INSURANCE
01. POSTAL LIFE INSURANCE (PLI):-
Postal Life Insurance (PLI) was started in the year 1884. The scheme initially had a limited offer as a welfare measure to Post and Telegraph employees and then extended to the employees of various departments of Central and State Governments.
ð pli started from 01.02.1884.
ð Interest for loan is 10% in simple interest, Interest should be paid half yearly.
ð Rate of interest for revival policy is 12%.
ð Premium can be paid in any post office in india with out transfer, and also in india post web site.
ð Rebate @1% for payment of 6 months premium in advance.
ð Rebate @2% for payment of 12 months premium in advance.
ð Payment of Policy in any post office in inida and also from india post website.
ð Facility of payment of premium monthly, quarterly, half yearly and yearly on any working day of the month for which it is due.
ð Facility for revival of policies lapsed due to non payment of premium.
ð Centralized accounting for quick and easy settlement of claims through fully computerized system.
ð Rebate is 1% is given for every Rs 20000/- of sum assured.
ð Sum assured to be multiples of Rs 10000/-.
Maximum sum assured is restricted as under
|
Till 40 years age at entry |
Sum assured should be 10 times annual income subject to total aggregate of maximum 50 lakhs |
|
For 41 years and above |
Sum assured should be 7 times annual income subject to total aggregate of maximum 50 lakhs |
SIX PLANS IN PLI THEY ARE
01.WHOLE LIFE ASSURANCE (SURAKSHA),
02.ENDOWMENT ASSURANCE (SANTHOSH),
03. CONVERTABLE WHOLE LIFE ASSURANCE (SUVIDHA),
04. ANTICIPATED ENDOWMENT ASSURANCE (SUMANGAL),
05. JOINT LIFE ASSURANCE (YUGAL SURAKSHA),
06. CHILDREN POLACY (BAL JEEVAN BIMA).
01.WHOLE LIFE ASSURANCE (SURAKSHA):-
This is a scheme where the assured amount with accured bonus payable to the insured either on attaining the age of 80 years, or to his/her legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim.
ð Minimum and maximum age : 19 to 55 years
ð Minimum and maximum sum assured : 20000/- and 50 lakhs.
ð Loan facility after 4 years.
ð Surrender after 3 years.
ð Current bonus rate Rs 76/1000 per year.
|
Whole life assurance |
Loan facility |
|
Exceeding 4 years and upto 7 years |
60% of surrender value |
|
Exceeding 7 years and upto 12 years |
80% of surrender value |
|
Exceeding 12 years |
90% of surrender value |
02.ENDOWMENT ASSURANCE (SANTHOSH) :-
In this scheme the proponent is given an assurance to the extent of the sum assured and accured bonus till he/she attains the pre determined age of maturity i.e 35, 40, 45, 50, 55, 58, & 60 years of age.
In case of death of insurant assignee, nominee or legal heir is paid full amount of sum assured with accured bonus.
ð Minimum and maximum age : 19 to 55 years.
ð Minimum and maximum sum assured : 20000/- and 50 lakhs.
ð Loan facility after 3 years.
ð Surrender after 3 years.
ð Current bonus rate Rs 52/1000 per years.
|
Endowment assurance
(EA) and convertable whole life assurance (CWA) |
Loan facility |
|
Exceeding 3 years and upto 5 years |
60% of surrender value |
|
Exceeding 5 years and upto 10 years |
80% of surrender value |
|
Exceeding 10 years |
90% of surrender value |
03.CONVERTABLE WHOLE LIFE ASSURANCE (SUVIDHA) :-
This is a whole life assurance policy
With added features of an option to convert to endowment assurance at the end of five years of taking policy.
Assurance to the extent of sum assured with accured bonus till attainment of maturity age.
In case of death, assignee, nominee of legal heir full amount of sum assured with accured bonus.
ð Minimum and maximum age : 19 to 50 years.
ð Minimum and maximum sum assured : 20000 and 50 lakhs.
ð Loan facility after 4 years.
ð Surrender after 3 years.
ð Current bonus rate whole life bonus rate would be applicable, but on conversion endowment bonus rate will be applicable.
04. ANTICIPATED ENDOWMENT ASSURANCE (SUMANGAL) :-
It is a money Back policy with maximum sum assured of Rs 50 lakhs, best suited to those who need periodical returns. Survival benefits are paid to the insurant peroiodically. Such payments will not be taken into consideration in the event of unexpected death of insurant. In such cases, full sum assured with accured bonus is payable to the assignee, nominee of legal heir.
ð Policy terms are 15 years and 20 years.
