Postal Life Insurance

Postal Life Insurance (PLI) is one of the oldest and most trusted life insurance schemes in India, offering financial security at affordable premiums. Managed by India Post, PLI offers various plans, including Whole Life Assurance, Endowment Assurance, and Postal Term Insurance, designed to meet different financial needs.

Here, learn more details on PLI plans, eligibility, benefits, and payment options to help you decide about securing your future with India Post Postal Life Insurance.

Table of Contents:

• ⇾ Postal Life Insurance Interest Rate
• ⇾ Postal Life Insurance Eligibility
• ⇾ Documents Required For Postal Life Insurance
• ⇾ Features & Benefits of Postal Life Insurance
• ⇾ Types of Postal Life Insurance Schemes
• ⇾ Postal Life Insurance Scheme Bonus
• ⇾ Postal Life Insurance Calculator
• ⇾ Postal Life Insurance Login
• ⇾ Postal Life Insurance Forms
• ⇾ Pay Postal Life Insurance Online
• ⇾ Check Postal Life Insurance Policy Status
• ⇾ Postal Life Insurance Customer Guidelines
• ⇾ Postal Life Insurance Customer Care Number
• ⇾ Frequently Asked Questions

Postal Life Insurance Interest Rate

Understanding the interest rate on Postal Life Insurance (PLI) loans is important, as it affects the total repayment amount and policy benefits.

• PLI Loan Interest Rate – The interest rate on a PLI loan is 10% per year, which is calculated every six months.
• Interest Payment Schedule – Interest must be paid every six months. If a payment is missed, the unpaid interest is added to the loan amount, increasing the total due.
• Policy Impact for Missed Payments – If the policyholder fails to pay interest for three consecutive terms, the insurer may surrender the policy and use its surrender value to clear the outstanding loan and unpaid interest.

Postal Life Insurance Eligibility

To qualify for Postal Life Insurance, applicants must meet specific criteria that ensure they are eligible for the coverage. Here is the table showing the eligibility criteria required for this insurance :

Documents Required For Postal Life Insurance

To apply for Postal Life Insurance (PLI), you need the following documents:

• Identity proof (Aadhaar card, PAN card, etc.)
• Age proof (Birth certificate, Passport, etc.)
• Address proof
• Recent passport-sized photographs
• Employment details (if required)

Features & Benefits of Postal Life Insurance

2 (PLI) offers several benefits, making it a reliable and affordable life insurance option. Below are its key features and advantages:

Key Features

• Low Premium, High Returns – PLI provides life insurance at a low premium while offering high returns and bonus rates.
• Nomination Facility – Policyholders can nominate a beneficiary and update the nomination details anytime.
• Loan Facility – After 3 years for Endowment Assurance and 4 years for Whole Life Insurance, policyholders can take a loan against their policy.
• Policy Revival – If a policy lapses due to missed premium payments, it can be revived under certain conditions.
• Duplicate Policy Document – If the original policy document is lost, damaged, or destroyed, a duplicate can be issued easily.
• Easy Transfer – PLI policies can be transferred across India without any extra charges.
• Passbook Facility – Policyholders can track their PLI premium payments and loan transactions through a passbook.

Benefits

• Tax Benefits – Premiums paid under PLI are eligible for tax exemption under Section 80C of the Income Tax Act.
• Flexible Premium Payment – Premiums can be paid monthly, semi-annually, or annually.
• Advance Payment Discounts – Get a discount on premium payments:
• 1% discount for 6 months' advance payment
• 2% discount for 12 months' advance payment
• Quick Claims Process – Due to a centralized accounting system, claim settlements are fast and hassle-free.

Types of Postal Life Insurance Schemes

India Post offers different Postal Life Insurance (PLI) plans to meet various financial needs. Below is a simple explanation of each plan, including its key features.

1. Whole Life Assurance (Suraksha)

This scheme pays the sum assured along with the accrued bonus either when the policyholder turns 80 years old or to their nominee or legal heir in case of their death, whichever happens first.

• Entry Age: 19 to 55 years
• Sum Assured: ₹20,000 to ₹50 lakhs
• Loan Facility: Available after 4 years
• Surrender Option: After 3 years (no bonus if surrendered before 5 years)
• Conversion: Can be changed to Endowment Assurance before 59 years
• Premium Paying Age Options: 55, 58, or 60 years
• Bonus Rate: ₹76 per ₹1,000 sum assured per year

2. Convertible Whole Life Assurance (Suvidha)

Works like Whole Life Assurance but can be converted into an Endowment Assurance policy after 5 years.

• If not converted within 6 years, it remains a Whole Life Assurance policy.
• Entry Age: 19 to 50 years
• Sum Assured: ₹20,000 to ₹50 lakhs
• Loan Facility: Available after 4 years
• Surrender Option: After 3 years (no bonus if surrendered before 5 years)
• Bonus Rate:
• ₹76 per ₹1,000 per year (if not converted)
• If converted, the Endowment Assurance bonus applies

3. Endowment Assurance (Santosh)

The sum assured + bonus is paid on maturity (35, 40, 45, 50, 55, 58, or 60 years) or to the nominee in case of death.

