List of postal life insurance schemes

Here is the list of Indian postal life insurance schemes.

Photo Credit: India Post Official Website

WHOLE LIFE INSURANCE (SURAKSHA)

  • The plan amount comes with the premium
  • The policy will be in effect from the date of claim
  • The minimum and maximum age limits are between 19 and 55 years old
  • The insured amount starts from Rs 20,000 to Rs 50 lakhs
  • An individual can obtain loan facility and redeem after 4 years and 3 years respectively
  • Insurers will not be eligible for the bonus if they redeem it for 5 years
  • Premium payment age can be selected between 55, 58 or 60
  • Even the proportional bonus on the reduced amount is guaranteed to be paid out if the policy is surrendered
  • The declared bonus is Rs 76 per Rs 1000 and the sum is assured in one year.

CONVERTIBLE WHOLE LIFE INSURANCE (SUVIDHA)

  • Suvidha, another name for convertible whole life insurance, is a feature added to whole life insurance that converts the policy to accumulation insurance at the end of the five years of the policy.
  • The extent of the sum is assured that an accumulated bonus will be reached at the age of maturity
  • Entry age starts at 19 and ends at 50
  • The minimum insured amount is Rs 20,000 and the maximum amount extends to Rs 50 lakh
  • An individual can obtain a loan facility after 4 years and redeem after 3 years
  • They will not be eligible for the bonus if they give it up 5 years before
  • The declared bonus is Rs 76 per Rs 1000 and the sum is assured per year
  • The endowment insurance premium will be payable upon conversion.

STAFFING INSURANCE (SANTOSH)

  • This scheme provides an extension of the sum and the bonus up to the predetermined maturity age of 35, 40, 45, 50, 55, 58 and 60 years.
  • In the event of the death of the insured, the transferee, agent or legal heir receives the full amount of the sum insured with an accrued bonus
  • The minimum and maximum age limit must be between 19 and 55 years old
  • The insured amount starts from Rs 20,000 to Rs 50 lakhs
  • The individual can obtain a loan facility after 3 years and redeem it after 3 years
  • They will not be eligible for the bonus if they give it up 5 years before
  • Even the proportional bonus on the reduced amount is guaranteed to be paid out if the policy is surrendered after 5 years
  • The declared bonus is Rs 52 per Rs 1000 and the sum is assured per year.

JOINT LIFE INSURANCE (YUGAL SURAKSHA)

  • This type of postal insurance is endowment life insurance where one of the spouses is eligible for PLI policies
  • Both spouses have life cover as long as the sum is insured with an accumulated bonus with a single premium
  • The minimum sum insured is Rs 20,000 and the maximum sum around Rs 50 lakhs
  • The minimum age and the maximum age at entry for spouses are between 21 and 45 years old
  • The maximum age limit of the eldest insured must not exceed the age limit of 45 years, while the age of the couple must be between 21 and 45 years old
  • The minimum term of the policy is 5 years and the maximum term is 20 years
  • An individual can obtain a loan facility after 3 years and redeem after 3 years
  • They will not be eligible for the bonus if they give it up before 5 years
  • A proportional premium on the reduced sum insured is paid in the event of surrender of the policy
  • The death capital is paid either to the survivor of the event of the death of the spouse or to the main subscriber
  • The declared bonus is Rs 52 per Rs 1000 and the sum is assured per year.

EARLY STAFFING INSURANCE (SUMANGAL)

  • This scheme is a refund policy with a maximum sum assured of Rs 50 lakhs
  • It is the best suited scheme that has periodic returns
  • Survivor benefits are paid periodically to the insurance
  • The payments will not be taken into consideration in the event of the unexpected death of the insured.
  • The agent of the legal heir is provided with the sum assured with an accumulated premium payable to the transferee
  • The duration of the policy is 15 years to 20 years
  • Minimum age is preferred as 19 with maximum entry age is 40 for 20 year term policy and if it is 45 then there is 15 year term policy
  • Survivor benefits can be paid periodically under the 15 year policy with 20% each at the end of 6 years, 9 years and 12 years and 40% of the accumulated bonus at maturity.
  • In addition, a 20-year policy of 20% on each at the end of 8 years, 12 years and 16 years with 40% with accumulated bonus at maturity
  • The latest reported bonus is Rs 48 to Rs 1000 with sum assured per year.

CHILDREN’S POLICY (BAL JEEVAN BIMA)

  • This plan has life insurance coverage for the children of the policyholders
  • In total, there is a maximum of two children of the policyholder (parents) who are eligible
  • The eligible age of children is between 5 and 20 years old
  • The sum assured is up to Rs 3 lakh, which is equal to the sum assured by the parent, whichever is lower
  • The parent of the policyholder must not be over 45 years old. The children’s policy will have no premium to pay on the death of the policyholder (parent)
  • The full amount is insured and an accrued bonus will be granted after the end of the term
  • The policyholder’s parent is responsible for paying the policy for children without a qualifying loan
  • The premium will be paid continuously for 5 years when the surrender facility is not available
  • The medical examination of the child is not required but the child must be in good health and the risk begins on the day of the acceptance of the proposal
  • You can attract the bonus prize which is applied to the endowment policy (Santosh) with a bonus rate of Rs 52 per sum of Rs 1000 applied per year.

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