Basic Information:-

Postal life insurance was introduced on dated 01.02.1884. In the begging, this scheme was only for postal employees. After that it was extended to the Telegraph Department. It is the oldest life insurance in this country.
In the begging, the maximum limit of the PLI was Rs.4000/- (Rs. four thousand only). Now its upper limit is Rs.5000000/- (Rs. Fifty lakhs only).
This scheme now covers the employee. These are all the Central and state government, central and state government public sector undertakings, universities, Nationalized banks, defense services, paramilitary services. At the latest, it covers some professionals like doctors, engineers, advocates, auditors, management consultants, private/ management educational institutes, NSE / BSE listed companies, etc. PLI also manages the Group Insurance Scheme for Extra Departmental Employees.

Benefits:-
– Law premium more bonus
– Income tax benefit under 80(C) act
– 100% secure deposit of Indian Government
– security against the risk of share market
– Easy loan system
– Service at any post office in India
– Online premium payment system
– Maximum insurance up to 5000000/- (Rs. fifty lakhs only)
– It is an insurance scheme with saving benefits.
PLI Plans and its information:-

There are seven plans under this scheme.
1. Whole Life Assurance (SURAKSHA) WLA
In this plan, the assured amount will be paid to the nominee after the death of the insurant.
Age limit:- 19 to 55 years
Sum Assured limit:- 20000/- to 5000000/-
Loan facility:- Available after completion of four year
2. Endowment Assurance (SANTOSH) EA
In this plan, the insurant gets the assured amount with an accrued bonus at the age of maturity. On the occasion of the death of insurant before the maturity of the policy, the nominee will get the full assured amount and accrued bonus.
Age limit:- 19 to 55 years
Sum Assured limit:- 20000/- to 5000000/-
Loan facility:- Available after completion of three year
3. Convertible Whole Life Assurance (SUVIDHA) WLA
In this plan, the policy can be converted into Endowment Assurance. The features of the plan are the same as the EA policy. It can be converted into EA after five years. Age on the date of conversion must not exceed 55 years. The option for the conversion is not exercised within 6 years, the policy will be treated as WLA.
Age limit:- 19 to 55 years
Sum Assured limit:- 20000/- to 5000000/-
Loan facility:- Available after completion of four year
4. Anticipated Endowment Assurance (SUMANGAL) AEA
It is a money-back policy. In this plan, Survival benefits will be paid to the insurant periodically. The survival payments will not be taken into consideration on the occasion of the death of insurant. The full sum assured with accrued bonus is payable to the nominee.
Two types of policies are available under this plan.
a. 15 years term
The survival benefits will be paid after six years.
– After 6 years – 20%
– ” 9 years – 20%
– ” 12 years – 20%
– After 15 years – 40%
b. 20 years term
The survival benefits will be paid after eight years
– After 8 years – 20%
– ” 12 years – 20%
– ” 16 years – 20%
– After 20 years – 40%
5. Joint Life Assurance (YUGAL SURAKSHA) YS
In this plan, the spouse of the insurant is eligible for the policy. The coverage of the assurance is provided to the spouse and insurant both with benefits of the sum assured and accrued bonus in only one (single) premium. The other feature of this policy is as EA.
6. Scheme for Physically Handicapped Person
The medical examination is compulsory. It is required to determine the exact nature of his /her handicap. The premium will be calculated on the base of nature of handicap.
The insurant can take any of the plans from serial number 1 to 5.
7. Children Policy
The children’s policy was introduced in the postal department under PLI from 20.06.2006. The features of this scheme are as under.
- This insurance covers the children of the PLI policyholder.
- A maximum of two children in the family will be eligible for the policy.
- The age limit of a child is
- Between 5 to 20 years subject to the main policyholder should attain the age of 45 years.
- The maximum sum assured is Rs.300000/- or equal to the sum assured of the main policy holder whichever is less.
- In the condition of the death of the main policyholder
- The premium is not required to pay
- The sum assured with all bonuses will be paid at the end of the term of the policy.
- In the condition of the death of the child
- The sum assured with the bonus accrued will be paid to the main policyholder.
- No loan applicable
- No medical examination is required in this policy. The child must be healthy on the day of the proposal.
- The bonus is equal to the EA policy.
Facilities in PLI:-
- Nomination can be changed.
- Loan facility is available.
- The policy can be pledged for taking the loan.
- The policy can be assigned to any financial institute for taking a loan.
- Revival facility is available for lapse policy.
- Duplicate policy bonds can be issued. The condition is that original policy bond is torn/lost/mutilated.
- The conversation is available from WLA to EA policy or any other policy as per rule.
Limits of PLI:-
- The maximum limit of PLI is Rs.5000000/- (Rs. Fifty lakhs only).
- The minimum limit of the PLI is Rs.20000/- (Rs. Twenty thousand only).
- The value of the policy can be taken in multiple of Rs.10000/- after the minimum limit of Rs.20000/-. For example Rs.20000/-, Rs.30000/-, Rs.40000/- and so on.
Eligibility:-
- Central Government
- Defense Services
- Para Military Forces
- State Government
- Local bodies
- Government-aided Educational Institutes
- Reserve Bank of India
- Public Sector Undertaking
- Financial Institute
- National Banks
- Autonomous Bodies
- Extra Departmental Agents in Department of Posts
- The employee engaged/appointed as a contract basis. The contact must be extendable.
- Scheduled Commercial Banks
- Credit Co-operative societies
- Deemed universities in educational institutes
- Doctors, Engineers, Architects, Management Consultants, Charter Accountants.
Comparison of PLI with Recurring deposit scheme of Department of Posts
PLI is much better than Recurring scheme. The following reasons for that.
PLI Calculation | RD Calculation | |||
Insurant age | 35 | Depositor age | 35 | |
Maturity Age | 40 | Maturity age | 40 | |
Sum Assurance | 100000 | Sum Assurance | Nil | |
PLI fix bonus per lakhs | 5800 | Fix interest rate | 7.20% | |
Monthly Premium | 1792 | Monthly Subscription | 1795 | |
Plan | Endowment Assurance | Plan | — | |
Five Years Premium | 107520 | Five years deposit | 107700 | |
Five years bonus | 29000 | Five years interest | 22446 | |
Maturity Amount | 129000 | Maturity amount | 130146 |
Here is the maturity difference is only Rs.1146/-. But monthly subscription is Rs.3/- more. Hence Rs.540/- a total of five years premium more. In return, you get approximately the same maturity amount
In the insuarnt / depositor death condition | ||
PLI (After a year) | Eligible amount | Other saving |
1 year | 105800 | Four years premium Rs.86016/- |
2 year | 111600 | Three years premium Rs.64512/- |
3 year | 117400 | Two years premium Rs.43008/- |
4 year | 123200 | One year premium Rs.21504/- |
In death condition,
- You can get bonus with your assurance amount in PLI.
- You can also save your premium.
- In RD scheme you have to pay all the subscription, then you can receive same maturity amount.

For more information
Visit the department of post official website of India Post.
Update of the rate of bonus is available. Please click on bonus.
The online payment procedure of PLI is available. Please click on online.
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