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PLI Whole Life Assurance

PLI Whole Life Assurance is a protection plan offered by the Post Office in which a policyholder can receive good returns with low risk.
Read on to know further about PLI Whole Life Assurance Scheme:

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Postal Life Insurance (PLIs)

Postal Life Insurance (PLI), introduced on February, 1st, 1884 started as a welfare scheme for the benefit of postal employees. This scheme was then later extended to the Telegraph Department Employees in 1888. PLI extended the insurance coverage in 1894 for female employees in the department at a time when no other insurer covered the females' lives. It is one of the oldest life insurance companies in India. Over the years, Postal Life Insurance has substantially grown from a few hundred schemes in 1884 to more than 50 lakhs plan as of 31st March 2021. Now, it covers state and central government employees, defense and para-military forces, banks, educational institutions, public sector, local business professionals such as engineers, doctors CA, lawyers, etc., and employees of organizations listed with NSE i.e., National Stock Exchange/ Bombay Stock Exchange (BSE). 

PLI Whole life Assurance (PLI Suraksha) was introduced under the PLI that provides a good number of returns with low risks. In this PLI scheme, a policyholder is required to deposit Rs. 1500 every month and by depositing this money on a regular basis, he/she will receive the benefit of 31-35 lakhs in the next coming years. 

PLI Whole Life Assurance (Suraksha Postal Life Assurance)

Suraksha Postal Life Assurance is a scheme where the sum assured amount with accumulated bonus is payable to the policyholder either on attaining the 80 years of age or to his/her legal assignees, representatives on policyholder’s demise, whichever occurs former, provided the plan is active on the death claim. 

The eligibility for investing in the PLI policy are: 

  • Any citizen of India between the age of 19 years to 55 years can invest in this policy 

  • The premium payment term of this scheme can be monthly, quarterly, half-yearly, or annually

  • A grace period of 30 days is allowed to pay the premium amount 

  • The loan can also be availed on this scheme

* You can use the Whole Life Assurance Suraksha Calculator to calculate the estimated premiums you would need to pay for the desired life insurance cover.

Eligibility Criteria of PLI Whole Life Assurance Scheme 

Minimum Entry Age  19 years 
Maximum Entry Age  55 years

Key Features of PLI Whole Life Assurance (PLI Suraksha)

Minimum Sum Assured  Rs. 20,000
Maximum Sum Assured  Rs. 50 Lakhs 
Loan Facility  Yes 
Surrender Facility  Yes (After 3 years)

Illustration of PLI Whole Life Assurance Premium Rates 

If Ram starts investing in this plan at 19 years of age in the Postal Department and purchases a policy of Rs. 10 lakhs, then his monthly premium amount will be Rs. 1515 for 55 years, Rs. 1463 for 58 years, and Rs. 1411 for 60 years. In such situations, the PLI policyholder will receive a maturity benefit of Rs. 31.60 Lacs for 55 years, Rs. 33.40 lacs for 58 years, and Rs. 34.60 Lacs for 60 years. 

The premium amount of PLI Whole life assurance in post office can be calculated using the Suraksha Postal Life Insurance Calculator. With the help of PLI calculator, one can form an idea of the type of premium that would be required to pay against the sum assured amount. Moreover, insurance buyers can also get details about the maturity benefit that they are entitled to using the PLI Suraksha Maturity Calculator. 

PLI Suraksha Premium Table 

Below table illustrates the monthly premium for a life assurance of Rs. 5000

Entry Age  Premium amount (Rs.) Ceasing at the age of 
55 years  58 years  60 years 
20 years  8 8 7
25 years  9 9 9
30 years  11 11 10
35 years  14 13 13
40 years  19 17 16
45 years  30 24 22
50 years  59 40 33

Note: You can calculate the estimated premiums you would need to pay using the Whole life assurance suraksha calculator.

Benefits of PLI Whole Life Assurance Scheme 

Following are the benefits of PLI Whole Life Assurance Scheme: 

  • The scheme can be converted into an Endowment Assurance plan up to the age of 59 years of policyholder provided the conversion date does not fall within 1 year of the cessation date of premium payment or maturity date. 

  • The age of paying the premium can be opted for like 55 years, 58 years, or 60 years 

  • The facility of loan is available after 4 years 

  • Policyholders can surrender the policy after 3 years. If the policy is surrendered before 5 years, then the assured is not eligible for a bonus

  • A proportionate bonus on reduced SA is paid if the plan is surrendered 

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

FAQs

  • Q: What is the benefit of Suraksha whole life assurance?

    Ans: The benefit of suraksha whole life assurance plan is that it offers sum assured along what the accrued bonuses at the age of 80 years to the policyholder or his/her nominee. The plan provides sum assured ranging from 20000 to 50 Lacs to individuals between 19 to 55 years. You can also avail of the loan facility after 4 years under this plan.
  • Q: What is whole life insurance in PLI?

    Ans: In PLI, whole life insurance refers to the Whole life assurance (suraksha) plan that offers both insurance and investment benefits. Under this plan, you will be eligible to receive life cover + accumulated bonuses at the age of 80 years. In case of your unfortunate demise, the benefit amount will be paid to your nominee or representative.
  • Q: What are the benefits of using whole life assurance suraksha calculator?

    Ans: Following are the benefits of using whole life assurance suraksha calculator:
    • Get an estimate of the applicable premiums
    • Get accurate results with every use
    • Helps in financial planning
    • Saves manual energy and time
  • Q: How to calculate premiums using the whole life assurance suraksha calculator?

    Ans: You can calculate your estimated premiums using the whole life assurance suraksha calculator by providing details like your age, life cover, gender, and policy term to the calculator.
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