1. Postal life insurance

2. Postal Life Insurance Central and state Govts Defence services
Eligibility
Permanent resident in India who are employees of
Central and state Govts
Defence services
GDS employees
Govt.aided educational Institutions
Universities established by Govt.
Local bodies like municipalities,Zilla parishads
RBI,SBI its subsidiaries
Nationalised banks
Port trusts,central and state govt. undertakings

3. Types of policies 1.Whole life assurance (SURAKSHA)
Bonus Rs.90/per thousand
2.Convertible whole life assurance(SUVIDHA)
Bonus: proportionate
Payable only after the death of the policy holder
Policy will be in force till the death of the insurant
Premium payable upto 55/58/60 years
Converted into endowment assurance
after 5 years

4. Types of policies., 3.Endowment assurance (SANTHOSH)
Bonus: Rs.65/ per thousand
Maturing at the age of 35/40/45/50/55/
58/60 years
Payable to the insurant after maturity of the policy
In case of death, nominee will be paid full amount of the sum assured with accrued bonus

5. Types of policies 4.Anticipated endowment assurance (SUMANGAL)
It is a money back policy
There are two types;
15 years policy
20 years policy
Bonus Rs.65/ per thousand
Maximum age at entry 40/45 yrs
Benefits paid
15yrs yrs policy
After 6yrs yrs 20%
After 9yrs yrs 20%
After 12yrs 16yrs 20%
After 15yrs yrs
40%+bonus

6. Types of policies 5.Yugal Suraksha
The sum assured payable at the end of the endowment term or on the death of either of the two lives assured
Bonus Rs65/per thousand
Only one can have this policy
Spouse should be literate
When added to the age of the proponent the term should not exceed 60 years

7. Types of policies continued.,
6.Children’s policy: This is an add on policy introduced
non-medical policy
the minimum limit is Rs,20,000/ and
maximum is Rs.1,00,000/
The parent should also have a policy
equivalent to amount of sum assured
of the child
Bonus Rs.65/ per thousand

8. Children’s policy continued
Child’s age should be between 5 and 20 years
Parent should not be above 45 years
One EA policy per child
Only two children
In case of death of insured of main policy before expiry of children’s policy no further premium need be paid

9. Age conditions Whole life/EA Yugal Suraksha AEA Convertible W/L
Children’s policy
Non-medical
Above 5 lakhs
Minimum/maximum
/45
Child’s age5-20
Parent’s age 45

10. Conditions continued..
Policies should be units of Rs.10000/ minimum being Rs.20000/
Maximum Rs.20,00,000/
For non-medical –Maximum Rs.1,00,000/
For Physically handicapped Maximum Rs.1,00,000/

11. Medical report Medical report is necessary in cases:
1 When age at entry exceeds 35 years
2 When sum assured exceeds
1,00,000
3 When policy maturing at the 35
years of age
4 AEA policies

12. Rebate
Policies of Rs.20,000/ and above Re 1/ rebate is given in monthly premium
For yugal Suraksha rebate of Re.1/ is allowed for first Rs.40,000/ and Re.1/ for every addl Rs.10,000/

13. Other salient features
Premium paid is eligible for income tax rebate
Premium can be paid in Post office by presenting premium receipt book
Risk on life Assured is covered from the date of acceptance

14. Advance premium Rebate for advance premium 12 months: 2% 6 months : 1%
3 months : 0.5% (for RPLI only)
Yugal Suraksha
12 months :50% of one month’s premium
6 months :10% of one month’s premium
3 months : 2% of one month’s premium

15. Features continued..
If aggregate of the proposal exceeds 5 lakhs, it is to be accepted by the DPS
The age of the proponent should not exceed 50 years if the aggregate of the sum assured exceeds 5 lakhs
The validity of the Medical certificate is 60 days
If it is not accepted within that period, second medical examination is to be done

16. Bonus Whole life policy Rs.90/ per thousand
Endowment Assurance Rs.65/ “
Anticipated endowment Rs.60/ “
Yugal Suraksha Rs.65/ “
Children Policy Rs65/ “

17. Lapsing and revival
If the policy is less than 3 years old premium can be accepted within 6 months from the date from which first premium was due with
If the policy is more than 3 years old, premium can be accepted within 12 months from the date from which first premium was due with

18. Calculation of interest for defaulted months premuim
Formula: n X (n+1) X premium
200
n= no. of months Or
No.of defaults x premium
100