ð Minimum age 19 years; maximum 40 years for 20 years term policy & 45 years for 15 years term policy.
ð 15 years policy – 20% each on completion of 6 years, 9 years & 12 years and 40% with accured bonus will be paid at maturity time.
ð 20 years policy – 20% each on completion of 8 years, 12 years & 16 years and 40% with accured bonus will be at maturity time.
ð Current bonus rate Rs 48/1000 per year.
ð Loan facility is not available.
05. JOINT LIFE ASSURANCE (YUGAL SURAKSHA) :-
It is a joint life endowment assurance in which one of the spouses should be eligible for pli policies. Life cover to both spouses to the extent of sum assured with accured bonus.
ð Minimum and maximum age (spouses) : 21 to 45 years.
ð Minimum and maximum sum assured : 20000 and 50 lakhs.
ð Loan facility after 3 years.
ð Surrender after 3 years.
ð Death benefits are paid to the survivors in the event of death of spouse or main policy holder.
ð Current bonus rate Rs 58/1000 per year.
06. CHILDREN POLACY (BAL JEEVAN BIMA) :-
ð The scheme provides life insurance cover to the childrens of policy holders.
ð Maximum two childrens of policy holder (parents) are eligible.
ð Childres between 05 to 20 years are eligible.
ð Maximum sum assured Rs 3 lakhs or equal to the parents sum assured, which ever is less.
ð Policy holder (parent) should not be over 45 years.
ð No premium to be paid on the childrens policy, on the death of policy holder (parent) . Full sum assured and accured bonus shall be paid on completion of term.
ð Policy holder (parent) shall be responsible for payment of childrens policy.
ð Current bonus rate Rs 52/1000 per years.(equals to santhosh)
ð Introduced from 20.01.2006.
POSTAL LIFE INSURANCE
|
|
Whole life assurance (suraksha) |
Endowment assurance (santhosh) |
Convertable whole life assurance
(suvidha) |
Joint life assurance (Yugal suraksha) |
Children policy (Bal jeevan bema) |
15 Yr AEA (sumangal) |
20 Yr AEA (sumangal) |
|
Age |
19-55 |
19-55 |
19-50 |
21-45 |
05-20 |
19-45 |
19-40 |
|
Sum assured |
20000 to 50 lakhs |
20000 to 50 lakhs |
20000 to 50 lakhs |
20000 to 50 lakhs |
Min 20000 Max 3 lakhs or main policy sum assured which is less |
20000 to 50 lakhs |
20000 to 50 lakhs |
|
Loan |
After 4 years |
After 3 years |
After 4 years |
After 3 years |
Not admissible |
Not admissible |
Not admissible |
|
Surrender |
After 3 years |
After 3 years |
After 3 years |
After 3 years |
After 5 years |
Not admissible |
Not admissible |
|
Special features |
|
|
convert to endowment assurance at the end of five years of taking policy. |
|
Two children for each policy holder |
20% after 6 years, 20% after 9 years, 20% after 12 years, 40% after 15 years with bonus. |
20% after 8 years, 20% after 12 years, 20% after 16 years, 40% after 20 years with bonus. |
RURAL POSTAL LIFE INSURANCE (RPLI):- => Rpli started from 24.03.1995.
ð Malhotra committe decided.
ð The RPLI policy is not eligible for bonus of the policy is surrendered or applied for loan before completion of 5 years.
ð Interest for loan is 10% in simple interest, interest should be paid in half yearly.
ð Rebate @0.5% for payment of 3 months premium in advance.
ð Rebate @1% for payment of 6 months premium in advance.
ð Rebate @2% for payment of 12 months premium in advance
ð Premium can be paid in any post office in india with out any transfer.
ð Rebate of 1% is given for every Rs 20000/- of sum assured.
ð Sum assured is to be in multiples of Rs 5000/-.
ð Maximum age limit is 55, and maximum sum assured is 10 lakhs.
ð Maximum age limit is 45 years and maximum sum assured is Rs 1 lakh.
ð Non medical policies maximum age limit is 35 years and maximum sum assured is Rs 25,000/-.
ð Death claims on medical policies :
a.Death occurred with in one year _ 35% of sum assured with accured bonus.
b. Death occurred 1 to 2 years _ 60% of sum assured with accured bonus.
c. death occurred 2 to 3 years _ 90% of sum assured with accured bonus.
d. death occurred after 3 years _ 100% of sum assured with accured bonus.
