Powerful Life Insurance Plan from Post Office: Insurance up to Rs 50 lakh, tax savings and loan facility, all in one..
This life insurance plan can be purchased by any Indian citizen between the ages of 19 and 55. 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 advantage 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 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 advantages 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 you reach 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 with frequent job transfers or those who frequently 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)
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