New Delhi: Postal Life Insurance, the oldest life insurer in India, was initiated on February 1, 1884. Though its inception has been solely as a welfare scheme for postal employees, in 1888, it covered Telegraph Department employees. In 1894, when other insurance companies did not take risks on female lives, PLI showed its progressive character by covering female employees of the then P & T Department. From a few hundred policies in 1884 to issuing more than 50 lakh policies by March 31, 2021, PLI has grown immensely. From central and state government employees to defence and para-military services, public sector undertakings, banks, educational institutions, local self-bodies, and professionals like doctors, engineers, chartered accountants, MBAs, and lawyers, PLI is presently serving a reasonably diversified clientele. It also envisages the employees of companies listed on the National Stock Exchange of India and Bombay Stock Exchange.
One of the major product of PLI is the Whole Life Assurance Scheme, referred to as Suraksha. Under this policy, comprehensive coverage with the sum assured along with accrued bonuses is payable either when the insured attains the age of 80 years or to the legal representatives or assignees of the insured in case of death of the insured, whichever is earlier, provided the policy is in force at the time of claim.
There are specific eligibility conditions and features in the scheme. Minimum and Maximum Age at Entry: 19 to 55 years; Minimum Sum Assured: ₹20,000; Maximum Sum Assured: ₹50 lakh. The policy has a Loan Facility: Available after 4 years, and a Surrender Facility: Available after 3 years, but the policy will not be eligible for bonuses if it is surrendered before 5 years.
Conversion Option: The policy is convertible to an Endowment Assurance Policy up to the age of 59 years on the date of conversion, provided such conversion does not fall within one year from the date of cessation of premium payment or the due date of maturity.
Premium Paying Age Options: 55, 58, or 60 years
Proportionate Bonus: Paid on a reduced sum assured if the policy is surrendered.
Last Declared Bonus: ₹76 per ₹1,000 sum assured per year.
The Whole Life Assurance Scheme spells out the undertaking of PLI to even more dependable and flexible life insurance alternatives, reflecting a long history that has continued to stay pertinent in the industry.
WHOLE LIFE ASSURANCES
(MONTHLY PREMIUMS FOR AN ASSURANCE OF Rs.5000/-)
Premium ceasing at the age of
Age at Entry
55 yrs
58 yrs
60 yrs
Age at Entry
19
8
7
7
19
20
8
8
7
20
21
8
8
8
21
22
8
8
8
22
23
9
8
8
23
24
9
9
8
24
25
9
9
9
25
26
9
9
9
26
27
10
9
9
27
28
10
10
9
28
29
11
10
10
29
30
11
11
10
30
31
12
11
11
31
32
12
12
11
32
33
13
12
12
33
34
14
13
12
34
35
14
13
13
35
36
15
14
13
36
37
16
15
14
37
38
17
16
15
38
39
18
16
16
39
40
19
17
16
40
41
21
18
17
41
42
23
20
18
42
43
25
21
19
43
44
27
23
21
44
45
30
24
22
45
46
33
27
24
46
47
38
29
26
47
48
42
32
28
48
49
49
35
30
49
50
59
40
33
50
51
49
41
51
52
57
46
52
53
67
52
53
54
59
54
55
70
55
Post Office Insurance scheme: Explore the enduring legacy of Postal Life Insurance with its Whole Life Assurance Scheme, offering substantial benefits and flexible options for policyholders. With over a century of trust, this scheme combines historical significance with modern financial security. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
