Post Office's powerful life insurance plan: Insurance up to Rs 50 lakh, tax savings, and a loan facility, all in one!

Post Office PLI (Postal Life Insurance)'s Whole Life Assurance (Suraksha) plan is a life insurance plan that offers a sum assured of up to Rs 50 lakh, tax exemption, and a loan facility. Anyone between the ages of 19 and 55 can avail of this whole life insurance policy. Read all the benefits and terms here.

Post Office Insurance Scheme: In today's times, life insurance has become an essential investment for everyone. It not only provides financial security to your family in the event of an unexpected event, but some plans also offer additional benefits like tax exemption on investments and loans. If you are looking for a life insurance plan that offers all these benefits, a special scheme from the Post Office may be an excellent option for you.

Post offices run a scheme called Postal Life Insurance (PLI). This scheme was launched during the British era on February 1, 1884, making it 141 years old, and it remains highly reliable even today. A total of six plans are offered under Postal Life Insurance, one of which is Whole Life Assurance (Suraksha). This scheme offers a sum assured of up to ₹50 lakh and includes several other important benefits. Let's learn more about this scheme.

Whole Life Assurance (Suraksha): Who can buy it?

Any Indian citizen between the ages of 19 and 55 can purchase this life insurance plan. This age limit makes it accessible to a wide range of individuals. Under this scheme, the policyholder receives a minimum sum assured of ₹20,000 and a maximum of ₹50 lakh, along with bonuses.

How Sum Assured Works

If the policyholder dies at any time after purchasing the policy (while the policy is active), the entire sum assured (and any accrued bonuses) is passed on to their heir or nominee. This provides significant financial support to your family, especially when you are not with them.

Loan facility available after 4 years

A major benefit of the Whole Life Assurance-Suraksha policy is that if you continue with it for 4 consecutive years, the policyholder is also given the option to take out a loan against it. This facility can prove to be very helpful in meeting financial needs in case of an emergency, without having to terminate your policy.

Policy Surrender Rules

If you are unable to continue the policy for a long time or need the money, you can surrender it after 3 years. If you surrender it before 5 years, you will not receive the bonus benefit. Upon surrender after 5 years, a proportional bonus is paid on the sum assured.

Learn about its other benefits.

Postal life insurance offers several benefits that make it an attractive option:

Tax Benefits: Premiums paid under this plan can be used for tax deductions under Section 80C of the Income Tax Act. This means you can save tax by reducing your taxable income, which is an additional financial benefit.

Premium Payment Options: Like other policies, this plan offers monthly, quarterly, half-yearly, and yearly premium payment options. You can choose any of these options according to your convenience and financial situation, making it very flexible.

Policy Conversion: Furthermore, if you wish, you can convert this policy into an Endowment Assurance Policy until the age of 59. However, there is a condition: the conversion date must not be within one year of the premium payment cessation date or the maturity date. This option allows you to adjust the policy to your changing needs.

Policy Transfer: Additionally, you can transfer the policy to any part of the country. This is very convenient for those who frequently transfer jobs or move from one city to another.

Who is this scheme for?

Previously, only government and semi-government employees could avail of this policy, which limited its reach. However, since 2017, the government has extended the benefits of all insurance policies under the PLI to many other professionals and employees. Doctors, engineers, lawyers, management consultants, chartered accountants, architects, bankers, and employees in other professional fields can now also avail of this scheme.

Which six plans are available under the PLI scheme?

• Whole Life Assurance (Suraksha)
• Convertible Whole Life Assurance (Suvidha)
• Endowment Assurance (Santosh)
• Joint Life Assurance (Yugal Suraksha)
• Anticipated Endowment Assurance (Sumangal)
• Children Policy (Bal Jeevan Bima)