Introduction
Established in 1884, Postal Life Insurance (PLI) is one of India’s oldest life insurance plans.
Government and semi-government workers, professionals, and other eligible individuals are now included in its coverage, which was initially introduced for postal employees.
Renowned for low rates and strong bonuses, PLI gives policyholders and their families financial stability.
Features of Postal Life Insurance
- Affordable Premiums: PLI makes it available to people from many income levels since it provides reasonable premium rates.
- Higher Bonus Rates: The plan offers good bonuses that raise the value of the sum assured.
- Tax Breaks: Under Section 80C of the Income Tax Act, policyholders can get tax breaks.
- Diverse Financial Needs: A variety of policy types are available to meet the needs of this demographic.
Types of Postal Life Insurance Policies
Whole Life Assurance (Suraksha):
- Covers the insured person for their whole life.
- If the insured person dies, the sum assured and any bonuses are paid to the nominee.
Endowment Assurance (Santosh)
- In the event of the policyholder’s untimely death or at the conclusion of the policy term, Endowment Assurance (Santosh) provides a lump sum payment to the nominee.
Convertible Whole Life Assurance (Suvidha)
- You can start with a whole-life policy with the Suvidha product, but after five years, you can change it to an endowment policy.
Anticipated Endowment Assurance (Sumangal)
- For example, Sumangal’s Anticipated Endowment Assurance is a money-back policy that makes payments regularly during the term.
- Upon maturity or in the event of death, the remaining sum is assured and bonuses are paid out.
Joint Life Assurance (Yugal Suraksha)
- Under one policy, joint life assurance (Yugal Suraksha) covers both partners.
- The surviving partner or nominees gain from this.
Children Policy (Bal Jeevan Bima)
- Designed to protect children’s financial future, the Children Policy (Bal Jeevan Bima)
- offers financial support and life insurance for children’s needs.
You can check out full details on PLI official page. Click here.
Types of Postal Life Insurance Policies
| Policy Name | Description |
|---|---|
| Whole Life Assurance (Suraksha) | Provides coverage throughout the policyholder’s life. The sum assured, along with accrued bonuses, is payable to the nominee upon the policyholder’s death. |
| Endowment Assurance (Santosh) | Offers a lump sum payment upon maturity or to the nominee in case of the policyholder’s demise during the term. |
| Convertible Whole Life Assurance | Covers spouses under a single policy provided one is eligible for PLI. |
| Anticipated Endowment Assurance | Covers spouses under a single policy, provided one is eligible for PLI. |
| Joint Life Assurance (Yugal Suraksha) | Covers both spouses under a single policy, provided one is eligible for PLI. |
| Children Policy (Bal Jeevan Bima) | Offers life insurance coverage for the policyholder’s children. |
Key Features of PLI
- Low Premiums PLI policies are well-known for their economy relative to other life insurance plans.
- Policyholders gain from pleasing bonus rates, therefore improving the general returns.
- Policyholders may apply for loans against their PLI insurance after a certain term.
- Section 80C of the Income Tax Act qualifies premium paid towards PLI plans for tax deductions.
Requirements for Eligibility
PLI basically serves:
- The staff of central and state governments
- Workers in public sector projects
- Nationalized bank staff
- Workers of government-funded educational institutes helped
- Professionals include engineers working for reputable companies and physicians
How to Apply for PLI
Interested individuals can apply for PLI through:
- For the purpose of obtaining the application form and submitting the necessary documents, please visit the nearest post office.
- Apply and register through the official PLI portal via the online portal.
What is a Postal Life Insurance Calculator?
A postal life insurance calculator is an online tool for projecting the premium for PLI policies. It enables people to properly plan their money and decide on their insurance coverage.
Advantages of Using a Postal Life Insurance Calculator
- Rapid Approximates: Calculate premiums precisely in seconds.
- Simple Comparisons: Look for the most appropriate policy by comparing the premiums of several policies.
- Financial Planning: Giving you a clear picture of your insurance costs helps you plan your finances better.
The Postal Life Insurance Calculator
Postal Life Insurance Calculator
Whole Life Assurance (Suraksha) Convertible Whole Life Assurance (Suvidha) Endowment Assurance (Santosh) Joint Life Assurance (Yugal Suraksha) Anticipated Endowment Assurance (Sumangal) Children Policy (Bal Jeevan Bima)Conclusion
Protecting your family’s financial future with postal life insurance (PLI) is a safe and affordable choice. There are many insurance plans to pick from, and you can easily figure out your premiums online. Planning your insurance needs has never been easier. These tools and resources will help you make smart choices and give you and your family peace of mind.