बड़ी खबर! PLI पोस्ट ऑफिस स्कीम में निवेश करें और पाएं 7% तक का ब्याज – जानिए कैसे!

Pli Post Office Scheme, For an individual, life insurance is a crucial financial tool. Purchasing life insurance helps shield your spouse and kids from any catastrophic financial loss that could result from your untimely passing. In addition to various financial organizations, post offices are essential for providing you with a variety of life insurance plans to select from whenever it is most convenient for you.

What Is a Postal Life Insurance Scheme?

India Post launched its life insurance program, called Postal Life Insurance (PLI), on February 1st, 1884. This program was first advertised as a welfare initiative for Post Office workers. This facility is now available to state and federal government employees, paramilitary service and defence personnel, educational institutions, and others.

PLI insurance gives the policyholder’s family financial help in the case of their passing. You can include your spouse and children in your coverage, and PLI insurance is affordable. India Post provides a range of PLI packages to meet the demands of every client. Postal life insurance plans, one of the oldest and most respected life insurance companies in India, provide significant returns relative to the minimal premium needed.

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Features of Postal Life Insurance Policy

Before choosing a PLI, be sure to study the following features and understand the purpose of Postal Life Insurance policies:

• For a very cheap premium, PLI delivers a high return on your insurance as well as significant bonus rates.
• For your PLI plans, you can designate a nominee and quickly update the nominee’s details throughout the policy’s term.
• You can obtain a loan against the policy through the postal department if you are a PLI holder.
• In accordance with the rules and regulations issued by the department, you are qualified to convert your PLI plan into an endowment assurance policy.
• The Post Office provides a duplicate document if your policy document is misplaced, destroyed, or mutilated, applying This has a simple procedure.
• India Post provides a passbook service to track your PLI premium payments, with transactions updated for your convenience on a regular basis Depending on your needs and eligibility, you can select from a variety of postal life insurance plans. For a thorough explanation of each PLI scheme and its key characteristics, see the list below:

Types of Postal Life Insurance Schemes

You can choose from a variety of postal life insurance plans depending on your needs and preferences. To gain a comprehensive understanding of each PLI scheme and its key characteristics, review the following list:

1. Whole Life Assurance or Suraksha Scheme

According to this PLI plan, the insured receives the assured amount of the life insurance as well as the accumulated bonus when they turn 80 or, in the event of their death, their legal representative. Nonetheless, the insurance must be in effect on the day of the policy claim. Among the scheme’s salient aspects are:

• The application’s minimum and maximum ages are 19 and 55, respectively.
• A minimum of Rs. 20,000 and a maximum of Rs. 50 lakhs are guaranteed.
• Loan arrangement: Four years later.
• Bonus eligibility: only after five years have passed.
• Period of surrender: Three years.
• You can choose between the following premium payment ages: 55, 58, or 60.
• Switching to an Endowment Assurance Plan: permitted till the age of 59 of the insured individual.

2. Endowment Assurance or Santosh Scheme

Under this PLI plan, the insured individual is guaranteed the entire amount as well as any bonuses accumulated until they reach the specified maturity age. In this instance, 35, 40, 45, 50, 55, 58, and 60 years old could be considered the age of maturity. In the event of the insured person’s death, the entire amount plus any accumulated bonuses are paid to the nominee, legal heir, or assignee. Among this policy’s salient elements are:

The application’s minimum and maximum ages are 19 and 55, respectively.

• A minimum of Rs. 20,000 and a maximum of Rs. 50 lakhs are guaranteed.
• Loan arrangement: Three years later.
• Bonus eligibility: only after five years have passed.
• Period of surrender: Three years.

Anticipated Endowment Assurance or Sumangal Scheme

This PLI plan, sometimes referred to as a money-back policy, is appropriate for those who require regular returns. Regular survival benefits are paid to the covered individual. In the event that the insured passes away too soon, such reimbursements will not be taken into account. The following are this scheme’s features:

• Policy terms range from 15 to 20 years.
• For a policy with a 20-year term, the minimum and maximum ages to apply are 19 and 40 years old, respectively.
• 45 years for insurance with a 15-year term, and 19 years for a policy with a 15-year term.
• The following is the periodic payment schedule for survival benefits:
• 15% at completion of 6, 9, and 12 years, and 40% with accrued bonus upon maturity, are the terms of the 15-year insurance.
• 20-year policy: 40% with accrued bonus at maturity, and 20% each at the end of 8, 12, and 16 years.

