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Postal Products and Services | India Post Products and Services | Post Office Products and Services -PLI/SB/RD/SSA/PPF/NSC/KVP/SCSS/MIS/APY/PMSBY/PMJJBY

 Postal Life Insurance (PLI)

Why is insurance is necessary ? 

• Insurance provides protection from the exposure to hazards and the probability of loss. 

• Affords protection against financial loss. 

• Restores the insured back to the same condition as before the loss. 

• Compensation for the loss of income at the death of the insured. 

• Financial protection against disability , death, or catastrophic illness

Who should be insured? 

• Insurance should be subscribed by the earning members of the family. 

• Those having dependants. 

• Those having liabilities (loans), which cannot be repaid in the event of unfortunate demise of the insurant

History of PLI 

• Postal Life Insurance (PLI) was introduced on 1st February 1884. It was a scheme of State Insurance mooted by the then DG of Post Offices, Mr. F.R. Hogg in 1881 as a welfare scheme for the benefit of Postal employees 

• Later it was extended to the employees of Telegraph department in 1888. 

• In 1894, PLI extended insurance cover to female employees of P & T Department at a time when no other insurance company covered female lives. 

• It is the oldest Life insurer in this country. 

WHY PLI? 

❖ Eligible only for a selected group of People. So risk involved is very less. 

❖ PLI (LOW PREMIUM : HIGH BONUS) 

❖ No hidden charges, No advertisement costs 

❖ No Stamp Duty 

❖ Safety for money invested since its purely owned by Government of India. 

❖ Income Tax exemption. 

 ❖ High Bonus - per one lakh sum assured - 5,200 p.a. for EA policies (Santhosh) & Yugal Suraksha & Child Policy and - 4,700 p.a. for Anticipated Endowment (Moneyback–Sumangal) and 7,600 p.a. for Whole Life Assurance(Suraksha) 

❖ Payment of premium - a) Salary recovery b) Payment of cash in Post Office c) Online payment through Debit/Credit card d) ECS facility 

How come less premium but more benefits? 

• No Hidden charges 

• No Advertisement costs

 • No Establishment charges 

Postal Life Insurance- Eligibility

ELIGIBILITY: GOVERNMENT EMPLOYEES PROFESSIONALS AGE GROUP: 19 YEARS TO 55 YEARS SUM ASSURED: MIN : 20,000 - MAX : 50,00,000 IT'S A WELFARE SCHEME WITH TWIN BENEFITS (SAVINGS CUM INSURANCE) 

Postal Life Insurance - plans 

 • Suraksha- Whole Life Assurance 

• Santosh- Endowment Assurance 

• Suvidha- Convertible whole life Assurance 

• Sumangal- Money Back Policy 

• Yugal Suraksha- Joint Life Policy 

• Childrens’ policy- Child Policy  

ENDOWMENT ASSURANCE(SANTOSH) - EA 

▪ An Endowment Assurance 

 ▪ Age – 19 to 55 years ▪ Maturity Ages (Premium Ceasing Ages) EA-35/ EA-40/ EA-45/ EA-50/ EA-55/ EA-58/ EA-60 

 ▪ Loan facility after 3 years ▪ Risk Benefit : Total Sum Assured + Vested Bonus 

 ▪ Bonus added up to Maturity/Claim 

▪ Rate of Bonus – Rs.5200 per year per 1 lakhs

• Risk coverage from the date of acceptance of policy 

• Nomination and Assignment facility 

• Rebate of 1% / 2% for advance payments of 6/ 12 months for WLA/CWA/EA/AEA/CP policies 

 • Rebate of 10% / 50% of monthly premium for advance payment of 6/12 months for YS policy

 










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