Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Postal Life Insurance was initiated in 1884 is currently handled by the Department of Posts under the Government of India. What was initially started as a way of ensuring welfare for government employees has grown by leaps and bounds now.
What are the various policies offered by PLI?
Postal life insurance offers seven plain vanilla insurance plans which include:
As per this plan, the insurance amount along with its bonus is to be paid to the nominee or legal heir following death of the insured person.
This insurance policy insures both the spouses under one cover. The PLI is extended to the family member as well, and if either of the spouses is a government employee, this policy can be availed. Another perk of this policy is that it requires the payment of only a single premium for both.
As per endowment policy, the sum assured along with the bonus is liable for payment at the pre-determined age of maturity. However, in the event of the policy holder’s death, the nominee receives the sum assured.
Convertible Whole Life Assurance (SUVIDHA)
This insurance policy has the provision of being changed into an endowment assurance plan after the policy completes five years.
Anticipated Endowment Assurance (SUMANGAL):
This insurance policy offers periodical returns and is a money-back policy. Also, the maximum sum assured in this policy is Rs.5 lakhs.
This is an extended policy for the children of government employees. This policy can be taken on either the sum assured of the policy holder or Rs.1 lakh, whichever is lower.
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Insurance for the Disabled
The PLI extends insurance to disabled persons upon a medical examination, which helps decide on the premium to be paid.
What are the Benefits of Availing PLI?
Although these insurance policies are yet to gain prominence, they offer several benefits which make them attractive. Some are listed below:
Things to Remember
So, if you are a government employee, PLI is an extremely attractive and affordable plan, which you can opt for to cater to your investment needs.
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