NFPE MAVELIKARA POSTAL DIVISION: Know about Postal Life Insurance

Eligibility : Employers of central and state Government, Defence Services, Extra Department & work charged employees of Department of Post & Department of Telecom, Govt. Aided educational institutions, Universities, Nationalised Banks, Public sector Undertakings of central /state Government, Local Bodies like Municipalities, Zilla Parishads etc. Financial Institutions like IDBI, IFCI, IRCI, UTI, etc. Regional Rural Banks, Departmental canteens.
The Policy can be continued by paying premium in cash in post office after quitting the service
Type of Policies :
1) 'Suraksha' (Whole Life Assurance)
2) 'Santosh' (Endowment Assurance)
3) 'Suvidha' (Covertible Whole Life Insurance)
4) 'Sumangal' ( Anticipated Endowment Assurance)
5) 'Yugal Suraksha' ( Joint Endowment)
6) 'Children's Policy'
Age : Should be between 19 years and 55 years. For 'Sumangal' 15 / 20 year plan, maximum age is 45/40 years respectively & for Yugal Suraksha age at entry of both the spouses should be between 21 to 45 years and age at maturity of older spouse should not be more than 60 years on the next birth day .
Low Premium: Premium rates of P.L.I are lower as compared to those of insurance schemes of any other agencies
High Bonus : Bonus rates are higher as compared to those of insurance schemes of any other agencies.
BONUS RATES (2005-06)
(per thousand sum assured per year)
Suraksha (Whole Life Assurance) Rs. 90/-
Santosh (Endowment Assurance) Rs. 70/-
Sumangal (Anticipated Endowment Assurance) Rs. 65/-
Chilren's Policy (Endowment Assurance) Rs. 70/-
Income Tax Rebate : PLI premium paid is eligible for income tax rebate under section 80-C of Income Tax Act
Risk Cover : Risk is covered on the policy from the date of acceptance of the proposal
Advance Deposit 1st Premium : The Development/Field officers of PLI are authorised to collect from proponents advance deposit of amount equivalent to 1st premiums on their proposals and issue receipt thereof.
Paid up policies also earn bonus
Recovery of premium from pay: Facility of recovery premium from salary is available under the group leader scheme .
Maximum Limit of Assurance : PLI offers policies up to a maximum sum assured of Rs. 10 lakhs. Physically handicapped persons are also eligible to take PLI policies up to a face value of Rs. 1,00,000/- under special scheme, subject to certain conditions.
Conversion : Whole life policy can be converted into Endowment Assurance Policy.
Revival : Revival of policies lapsed due to non payment of premium is allowed on production of good health certificate and payment of arrears premium with interest at 12 % per annum subject to certain conditions under Rule 39/40 of POIF Rules.
Loans : Loans can be obtained against the security of PLI policy which have been in force for atleast 3 years/ 4years in case of Santosh/Suraksha respectively.
Surrender : a) Suraksha , Santosh & Suvidha policies which have been in force for atleast 3 years can be surrendered for immediate cash payment. Surrender of policy is not admissible before completition of 36 months of the policy and the amount deposited shall be forfeited.

b) On surrender, the policy shall attract proportionate bonus on reduced sum assured upto the date for which premium has been paid. However, no bonus shall be payable before completion of 5 years of the policy.

c) The discontinued policy shall not attact bonus with effect from date from which the premium is discontinued.

d) The reduction sum assured shall be calculated by multiplying the sum assured with number of installments paid and dividing the same with total number of premiums to be paid.

e) The surrender value shall be calculated by multiplying the sum of reduced sum assured plus the proportionate bonus if any with surrender factor as applicable on the attained age as on the date of surrender of the policy.
After Sales Service : The Policy details of all the insurants have been computerised and this enables us in giving an excellent after sales service to the insurants.
Nomination/Assignment : Facility of nomination and assignment is available.
Non-medical Policies : Scheme of non-medical policies is available up to Rs. 1 lakh sum assured only (age limit 35 years) under certain conditions.

