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PLI- Post Office ‘Suraksha’ Policy for Government Employees

Considering the uncertainties of life, the future of your family is your biggest concern. Buying Life insurance these days is one of the right decisions one can make. However, it is uncommon to find a scheme that provides you with high returns at low premium rates. Also, even if you get some schemes that promise you such benefits, it is worthy enough? The Postal Life Insurance Policy, PLI is one such scheme that provides you all the stated benefits with the trust of the Government of India It is one of the traditional insurance products in India.

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What is Postal Life Insurance Scheme? 

With its operations in 1,54,939 branches, India post has shown its presence in urban and most remote regions in India by offering a wide variety of products and services including life insurance cover. 

Postal Life Insurance, founded on 1st February 1884, is one of the oldest insurance companies in India. Earlier, the schemes of insurance policies were launched for human welfare and also to benefit the employees of postal services. Now, they have extended their services to Central and State governments, Autonomous and local entities, Government or aided educational institutes. This scheme provides life insurance cover with higher premium returns and Rs. 50 lakhs are the maximum sum assured under this scheme. Apart from all this, they also manage individual insurance plans, group insurance schemes that are specifically for departmental employees (Gramin Dak Sevak).

Benefits of Investing in Postal Life Insurance (PLI)

  • Tax Benefits u/s 88 of Income Tax Act 

  • Low premium rates compared to other plans 

  • The easy and quick claim process 

  • A nomination facility is available 

  • Renewal of policy 

  • Policy Conversion 

  • Enables life assured to avail loans and other financial profits 

  • Discounts on some plans 

There are different types of insurance plans offered under the Postal Life Insurance Scheme Here we are going to discuss the Suraksha policy (Whole Life Assurance) in detail. Read on to know more:  

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Whole Life Assurance (Suraksha)

Whole Life Assurance (Suraksha) is a scheme where the assured sum with accumulated bonus is payable to the life assured either on reaching 80 years of age or to his/her legal assignees or representatives on the demise of the life assured, whichever event occurs earlier, providing the policy is in force on claim date. 

Eligibility of Post Office ‘Suraksha’ Policy 

Minimum Entry Age  19 years 
Maximum Entry Age  55 years 
Sum Assured (Minimum)  Rs. 20,000
Sum Assured (Miaximum) Rs. 50 lakhs
Premium Payment Age  55,58 or 60 years 

Features of Whole Life Assurance (Suraksha) for Government Employees 

  • The facility of loan is available after 4 years 

  • Life assured can surrender the policy after completing 3 years 

  • The life assured is not entitled to the bonus if the plan is surrendered before five years 

  • Suraksha policy can be converted to Endowment Assurance policy up to the age of 59 years of the assured, provided the conversion date does not be under 1 year of cessation date of the maturity date or premium payment. 

  • If the policy is surrendered, then a balanced bonus on reduced (SA) sum assured amount is paid 

  • The last declared bonus is Rs. 76/- per Rs. 1000 SA per year

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How to Buy a PLI Online   

Here is a step-to-step guide about how to open a Post Office Monthly Income Scheme (POMIS) account: 

  • You can buy any of the PLI policies online from the official website of the Indian post or by visiting the post office branches. 

  • Once purchased, to view and carry out any type of transaction, the generation of a customer ID is important. However, before generating this customer ID on the Indian Post portal, make sure that your email ID and mobile number are updated in the system against the respective PLI policy. 

  • Click on ‘Generate Customer ID’, then a pop-up appears in which you are required to fill in required details such as sum assured, policy number, first name of insured, email id, etc. 

  • After filling in all the information correctly, click ‘Submit’. 

  • Then, the customer ID will be sent to your registered email ID along with a link for resetting the password. 

  • Log in to the online portal of PLI. 

  • Select the premium payment option and facility of SMS alerts for policy-related information such as premium payment due date, maturity due, etc. 

At Last 

Post Life Insurance Plans for government employees is a low premium policy that offers various types of unique benefits to the policyholder. However, employees should always make sure that they select the right plan that caters to their requirements and fits in their budget.

Note: It is suggested to calculate the term plan premium on the term life insurance calculator online tool by Policybazaar before buying.

FAQs

  • Q: Should I buy term insurance or life insurance?

    Ans: Whether you should buy term insurance or life insurance depends on your individual needs. If you are looking to secure your loved ones at affordable premiums, then term life insurance might be the right option for you. Whereas, if you are looking to buy a plan that offers financial security for the family as well as wealth creation, then life insurance might be a better fit for you. However, you should always take a thorough look at the policy details for a better understanding of the benefits offered.

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