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Convertible Whole Life Assurance or Suvidha Scheme

The insured individual is guaranteed the entire amount and any bonuses accumulated until they reach adulthood under this whole life assurance policy. The full amount plus any accumulated bonuses are paid to the insured person’s nominee, legal heir, or assignee in the event of their death. View its features in the list below:

• The application’s minimum and maximum ages are 19 and 55, respectively.
• A minimum of Rs. 20,000 and a maximum of Rs. 50 lakhs are guaranteed.
• Loan arrangement: Four years later.
• Period of surrender: Three years.
• Bonus eligibility: only after five years have passed.
• After five but before six years, the policy will be converted to an endowment assurance policy.

Joint Life Assurance or Yugal Suraksha Scheme

One of the spouses is eligible for PLI coverage under this joint life assurance insurance. To the extent of the entire amount assured and the bonus earned with a single premium, it covers both spouses’ lives. In the event that a spouse or primary policyholder passes away, death payments are given to the surviving spouse. These are some of its characteristics:

• Both spouses must be at least 21 years old and no older than 45 to be eligible to apply.
• A minimum of Rs. 20,000 and a maximum of Rs. 50 lakhs are guaranteed.
• The policy’s minimum and maximum terms are five and twenty years, respectively.
• Loan arrangement: Three years later.
• Facility of surrender: Three years later.
• Bonus eligibility: following the completion of five years.

Children Policy or Bal Jeevan Bima

Those who wish to safeguard their child’s future can also enrol in a PLI plan. This program offers policyholders’ children life insurance coverage. Bal Jeevan Bima policyholders are permitted to offer this plan to a maximum of two children. The premium does not have to be paid in the event of the policyholder’s (parent’s) death. In this scenario, the children will receive the entire amount guaranteed and any bonuses after the policy period is up. This scheme’s key characteristics are:

• Children must be at least five years old and no older than twenty.
• A parent or policyholder may not be older than 45.
• The maximum amount guaranteed is Rs. 3 lakhs, or the parent company’s total promised, whichever is lower.
• Loan facility: The policy prohibits loans.
• Facility for surrender: No facility for surrender is permitted.
• There is no need for a medical evaluation because the infant should be healthy.

Postal Life Insurance Eligibility

The list of companies whose workers are qualified to enrol in PLI plans is provided below:

• State and federal government agencies.
• paramilitary groups.
• military personnel.
• PSUs, or public sector enterprises.
• Banks.
• educational establishments.
• local entities.
• professionals, including physicians, engineers, chartered accountants, lawyers, and MBAs, among others.
• List of businesses that are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
• Posts Department.

Postal Life Insurance Benefits

• With cheap premiums and significant returns (in the form of incentives), it is among the most affordable life insurance options on the market.
• If the original policy is misplaced, destroyed, or damaged, it is simple to create a duplicate policy bond.
• Policyholders can specify their preferred beneficiaries and even make changes to this information during the policy’s term with post office insurance products.
• Furthermore, it is possible to change the sum assured based on predetermined criteria and convert the policy from whole life insurance to endowment assurance.
• After completing at least three years of coverage, policyholders are eligible to receive a loan against their insurance.

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Conclusion

The Postal Life Insurance program offers a number of features and advantages. Purchasing life insurance becomes the most crucial financial strategy if you wish to save a sizable sum for the future of you and your family. To invest your hard-earned money safely and appropriately, you should carefully read the terms and conditions of PLI policies and look into the various schemes that are available.

Faq’s

Q. Is PLI superior to LIC?

Asn: It is usually wiser to invest in PLI rather than LIC if you meet the requirements for a postal life insurance plan. Because of its strong returns, low premiums, and extra bonus advantages, PLI is regarded as superior to LIC.

Q. What is the best PLI plan?

Asn: Due to its high amount of assurance and high age applicability for policy issuance, Whole Life Assurance, also known as Suraksha Postal Life Insurance, is the best alternative accessible.

@PAY