Complete information about post office PLI Policy Plans

What is PLI?

Postal Life Insurance (PLI) is one of the oldest insurance schemes for all the government employees which was started in 1884. Initially, PLI policy was only for post office employees but today, state government employees, central government employees, defense and paramilitary force employees, central and state government PSUs employee, government university and institute employees, bank employees and co-operative society employees can get the profit of Postal Life Insurance (PLI).

Now the scope of PLI policy has been expanded to more people, these also get the benefit of PLI. Here I am sharing the list of these types of people.

➤Private institution/school/university employees can also insure themselves in PLI.
➤Doctors, engineers, bankers, management consultants, chartered accountants, architects, jurists, etc can also insure themselves in PLI.
➤NSE (National Stock exchange) and BSE (Bombay stock exchange) employees

"Low premium and high bonus" is a unique feature of PLI.

If you will insure yourself under any of the PLI policy plans than the post office will give a PLI policy number. This PLI policy is a unique number. You can also check your PLI policy status online by login at the PLI policy login portal. Click here to log in to the PLI policy login portal.
 
You have to register yourself at the PLI customer login portal with the help of the PLI policy number. Click here to know how to deposit the PLI premium online.

Some important features of Postal Life Insurance (PLI)

Although PLI policy has many features I am going to tell you about some special features of PLI which is very important to know all.

01. Insurance Amount

➤Minimum insurance amount- 20,000/- Rs.
➤Maximum insurance amount- 50,00,000/- Rs. (After medical checkup)
➤Rs. 1,00,000/- (without medical checkup), Age of insurant should be more than 35 years.

02. Age limit

➤Minimum age- 19 years
➤Maximum age- 55 years
➤Maximum age- 40 years (only for Anticipated Endowment Assurance AEA-20 & AEA-15 policy)
➤Maximum age- 45 years  (only for Joint Life Assurance policy)

03. Low premium and high bonus

If you insure before 35 years, then the premium will have to be deposited less than the sum assured and attractive payment will be received.  

Example: 
If someone gets PLI of ten lakh at the age of 21 years, then the monthly premium will be 1,750/- Rs. He will pay a total premium of 8,19,000/- Rs. only which is less than the sum assured. He will get 32,62,000/- Rs. as maturity amount for this PLI.

Note: - Maturity amount = bonus + sum insurance, *at current bonus rate @ 58/- Rs.

Sum insurance- 10,00,000/- Rs. 
Age of insurant- 21 years
Maturity Age- 60 years
Monthly premium- 1,750/-
Total Premium- 8,19,000/-
Maturity amount- 32,62,000/- (Bonus+sum insurance) *at currect bonus rates @ 58 Rs. 

04. Premium payment

PLI premium can be deposited at any post office across India by cash amount or cheque. The online deposit facility is also available at www.pli.indiapost.gov.in portal.

05. PLI Policy Loan facility

After completion of 3 years, the PLI policy loan facility is also available on all types of PLI policies except Anticipated Assurance (AEA) and children policy. 

06. High Bonus

PLI has a regular record of consistently giving the high bonus to its customers.

How many types of PLI Policy is available in Post office

07. Rebate in premium

➤A rebate will be also given on the deposit of monthly installments in advance by the PLI insured.
1% rebate on advance deposit of 6-11 months installments
2% rebate on advance deposit of 12 months or more than 12 months monthly installment.
➤Insurance of Rs. 20,000/- or more than Rs. 20,000/-, Rs. 1/- per month per twenty thousand rupees, the premium will get an additional rebate according to the insurance table.

 

08. Nominee and assignment facility

Nominee name can be changed at any time before maturity. The maturity sum amount of PLI will be delivered to the nominee or legal dependant. 

09. Restarting lapsed policy

The policy will be discontinued if the premium due on the policy for less than three years, is not deposited within 6 months and if the policy has more than twelve months' balance remaining or not deposited. Permission has to bo obtained to revive this type of policy.

Interest will be payable at the rate of 1% per month along with the outstanding premium for the revival of the lapsed policy.


10. Surrender facility

Any policy except AEA and child policy can be surrendered after paying a premium for three consecutive years. Bonus will be payable on those policies which premium will be deposited for at least five years.

Types of PLI Policy

There are six types of policies present in PLI.
01. Whole Life Assurance (Suraksha)
02. Endowment Assurance (Santosh)
03. Convertible Whole Life Assurance (Suvidha)
04. Anticipated Endowment Assurance (Sumangal)
05. Joint Life Assurance (Yugal Suraksha)
06. Children Policy (Bal Jeevan Bima)

Whole Life Assurance (Suraksha)

➤The sum assured along with bonus, which will be payable both before the age of 60 years or death, will be payable.
➤Insurance can be converted into EA
PLI policy loan facility is available after the policy runs for four consecutive years
➤Surrender facility is available after the policy has run for three consecutive years
➤Maximum age of premium payment is 55, 58 and 60 years

Endowment Assurance (Santosh)

➤The maturity age of the insurance is 35, 40, 45, 50, 55, 58 and 60 years
PLI policy loan and surrender facility after three years
➤Insurance amount with bonus will be payable on maturity or death, whichever is earlier

Convertible Whole Life Assurance (Suvidha)

➤Option to change to EA at the end of five years of taking the policy provided that at least one year has elapsed between the date of change and the date of maturity.
PLI policy loan facility after 6 years
➤Surrender facility after 3 years
 

Anticipated Endowment Assurance (Sumangal)

➤This is a money-back policy.
➤ Insurance period 15 years or 20 years
➤No facilities for loan and Surrender
➤Survival benefit will be payable as follows: -

How many types of PLI Policy is available in Post office


➤From the term of the policy and if the death of the insurer, then the entire sum assured will be given along with a bonus.

Joint Life Assurance (Yugal Suraksha)

➤This is joint insurance in which either husband or wife of the couples should be eligible for PLI
➤Insurance of both (husband and wife) with a single premium
➤The minimum age and maximum age of the couple at the time of admission is 21-45 years
➤In the event of the death of the couple or the main policyholder, whoever lives will be paid death benefits.

Children Policy (Bal Jeevan Bima)

➤WLA and EA holders can insure a maximum of two children.
➤The age limit of the guardian should not be more than 45 years
➤Child age 5 to 20 years
➤Sum insurance Rs. 20,000/-  to 3 lakhs
➤It is not necessary to get a medical test of the child
➤In case of the accidental death of a parent before completion of policy, the premium for the remaining period is not payable.


What is the PLI policy premium calculator?

It a calculator that calculates the monthly premium of each PLI policy plan. Just fill details in PLI policy premium calculator like sum insurance amount, date of birth, it will show the monthly premium of your PLI policy plans. 

If you want to calculate the monthly premium before buying a PLI policy then you have to download an India post official android application i.e. POST INFO. Find the option for the PLI calculator in this application. Fill all the details which are required in the "Post Info" PLI premium calculator and get your monthly premium. 

You may download it from here. You can also read the review of the Post Info application 2020 from here.

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