Low Premium:
The premium in PLI is lower than in any other Life Insurance scheme.
High Bonus:
The bonus accruing in PLI is higher than in any other Life Insurance scheme. The current Bonus rates are Rs 95/- per thousand of sum assured per year for Whole Life Policy and Rs 77/- per thousand of sum assured per year for Endowment Assurance Policy of less tha 20 years and Rs 76 in respect of policies of 20 years and above and Rs 70/- per thousand of sum assured for Anticipated Endowment Policy.
The returns for Santosh (EA) Policy for Rs 20,000/- with maturity at 55 years (at the latest bonus rates are):
Even a paid up policy earns bonus.
Income Tax Rebate:
The premium paid is eligible for IT Rebate under Sec 88 of IT Act.
Loans:
Loan is granted up to certain percentage of surrender value of policy ranging from 60% to 90% at a low rate of interest of 10% p.a. payable half yearly. Repayment of Principal is optional. It can be deducted from the maturity value.
PLI Policy can be pledged for obtaining loans from other financial institutions.
While Santosh (EA) policies are eligible for loan after 3 years, Suraksha (WLA) policies are eligible for loan after 4 years. Loans are not available on Sumangal (AEA) policies.
Risk Cover:
Risk is covered fully. There is no extra premium for war risk. Only if the insured commits suicide within a period of two years no compensation is admissible against the policy.
Insurance cover takes effect after recovery of first premium by the PAO or payment of premium in cash in nearest FPO.
Deduction of premium from pay:
Premium is recovered from IRLA of the insured by the PAO (ORs) / CDA (O).
Payment of premium by cash:
Premium can be paid in cash in any FPO with prior approval of Addl DG APS. Premium can be paid in advance in the FPO for which upto 2% rebatefor 1 year 1% for 6 months is allowed.
Change of Class of Policy:
On application, a Suvidha (CWL) Policy can be converted into Santosh (EA) Policy after five years. Endowment period for Santosh (EA) Policy can be altered and the value can be reduced.
Surrendered/ Paid Up:
A Santosh (EA) Policy may be surrendered or made "Paid Up" after 3 years. Suraksha (WLA) and Suvidha (CWL) policies may be surrendered or made "Paid Up" after 4 years. Sumangal (AEA) and Yugal Suraksha policies cannot be surrendered. However they can be made "Paid Up".
Lapsing of policies:
If premia are not received for the first three years or till the date of any eventualities, the policy will be treated as lapsed and no claim will be entertained.
Continuation of Policy after Discharge/ Retirement/ Invalidation:
Policy can be continued after retirement/ discharge/ invalidation by transferring the policy to office of the Chief Postmaster General of home state and premium can be paid in cash through nearest Civil Post Office.
The premium in PLI is lower than in any other Life Insurance scheme.
High Bonus:
The bonus accruing in PLI is higher than in any other Life Insurance scheme. The current Bonus rates are Rs 95/- per thousand of sum assured per year for Whole Life Policy and Rs 77/- per thousand of sum assured per year for Endowment Assurance Policy of less tha 20 years and Rs 76 in respect of policies of 20 years and above and Rs 70/- per thousand of sum assured for Anticipated Endowment Policy.
The returns for Santosh (EA) Policy for Rs 20,000/- with maturity at 55 years (at the latest bonus rates are):
Even a paid up policy earns bonus.
Income Tax Rebate:
The premium paid is eligible for IT Rebate under Sec 88 of IT Act.
Loans:
Loan is granted up to certain percentage of surrender value of policy ranging from 60% to 90% at a low rate of interest of 10% p.a. payable half yearly. Repayment of Principal is optional. It can be deducted from the maturity value.
PLI Policy can be pledged for obtaining loans from other financial institutions.
While Santosh (EA) policies are eligible for loan after 3 years, Suraksha (WLA) policies are eligible for loan after 4 years. Loans are not available on Sumangal (AEA) policies.
Risk Cover:
Risk is covered fully. There is no extra premium for war risk. Only if the insured commits suicide within a period of two years no compensation is admissible against the policy.
Insurance cover takes effect after recovery of first premium by the PAO or payment of premium in cash in nearest FPO.
Deduction of premium from pay:
Premium is recovered from IRLA of the insured by the PAO (ORs) / CDA (O).
Payment of premium by cash:
Premium can be paid in cash in any FPO with prior approval of Addl DG APS. Premium can be paid in advance in the FPO for which upto 2% rebatefor 1 year 1% for 6 months is allowed.
Change of Class of Policy:
On application, a Suvidha (CWL) Policy can be converted into Santosh (EA) Policy after five years. Endowment period for Santosh (EA) Policy can be altered and the value can be reduced.
Surrendered/ Paid Up:
A Santosh (EA) Policy may be surrendered or made "Paid Up" after 3 years. Suraksha (WLA) and Suvidha (CWL) policies may be surrendered or made "Paid Up" after 4 years. Sumangal (AEA) and Yugal Suraksha policies cannot be surrendered. However they can be made "Paid Up".
Lapsing of policies:
If premia are not received for the first three years or till the date of any eventualities, the policy will be treated as lapsed and no claim will be entertained.
Continuation of Policy after Discharge/ Retirement/ Invalidation:
Policy can be continued after retirement/ discharge/ invalidation by transferring the policy to office of the Chief Postmaster General of home state and premium can be paid in cash through nearest Civil Post Office.
|
Age at entry
|
Age at entry
|
Age at entry
|
Age at entry
|
|
20
|
16,380/-
|
53,200/-
|
72,200/-
|
|
25
|
18,360/-
|
45,600/-
|
65,600/-
|
Benefits of P.L.I.