Reduction : A policy holder may apply for reduction of his monthly premium and sum assured without altering the class of his policy.

Lapsation of Policy : Policy has been in force for not less then 3 years and premium has not been paid twelve consecutive month and if the policy has been in force for less than 3 years and premium has not been paid for six consecutive months the policy becomes void/lapsed which should be got revived from the Chief DMG (PLI)
Rebate @ 2 % is allowed if annual premium is paid in advance and @ 1 % is allowed if six monthly premium is paid in advance.

The 'SUMANGAL' policy offers the following attractive benefits

15 years Term	20 years Term
1. At the end of 6 years, 20 % of the sum assured is payable	At the end of 8 years, 20 % of sum assured is payable
2. At the end of 9 years, 20 % of the sum assured is payable	At the end of 12 years, 20 % of sum assured is payable
3. At the end of 12 years, 20 % of the sum assured is payable	At the end of 16 years, 20 % of the sum assured is payable
4. At the end of 15 years , 40 % pf the sum assured is payable together with bonus accrued	At the end of 20 years, 40 % of sum assured is payable together with bonus accured

Yugal Suraksha

Object : Newly introduced Joint Life Endowment Assurance Plan provides insurance coverage to both the spouses. However only one can subscribe the policy. Spouse need not be an employee.
Term : Not Les than 5 years & not more than 20 years.
Risk cover : Risk on both the lives is covered from the date of acceptance of the proposal.
Premium : The premium based on equivalent age at next birthday is calculated by addition to the lower age depending upon difference in age of spouses. Table "A" for addition in lower age and Table "b" shows premium for equivalent age (Next Birthday).

A rebate of 2 %, 10 % or 50% of the premium for ONE MONTH is allowed, if premium is paid in advance for 3, 6 or 12 months respectively.

The premium will be payable either up to the date of last premium fixed before maturity or up to the death of one of the spouses, whichever is earlier.
Claims : The sum assured along with accured bonus of the policies in full force will be payable to -

a) the insurant at the end of endowment term i.e. date of maturity if both the lives survived.
or ,
b) the survivor on death of one of the spouses before the date of maturity.

The survivor is absolved from payment of further premium
or,
c) the nominee/Legal heirs on death of both the insured lives simultaneously.

Both the spouses should be healthy, confirmed A-I lives by the appropriate medical examiner and should be literate.

Children's Policy-2006

Children's Policy is newly introduced w.e.f. 20-01-2006 and applicable to both PLI/RPLI.

Object : To provide insurance cover to the two children of each policy holder provided that only one such policy will be allowed for an insured against one policy.
Eligibility : a) This is an independent policy, however this policy can not be issued of its own to any child. If the father/mother (insured) of the child has already taken policy or is proposing to take policy on their life either as whole life or endowmentAssurance for a sum assured not less than the sum assured of children policy then children policy shall be issued to such insured.
b) Not more than one policy will be allowed for one child. The policy can be taken by insured for his/her own child only.
c) Not more two children in a family shall be covered under this policy. Thesame child should not be covered under more than one policy.
Age Limit : a) The insured main policy shall not be aged 45 years and above at the time of taking/issue of children policy.
Limit of insurance : The minimum limit for insurance under this scheme shall be Rs. 20,000/-. The maximum limit of sum assured should be more than 1,00,000/-
Medical Examination : The policy shall be a non medical policy for a maximum sum assured of Rs. 1,00,000/- per child.
Risk Cover : Risk is covered from the date of acceptance of the proposal.
Loan : No loan is admissible to children policy.
Surrender : Surrendered and made paid up on usual conditions as applicable to main policy provided at least 5 years premiums have been paid. Amount is admissible as per surrender Table/Factor which would be a fraction of premium paid.
Term : The out standing term of main policy shall not be less than the premium paying period of children policy.
Claim : a) Sum assured shall be payable on children policy on its Maturity or earlier on death of the child.
b) In the event of death of the insured before the expiry of the children policy, no further premium shall be payable for the balance period of the policy.