SIX PLANS IN PLI THEY ARE
01.WHOLE LIFE ASSURANCE (GRAM SURAKSHA),
02.ENDOWMENT ASSURANCE (GRAM SANTHOSH),
03. CONVERTABLE WHOLE LIFE ASSURANCE (GRAM SUVIDHA),
04. ANTICIPATED ENDOWMENT ASSURANCE (GRAM SUMANGAL),
05. 10 YEAR RPLI (GRAM PRIYA),
06. CHILDREN POLACY (BAL JEEVAN BIMA).
01.WHOLE LIFE ASSURANCE (GRAM SURAKSHA):-
This is a scheme where the assured amount with accured bonus payable to the insured either on attaining the age of 80 years, or to his/her legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim.
ð Minimum and maximum age : 19 to 55 years
ð Minimum and maximum sum assured : 10000/- and 10 lakhs.
ð Loan facility after 4 years.
ð Surrender after 3 years.
ð Current bonus rate Rs 60/1000 per year.
|
Whole life assurance |
Loan facility |
|
Exceeding 4 years and upto 7 years |
60% of surrender value |
|
Exceeding 7 years and upto 12 years |
80% of surrender value |
|
Exceeding 12 years |
90% of surrender value |
02.ENDOWMENT ASSURANCE (GRAM SANTHOSH) :-
In this scheme the proponent is given an assurance to the extent of the sum assured and accured bonus till he/she attains the pre determined age of maturity i.e 35, 40, 45, 50, 55, 58, & 60 years of age.
In case of death of insurant assignee, nominee or legal heir is paid full amount of sum assured with accured bonus.
ð Minimum and maximum age : 19 to 55 years.
ð Minimum and maximum sum assured : 10000/- and 10 lakhs.
ð Loan facility after 3 years.
ð Surrender after 3 years.
ð Current bonus rate Rs 48/1000 per years.
ð
|
Endowment
assurance (EA) and convertable whole life assurance (CWA) |
Loan facility |
|
Exceeding 3 years and upto 5 years |
60% of surrender value |
|
Exceeding 5 years and upto 10 years |
80% of surrender value |
|
Exceeding 10 years |
90% of surrender value |
03.CONVERTABLE WHOLE LIFE ASSURANCE (GRAM SUVIDHA) :-
This is a whole life assurance policy
With added features of an option to convert to endowment assurance at the end of five years of taking policy.
Assurance to the extent of sum assured with accured bonus till attainment of maturity age.
In case of death, assignee, nominee of legal heir full amount of sum assured with accured bonus.
ð Minimum and maximum age : 19 to 45 years.
ð Minimum and maximum sum assured : 10000 and 10 lakhs.
ð Loan facility after 4 years.
ð Surrender after 3 years.
ð Current bonus rate whole life bonus rate would be applicable, but on conversion endowment bonus rate will be applicable.
04. ANTICIPATED ENDOWMENT ASSURANCE (GRAM SUMANGAL) :-
It is a money Back policy with maximum sum assured of Rs 10 lakhs, best suited to those who need periodical returns. Survival benefits are paid to the insurant peroiodically. Such payments will not be taken into consideration in the event of unexpected death of insurant. In such cases, full sum assured with accured bonus is payable to the assignee, nominee of legal heir.
ð Policy terms are 15 years and 20 years.
ð Minimum age 19 years; maximum 40 years for 20 years term policy & 45 years for 15 years term policy.
ð 15 years policy – 20% each on completion of 6 years, 9 years & 12 years and 40% with accured bonus will be paid at maturity time.
ð 20 years policy – 20% each on completion of 8 years, 12 years & 16 years and 40% with accured bonus will be at maturity time.
ð Current bonus rate Rs 45/1000 per year.
ð Loan facility is not available.
05. 10 YEARS RPLI (GRAM PRIYA) :-
ð It is a short term money back policy for rural people only.
ð Insurance is given life cover to the extent of sum assured for 10 years.
ð Survival benefits are paid after 4 years and 7 years at 20% each, after 10 years 60% sum assured with accured bonus will be paid to insurant.
ð Minimum and maximum age 20 to 45 years.
ð Minimum sum assured 10000, maximum 10 lakhs.
ð Current bonus rate Rs 47/1000 per year.
ð No interest is charged upto one year as arrears of premia in case of natural calamities like flood, drought, earthquakes, cyclone etc
06. CHILDREN POLACY (BAL JEEVAN BIMA) :-
ð The scheme provides life insurance cover to the childrens of plicy holders.
ð Maximum two childrens of policy holder (parents) are eligible.
ð Childres between 05 to 20 years are eligible.
ð Maximum sum assured Rs 1 lakhs or equal to the parents sum assured, which ever is less.
ð Policy holder (parent) should not be over 45 years.
ð No premium to be paid on the childrens policy, on the death of policy holder (parent) . Full sum assured and accured bonus shall be paid on completion of term.