19. Revival If is not paid within this period
revival by competent authority is required

20. After sale service
1.Re.2/ fee for duplicate premium receipt book to be credited to UCR
2.Duplicate Bond
Re 50/ to UCR
Indemnity bond in stamp paper of Rs.100/
Policy above Rs / copy of paper notification
3.Change of mode of payment
4.Change of Post office
5.Correction to the bond
6.Conversion

21. Continuation premium receipt book
Sub postmasters are authorised to issue continuation PRB
SPMs to obtain blank PRBs from H.O and maintain stock register
The first page entries of old pass book to be copied, like, policy No.,Name of the insurant, class&sum assured, monthly rate of premium, date of last instalment, date of maturity, premium paid upto, non-credits etc

22. Loan Endowment policies ,after 3 years only
Whole life policies, after 4 years
Should not have been assigned
No loan for AEA policies/children’s policy/Yugal Suraksha

23. Loan Exceeding 3 years, but less than 5 years : 60% of surrender value
Exceeding 10 years : 90% of surrender value
per annum compounded half yearly

24. Surrender Surrender of policy to be discouraged
Endowment and whole life policy can be surrendered after 3 years
Children’s policy, after 5 years
Original policy bond
Premium receipt book or pay drawing officer’s certificate
Surrender of policy to be discouraged

25. Types of claims Maturity claim Death claim
Death by suicide: no claim before the policy completes two years from the date of acceptance

26. Maturity claim Application in plain paper or prescribed form
Original policy bond
Premium receipt book or pay drawing officer’s certificate
Loan pass book, if any,

27. Death claim Documents to be attached with the claim;
Original policy document
Premium receipt book or pay disbursing officer’s certificate for preceding one year
Death certificate
Doctor’s certificate/report who last attended the late insurant
Any other supporting document
IP/ASP’s report
If death is due to accident ,Post mortem report and copy of FIR

28. Non-medical policies (death claim)
Death occurring within one year: 35%
Above one year but below 2 yrs: 60%
Above 2 years but below 3 yrs : 90%
Above 3 years : full

29. Rural Postal Life Insurance

30. RURAL PLI (RPLI) For Rural people Whole Life (GRAMA SURAKSHA)
Endow Assurance (GRAMA SANTOSH)
Convertible Whole Life (GRAMA SUVIDHA)
Anticipated endowment assurance (GRAMA SUMANGAL)
Ten years Rural PLI policy (GRAMA PRIYA)
Children’s policy

31. RPLI-LIMITS Minimum- Rs.10,000 Maximum- -Rs.25,000 (without medical)
-Rs.5,00,000 (on medical)
-Rs.1,00,000(for non-standard age-proof and above 45 years)

32. RPLI-AGE LIMIT Minimum- 19 on next DOB Maximum:
WL and EA 55
CWL and 10 yr Plan 45
AEA 40
Above 35 years only medical policies
Above 45 policy upto 1,00,000/

33. RPLI-AGE LIMIT
Age proof
Standard
Non-standard

34. RPLI-Non-standard age proof
Horoscope- genuine
Elder’s declaration in the presence of Magistrate on stamped paper
Age of the person given by him and as assessed by Medical Officer whichever is higher

35. RPLI-Non-standard age proof…
Declaration by proposer before (not on stamp paper)
Secretary or Member of Panchayat
Tahasildar
BDO
5 % extra premium for non-standard age proof

36. RPLI Monthly Re.1/ per 20,000 Quarterly Rs.3/ -------do----
Low Premium with following rate of rebate
Monthly Re.1/ per 20,000
Quarterly Rs.3/ do----
Half yearly Rs.6/ do----
Yearly Rs.12/ do-----

37. RPLI - 12 months 2.0% - 06 months 1.0% - 03 months 0.5%
Rebate for advance payment of monthly premium
- 12 months 2.0%
- 06 months 1.0%
- 03 months 0.5%

38. RPLI Loan Surrender/paid up; after 3 years of payment of premia
- EA after 3 years
- WL after 4 years
Surrender/paid up; after 3 years of payment of premia
Non lapsation;
after 3 years automatically kept alive to paid up value

39. RPLI
Bonus
-Endowment Rs.50 per 1000 S/A
-W/L Rs.65 per 1000 S/A

40. RPLI If not paid within due period DF at 12% collected
Calculation of DF for arrears of monthly premiums – as in the case of PLI
For quarterly, Half Yearly and Yearly premiums calculated with the help of the following formula.

41. No. of defaulted months x premium
100

42. Thank you
Thank you