Mumbai: Do you know about India’s oldest insurance policy? Postal Life Insurance (PLI) was introduced in India about 137 years ago during the British rule. This is included in the oldest insurance policy in the country. PLI (Postal Life Insurance) is a life insurance scheme of the Government of India. The post office sells this life insurance policy along with its own work. According to information provided by the Post Office, the PLI facility is a complete life assurance scheme, with the opportunity to change the insurance policy after five years. PLI has two such policies, one for 15 years and the other for 20 years.
On a 15 year policy the customer is given a bonus of 20% on the total deposit after 6 years and 20% after 9 years, 20% after 12 years and 40% after 15 years.
Under PLI scheme you can now take life insurance up to Rs 10 lakh. This scheme is similar to endowment insurance. After completion of 5 years in PLI, the policy is converted into endowment insurance. However there is also such a condition.
The age of the PLI buyer should not be more than 55 years. If the customer who buys for 6 years does not choose the option to change the policy, then the policy is considered life insurance forever.
Loan facility is available on PLI. Postal life insurance policy can also be surrendered after three years. If a customer who buys insurance takes a loan on a policy five years ago or surrenders the policy, he will not get a bonus on PLI.
This plan of Postal Life Insurance’s Sumangal Yojana PLI is known as Sumangal. This insurance plan is a money bank policy with a sum assured of more than Rs 5 lakh. You can also take this policy if you need some amount from time to time. As a customer of Sumangal Plan in PLI, you get Survival Benefit from time to time.
This type of payment is not included in the event of accidental death of the person purchasing the insurance. In such a case the designated or legal right gets the full amount of post life insurance with a bonus.
If the policyholder is not able to pay the premium six times in a row, the insurance policy falls into the lapse category. This is for less than three years. Similarly, if the policy is active for more than three years, if the premium is not to be paid 12 times, then it is taken as a lapse gem.