PLI- Eligibility
Government servants
Defense Service
GDS
Govt aided Educational Institutions
Universities established by Govt
Local Bodies- Muncipalities, ZPs
Banks
PLI- Plans available
1. Whole Life Assurance (SURAKSHA)
Payment only to nominee on death of insurant
Premium payable for selected period
2. Endowment Assurance (Santhosh)
Lump sum payment at desired age
Payment to nominee- on death
3. Convertible Whole Life Assurance (Suvidha)
Less premium for 1st 5 years
Conversion option with higher premium
4. Joint Life Insurance (Yugalasuraksha)
Payment at the end of term
Payment to either of two lives- on death
Spouse to be literate
Standard proof of birth
5. Anticipated Endowment Assurance (Sumangala)
Payment at periodical intervals
15 Yr AEA 20 Yr AEA
20% 6,9,12 Yrs 8, 12,16 Yrs
40% 15 Yrs 20 Yrs
Payment of bonus at the end
Payment to nominee on death
Full sum assured + Bonus
Children’s Policy
Parent’s and children’s risk covered
Parent should have a policy
Non-medical policy
Minimum- Rs.20,000
Maximum- Rs.1 lac
One E/A
Two children only
PLI- Features
Risk cover
Premium calculated on the basis of
Age at entry
Maturing age/Premium ceasing age/term
Rebate allowed
Others: Each 20,000- Re.1/
Yugala Suraksha: First 40,000- Re.1/
& addl each 10,000 Re.1/
| Plan | Min Age | Max Age |
| Whole Life As | 19 | 55 |
| Endow.As | 19 | 55 |
| Convert WLA | 19 | 50 |
| Anticipated EA | 19 | 45 |
| Yugal suraksha | 21 | 45 |
| Children poly Child | 19 05 | 45 20 |
Limit of Insurance
In multiple of Rs.10,000
Minimum- Rs.20,000
Maximum
WL, EA, CWL- 10 lacs
YS, AEA - 05 lacs
Children Poly- 01 lac
Non-Medical- 01 lac
PHP- 01 lac
Advance deposit adjusted as 1st premium
Subsequent installments to be paid on due date within in grace period of one month (end of the month).
Rebate for advance deposit
12 Months- 2%
6 Months- 1 %
Rebate Yugalasuraksha
12 M- 50% of single Premium
06 M- 10% ---------do---------
03 M- 02% ---------do---------
| Type of Policy | Rate of Bonus per Rs.1000 of sum assd |
| Whole Life Assurance | Rs.90 |
| Endowment Assurance | Rs.70 |
| A/E Assurance | Rs.65 |
| Joint Life Insurance | Rs.70 |
| Children Policy | Rs.70 |
PLI- Medical Report
Necessary for the following
Age at entry exceeds 35 years
Sum assured more than Rs.1 lac
Endowment Poly maturing at 35 years of age
Anticipated Endowment Policies
PLI-after sale service Payment of monthly premium
Deptl employees & GDS recovery from pay and remittance directly to PLI
Others Group Leader to make deposits as RD PRSS
Individuals can also deposit in POs
Monthly premium if not paid within the due month can be paid with DF at 12 %
Default fee at 12% collected for first 12 months
For defaults exceeding 12 months 12% compound interest to be collected (At RO/CO)
Formula for default fee calculation:
N(N+1) x Premium rate
200
N= Defaulted months
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