supporting documentation to any Post Office counter or PLI CPC.
How much interest rate they will provide for their Policy holders?
They provide around 10% interest rate per annum to the policy holders.
How to calculated that Post Life Insurance Premium?
The post life insurance premium is calculated is based on the age of the person and the amount of coverage.
PLI Important Characteristics
This policy gives a lot of key characteristics for their holders. those type of some characteristics are explained below. Go through this.
- PLI is a dependable and cost-effective choice for people looking for financial protection for their loved ones.
- A large network of post offices is available for policy servicing
- Section 80C of the Income Tax Act provides tax advantages.
- Simple claim settlement procedure
- Low premiums and high profits
- Bonuses and a guaranteed sum
These are the important characteristics from PLI.
Types of PLI Scheme
There are six (6) types of PLI’s are there as per our government. I will completely explain that six types of schemes in given below with clear explanation and with required information. Go head till end.
Those 6 types are:
- Whole life Assurance (Suraksha)
- Children Policy (Bal Jeevan Bima)
- Convertible whole life Assurance (Suvidha)
- Endowment Assurance (Santosh)
- Joint life insurance (Yugal Suraksha)
- Anticipated Endowment Assurance (Sumangal)
These are types of PLI’s. you can detailly learn in given below. So, go for that without late. Let’s go.
Whole life Assurance (Suraksha)
This is a plan in which the promised amount plus accumulated bonus is paid to the insured upon reaching the age of 80, or to his/her legal representatives or assignees upon the insured’s death, whichever comes first, provided the policy remains in existence on the date of claim. The further information is provided in this article.
- Age eligibility/ limit: If you are eligible for this policy when your age in 19-55 years
- Minimum Sum Assured: 20,000; Maximum Sum Assured: 50 lakhs
- After four years, the loan facility is available. After three years, I gave up.
- If surrendered before 5 years, you will not be entitled for the incentive.
- The payment age for premiums can be
- Can be changed into an Endowment Assurance Policy up to the age of 59, provided the date of conversion does not come within one year after the date of premium cessation or maturity.
Children policy (Bal Jeevan Bima)
This is a special scheme launched from our government. The following are this scheme’s key characteristics in given this article. So go head on till end.
- The program offers policyholders’ children life insurance coverage.
- The policy holder’s (parent’s) maximum two children are eligible
- Children aged five to twenty are eligible.
- Maximum amount guaranteed: ₹ 3 lac, or, if less, the amount guaranteed by the parent
- The parent who owns the policy shouldn’t be older than 45.
- When a policy holder (parent) passes away, there is no premium to be paid on the Children Policy. Upon term completion, the full amount guaranteed and any accrued bonuses will be paid.
- The policy holder (parent) is in charge of paying the children’s policy; no loans are permitted.
- Has the option to be paid back as long as premiums are paid on a regular basis for five years.
- There is no option for surrender.
- There is no need for the child to be examined by a doctor. However, the child must be healthy, and the risk begins on the day the proposal is accepted.
- Attract the bonus rate applicable for Endowment policy (Santosh), i.e., the most recent bonus rate is 52/- per 1000 sum assured per year.
These are types of PLI schemes given from our government. I hope that you will get some knowledge after read the given types of PLI.
Convertible Whole life Assurance (Suvidha)
This is another type of policy that is a Whole Life Assurance Policy with the possibility of converting to an Endowment Assurance Policy after five years of coverage. The required information is given in this article.
- Assurance to the amount of the sum promised plus earned bonus till maturity age is reached
- In the event of death, the assignee, nominee, or legal heir paid the whole amount of the sum insured plus accumulated bonus.
- Minimum and maximum admission ages: 19-55 years
- After 5 years, but no later than 6 years, the insurance can be converted into Endowment Assurance. If the insurance is not converted, it will be classified as Whole Life Assurance.
- Minimum sum assured: 20,000; maximum sum assured: 50 lakhs
- After four years, the loan facility is available. After three years, I gave up.
- If relinquished before the conclusion of the five-year period, the bonus is forfeited.
- Last claimed Bonus is- 76 rupees per 1000 rupees per year
Note: This type of claim is not applicable for whole life Assurance and the claimed amount also will be payable.
Endowment Assurance (Santosh)
It is another type of PLI from this Endowment Assurance scheme the supporter guaranteed a certain amount up to the predetermined maturity age of 35, 40, 45, 50, 55, 58, and 60 years of age, plus any collected bonuses. The remaining required information is there in given below.
- Assignee, nominee, or legal heir receives the whole amount of the sum guaranteed plus any earned bonuses in the event of the policyholder’s death.
- Age range for entry: 19 to 55 years old
- Amount guaranteed minimum: ₹ 20,000; maximum: ₹ 50 lakhs
- loan arrangement following three years
- Give up after three years
- Bonus not available if relinquished before the full five years have passed.
- If the insurance is relinquished after five years, a proportionate bonus on the lower sum guaranteed is provided.
- Most recent bonus announcement: ₹ 52 for every ₹ 1000 guaranteed annually.
other required information is given in this given below article.
Joint life Assurance (Yugal Suraksha)
- If relinquished before the full five years have passed, no bonus will be granted.
- It is a typically scheme implemented by our government. In jointly held life income security, at least one spouse must be qualified to purchase PLI insurance. The required eligibilities and
- A bonus that is proportionate to the reduced sum promise
- Life insurance for both couples up to the agreed-upon amount plus collected bonuses with a single premium
- Amount guaranteed minimum of ₹20,000; maximum of ₹50 lakhs
- Spouses’ entry-level age range is 21–45 years old.
- the elderly policyholder’s maximum age cannot exceed 45 years, and the couple’s age range is 21 to 45 years.
- the policy’s maximum duration of 20 years is five years.
- After three years, a loan facility. Give up after three years
Anticipated Endowment Assurance (Sumangal)
This money-back policy, which has a ₹ 50 lac maximum guaranteed amount, is best suited for people who want frequent returns. A periodic payment of survival benefits is made to the policyholder. In the case of the insured’s untimely death, such payments will not be considered. In these situations, the assignee—the nominee for the legal heir—is entitled to the whole amount promised plus any earned bonuses.
- Term of policy: fifteen and twenty years
- The minimum age is 19, the maximum age at admission is 40 for a 20-year term insurance, and the maximum age at entry is 45 for a 15-year term policy.
PLI Monthly Payments with Survival Benefits
- 15 years Policy- 20% after 6 years, 9 years, and 12 years, and 40% with accrued bonus at maturity.
- 20 years Policy- 20% after 8 years, 12 years, and 16 years, and 40% with accrued bonus at maturity.
- Bonus last declared- 48/- per 1000 sum assured per year