Very few people know that Postal Life Insurance (PLI) is the oldest insurer in India, offering affordable and uncomplicated policies. Among their various social welfare products are life insurance plans tailored for physically disabled individuals. However, they have to undergo a medical examination to assess their physical impairment and resultant mortality. The premiums are fixed based on the outcome of the medical assessment. Let us take a closer look at the products.
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The PLI policies are designed for physically challenged individuals, and the names are suggestive of the plan features. Accordingly, we have:
Endowment Assurance (Santosh): The maturity value comprises the sum assured and the accrued bonuses.
Whole Life Insurance (Suraksha): The maturity payout is the sum assured plus the accrued bonuses.
Convertible Whole Life Insurance (Suvidha): It suits the taxpayer manage finances.
Anticipated Endowment Assurance (Sumangal): It is a money-back policy for periodic payouts.
Joint Life Endowment Assurance (Yugal Suraksha): The plan jointly covers both the insured and spouse.
The PLI is government-backed and provides guaranteed returns and high bonuses that are highly beneficial for physically challenged individuals.
Postal Life Insurance for the Physically Challenged | |
Entry Age | Minimum: 19 years Maximum: 55 years. 40 years for Anticipated Endowment Assurance (Sumangal) |
Tenure | The maximum tenure is 20 years |
Sum Assured | Minimum: Rs.20000 Maximum: Rs.50 Lac. Rs.5 Lac for Anticipated Endowment Assurance (Sumangal) |
Premium | Based on the sum assured, entry age, and the extent of handicap |
Surrender | The policy can be surrendered but is based on individual schemes |
Loan | The schemes offer loan facilities specific to individual plans |
The primary criterion for purchasing a plan under the scheme is that you must be a physically challenged individual. The qualifying physical impairment comprises the following.
Deafness
Visual Impairment
Dumbness’
Loss of Limbs
Paralysis or Polio affected deformity
Hunchback
Midgets
Orthopedic handicap
Non-neurological origin deformity
One of the critical features of the PLI for the physically challenged is the customized premium based on the extent of physical impairment. Thus, the purchaser must undergo an examination in a government-authorized medical facility. The test is designed to assess the following:
The cause for the handicap, whether congenital or acquired.
The impact of the disability on the individual’s mortality.
The individual is also assessed for the extent of the disability quantified in a percentage.
If the impairment is life-threatening with increasing risk, the proponent’s application can be rejected.
The death benefit payable to the beneficiary due to the policyholder’s demise before maturity is based on the following:
Death Within One Year: The death benefit is 35% of the sum assured plus the accumulated bonuses.
Death Between One and Two Years: The benefit is 60% of the sum assured plus the bonuses.
Death Between Two and Three Years: The benefit paid is 90% of the sum assured plus the bonuses.
Death After Three Years: The beneficiary receives the sum assured in full along with the accumulated bonuses.
PLI for the physically challenged is primarily a welfare scheme designed for the physically challenged individual that is affordable and eminently viable. In addition, it is customized to the individual’s financial needs in the slew of plans in every flavor, making them a compelling package.
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