Postal Life Insurance – Post Office ‘Suvidha’ policy for Govt employees! See features of this endowment scheme here!
Do you know about the Postal Life Insurance (PLI) schemes being offered by India Post? The policy covers employees of central and state governments, central and state public sector undertakings, universities, government aided educational institutions, nationalised banks, local bodies, autonomous bodies, joint ventures having a minimum of 10 per cent Government/PSU stake, credit cooperative societies etc. PLI also extends insurance cover to the officers and staff of the Defence services and Paramilitary forces.
This Postal Life Insurance welfare scheme which was introduced as far back as on 1 February 1884 was started for the benefit of postal employees and was later extended to the employees of the Telegraph Department in 1888. From a few hundred policies, it has issued over 46 policies as on 31 March 2017.
Postal Life Insurance Policies on Offer
Under Postal Life Insurance scheme, six different insurance policies are being offered now viz Whole Life Assurance (Suraksha), Convertible whole Life Assurance (Suvidha), Endowment Assurance (Santosh), Joint Life Assurance (Yugal Assurance), Anticipated Endowment Assurance (Sumangal), Children Policy (Bal Jeevan Bima). Know who all is eligible for this scheme, its features and the benefits which come along with it.
Convertible Whole Life Assurance (Suvidha) – This is a Whole Life Assurance Policy with the added feature of an option to convert to Endowment Assurance Policy at the end of five years of taking policy.
An endowment policy is a life insurance policy which helps the policyholder save regularly over a specific period of time so that he/she is able to get a lump sum amount on the policy maturity in case he/she survives the policy term. This is apart from covering the life of the insured.
See Features and Benefits of Convertible Whole Life Assurance (Suvidha)
- In Convertible Whole Life Assurance (Suvidha) policy, assurance is to the extent of sum assured with accrued bonus till attainment of maturity age.
- In case of death, assignee, nominee or legal heir is paid full amount of sum assured with accrued bonus
- Minimum and maximum age at entry is between 19 and 50 years.
- It can be converted into Endowment Assurance after 5 years not later than 6 years of taking policy. If not converted, policy will be treated as Whole Life Assurance.
- Minimum sum assured is Rs 20,000 while maximum is Rs 50 lakhs.
- Loan facility is available after 4 years.
- Policy holder can surrender after 3 years.
- Policy holder is Not eligible for bonus if surrendered before completion of 5 years.
- Last declared Bonus - Rs 85/- per Rs 1000 per year (for WLA policy if not converted to Endowment Assurance)
- On conversion, bonus of Endowment Assurance will be payable
The above information has been taken from the website.
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