• Entry Age: 19 to 55 years
• Sum Assured: ₹20,000 to ₹50 lakhs
• Loan Facility: Available after 3 years
• Surrender Option: After 3 years (no bonus if surrendered before 5 years)
• Bonus Rate: ₹52 per ₹1,000 sum assured per year

4. Joint Life Assurance (Yugal Suraksha)

Life cover for both husband and wife under a single premium.

• The sum assured plus the bonus is paid to the surviving spouse in case of death.
• Entry Age: 21 to 45 years (Elder spouse should not be older than 45)
• Policy Term: 5 to 20 years
• Sum Assured: ₹20,000 to ₹50 lakhs
• Loan Facility: Available after 3 years
• Surrender Option: After 3 years (no bonus if surrendered before 5 years)
• Bonus Rate: ₹52 per ₹1,000 sum assured per year

5. Anticipated Endowment Assurance (Sumangal)

Best for those who need periodic payouts instead of a lump sum on maturity

• Survival Benefits are paid at different intervals.
• If the insured passes away, the full sum assured plus the bonus is paid to the nominee, ignoring any money-back payments already made.
• Entry Age: 19 to 40 years (for 20-year policy), 19 to 45 years (for 15-year policy)
• Sum Assured: Up to ₹50 lakhs
• Bonus Rate: ₹48 per ₹1,000 sum assured per year

6. Children's Policy (Bal Jeevan Bima)

Covers up to two children of the policyholder

• The parent must have a PLI policy to apply for this plan.
• Entry Age for Child: 5 to 20 years
• Sum Assured: Up to ₹3 lakhs or equal to the parent's policy sum assured (whichever is lower).
• No Premium Payment Required after the parent's death.
• Bonus Rate: ₹52 per ₹1,000 sum assured per year
• No Loan or Surrender Facility

Postal Life Insurance Scheme Bonus

The Postal Life Insurance Scheme offers various bonuses that enhance the value of the policy, providing policyholders with additional financial benefits and rewards for their long-term commitment to saving. Let us look at the table of the bonus scheme of this insurance:

Postal Life Insurance Calculator

The Postal Life Insurance (PLI) calculator helps policyholders estimate their maturity amount based on the sum assured, policy term, and bonus rates. Since PLI follows a bonus-based return system, the formula for calculating the maturity amount is as follows:

Maturity Amount = Sum Assured + [(Sum Assured / 1000) × Bonus Rate × Policy Term]

Where:

• Sum Assured = The amount chosen by the policyholder
• Bonus Rate = Declared annually per ₹1,000 Sum Assured
• Policy Term = Number of years the policy remains active

Postal Life Insurance Login

Here are the steps to log in form the Postal Life Insurance:

Step 1: Visit the Postal Life Insurance website.

Step 2: Click on "Register" in the top right corner.

Step 3: Select "Retail" from the dropdown menu.

Step 4: Fill out the registration form with the required details.

Step 5: Click "Register" to complete the process.

Postal Life Insurance Forms

Step 1: Visit the main website and click on "Postal Life Insurance."

Step 2: On the right side, click on "PLI."

Step 3: On the left side, click on "Forms."

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Step 4: Download any Postal Life Insurance form you need, along with the proposal form.

The main form for the Postal Life Insurance would look like this :

Pay Postal Life Insurance Online

You can pay your Postal Life Insurance (PLI) premium online using different methods:

• Mobile App or Online Portal – Use the India Post Payments Bank (IPPB) app or visit the India Post online portal to make your payment.
• Net Banking – Choose the net banking option while making the payment and complete the transaction securely.
• UPI Apps – Pay using Google Pay, PhonePe, Paytm, or any other UPI app for a quick and easy transaction.

Check Postal Life Insurance Policy Status

You can check your Postal Life Insurance (PLI) policy status using the following methods:

• Online Account: Log in to your Postal Life Insurance account on the official website to view your policy status and other details. If you don’t have an account, you can register online and access your policy anytime.
• Customer Support: Call the PLI toll-free number 1800 266 6868 to check your policy status over the phone.

Postal Life Insurance Customer Guidelines

Before choosing a Postal Life Insurance (PLI) scheme, keep these key points in mind to ensure smooth policy management:

• Keep Your Policy Bond Safe – The policy bond is essential for claim settlements and other services. Store it securely and inform your family about its location.
• Make Timely Premium Payments – Regular premium payments are necessary to keep your policy active and avoid lapses.
• Register Your Email & Mobile Number – To access your PLI account, ensure your email and mobile number are registered. You may need to visit the nearest post office for this.
• Policy Transfer Option – If you relocate for work, your PLI policy can be transferred to any location in India.
• Nominee Details Are Crucial – Always assign a nominee to your policy. You can update or change the nominee anytime to ensure a smooth claim process.

Postal Life Insurance Customer Care Number

For any queries, complaints, or assistance regarding Postal Life Insurance (PLI), refer to the details below.

Customer Care Details

Note: The toll-free numbers will not be available during Sundays and Gazetted holidays.

Postal Life Insurance Office Contact