Postal Life Insurance

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n PLI- Eligibility

n Government servants

n Defense Service

n GDS

n Govt aided Educational Institutions

n Universities established by Govt

n Local Bodies- Muncipalities, ZPs

n Banks

n PLI- Plans available

1. Whole Life Assurance (SURAKSHA)

n Payment only to nominee on death of insurant

n Premium payable for selected period

2. Endowment Assurance (Santhosh)

n Lump sum payment at desired age

n Payment to nominee- on death

3. Convertible Whole Life Assurance (Suvidha)

n Less premium for 1st 5 years

n Conversion option with higher premium

4. Joint Life Insurance (Yugalasuraksha)

n Payment at the end of term

n Payment to either of two lives- on death

n Spouse to be literate

n Standard proof of birth

n

n

5. Anticipated Endowment Assurance (Sumangala)

n Payment at periodical intervals

n 15 Yr AEA 20 Yr AEA

n 20% 6,9,12 Yrs 8, 12,16 Yrs

n 40% 15 Yrs 20 Yrs

n Payment of bonus at the end

n Payment to nominee on death

n Full sum assured + Bonus

n Children’s Policy

n Parent’s and children’s risk covered

n Parent should have a policy

n Non-medical policy

n Minimum- Rs.20,000

n Maximum- Rs.1 lac

n One E/A

n Two children only

n PLI- Features

n Risk cover

n Premium calculated on the basis of

n Age at entry

n Maturing age/Premium ceasing age/term

n Rebate allowed

n Others: Each 20,000- Re.1/

n Yugala Suraksha: First 40,000- Re.1/

n & 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

n Limit of Insurance

n In multiple of Rs.10,000

n Minimum- Rs.20,000

n Maximum

n WL, EA, CWL- 10 lacs

n YS, AEA - 05 lacs

n Children Poly- 01 lac

n Non-Medical- 01 lac

n PHP- 01 lac

n Advance deposit adjusted as 1st premium

n Subsequent installments to be paid on due date within in grace period of one month (end of the month).

n Rebate for advance deposit

n 12 Months- 2%

n 6 Months- 1 %

n Rebate Yugalasuraksha

n 12 M- 50% of single Premium

n 06 M- 10% ---------do---------

n 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

n PLI- Medical Report

n Necessary for the following

n Age at entry exceeds 35 years

n Sum assured more than Rs.1 lac

n Endowment Poly maturing at 35 years of age

n Anticipated Endowment Policies

n PLI-after sale service Payment of monthly premium

n Deptl employees & GDS recovery from pay and remittance directly to PLI

n Others Group Leader to make deposits as RD PRSS

n Individuals can also deposit in POs

n Monthly premium if not paid within the due month can be paid with DF at 12 %

n Default fee at 12% collected for first 12 months

n For defaults exceeding 12 months 12% compound interest to be collected (At RO/CO)

n

n Formula for default fee calculation:

N(N+1) x Premium rate

200

N= Defaulted months

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What are the documents required to obtain loan (after 3 years)?

1. Application in the form or on a white paper

2. Original policy document with signature on backside of the policy is token of assignment.

3. Original premium receipt book or pay drawing officer's certificate for preceding one year.

What are the documents required for surrender value (after 3 years)?

1. Application in the prescribed proforma or on a white paper

2. Original policy document

3. Original premium receipt book or pay drawing officer's certificate for preceding one year.

What are the documents required to get maturity value ?

1. Application in the prescribed proforma or on a white paper

2. Original policy document

3. Original premium receipt book or pay drawing officer's certificate for preceding one year.

What are the documents required for death claim ?

1. Application in the prescribed proforma

2. Original policy document

3. Original premium receipt book or pay drawing officer's certificate for preceding one year.

4. Death certificate obtained from Municipality / Gram Panchayat etc.

5. Doctor's certificate if necessary.