ð Policy holder (parent) shall be responsible for payment of childrens policy.
ð Current bonus rate Rs 48/1000 per years.
ð Introduced from 20.01.2006.
ð RURAL POSTAL LIFE INSURANCE
RURAL POSTAL LIFE INSURANCE
|
|
Whole life assurance (gram suraksha) |
Endowment assurance (gram santhosh) |
Convertable whole life assurance (gram suvidha) |
10 yr RPLI (gram priya) |
Children policy (gram bal jeevan bema) |
15 Yr AEA (gram sumangal) |
20 Yr AEA (gram sumangal) |
|
Age |
19-55 |
19-55 |
19-45 |
21-45 |
05-20 |
19-45 |
19-40 |
|
Sum assured |
10000 to 10 lakhs |
10000 to 10 lakhs |
10000 to 10 lakhs |
10000 to 10 lakhs |
Min 10000 Max 1 lakhs or mail policy sum assured which is less |
10000 to 10 lakhs |
10000 to 10 lakhs |
|
Loan |
After 4 years |
After 3 years |
After 3 years |
After 3 years |
Not admissible |
Not admissible |
Not admissible |
|
Surrender |
After 3 years |
After 3 years |
After 4 years |
After 3 years |
After 5 years |
Not admissible |
Not admissible |
|
Special features |
|
|
convert to endowment assurance at the end of five years of taking policy. |
20% after 4 years, 20% after 7 years, 60% after 10 years with bonus. |
Two children for each policy holder |
20% after 6 years, 20% after 9 years, 20% after 12 years, 40% after 15 years with bonus. |
20% after 8 years, 20% after 12 years, 20% after 16 years, 40% after 20 years with bonus. |
COMPARISION
|
CATEGORY |
PLI BONUS |
RPLI BONUS |
AGE LIMITS |
REMARKS |
|
Whole life assurance (WLA) |
76 |
60 |
19 to 55 (Both) |
Age limits are same for both PLI and RPLI. |
|
Endowment assurance (EA) |
52 |
48 |
19 to 55 (Both) |
Age limits are same for both PLI and RPLI. |
|
Convertable whole life assurance (CWLA) |
76 |
60 |
19 to 50 (pli) 19 to 45 (rpli) |
|
|
Anticipated endowment assurance (AEA) |
48 |
45 |
19 to 40 (20 y term) 19 to 45 (15 y term) |
|
|
Joint life assurance (JLA) |
58 |
47 |
21 to 45 (PLI) 21 to 45 (RPLI) |
10 y RPLI |
|
Children policy |
52 |
48 |
05 to 20 years (Both) |
Parent age should not exceed 45 years |
Pradhan Mantri Suraksha Bima Yojna (PMSBY)
Any Postal Official (including GDS) can pursue either a depositor having Savings Account in any EDBO/SO/HO migrated to CBS Platform or any Indian Citizen who is ready to open a Savings Account in any such post office which is migrated to CBS, to fill Enrollment Form of Pradhan Mantri Suraksha Bima Yojna( PMSBY).
ð The scheme will be a one year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident.
ð Rs.2 lakhs is payable on a subscriber’s death due to accident.
ð Premium payable is Rs.12/- per annum per member.
ð The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.
ð The scheme would be offered / administered through the Public Sector General Insurance Companies (PSGICs) and other General Insurance companies.
ð All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join.
ð The person would be eligible to join the scheme through one savings bank account only.
The accident cover of the member shall terminate / be restricted accordingly on any of the following events:
i. On attaining age 70 years (age neared birth day). ii. Closure of account with the Bank or insufficiency of balance to keep the insurance in force. iii. In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and the premium shall be liable to be forfeited.
The benefits are as follows:
|
BENEFITS |
SUM ASSURED |
|
Death |
Rs 2 lakhs |
|
Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot |
Rs 2 lakhs |
|
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot |
Rs 1 lakh |
· Insurance Premium to PSGIC / other insurance company: Rs.10/- per annum per member.
· Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1/- per annum per member.
· Reimbursement of Administrative expenses to participating Bank: Rs.1/- per annum per member.
Pradhan Mantri JeevanJyoti Bima Yojna (PMJJBY)
Any Postal Official (including GDS) can pursue either a depositor having Savings Account in any EDBO/SO/HO migrated to CBS Platform or any Indian Citizen who is ready to open a Savings Account in any such post office which is migrated to CBS, to fill Enrollment Form of Pradhan Mantri JeevanJyoti Bima Yojna ( PMJJBY).
ð The scheme will be a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.
ð Rs.2 lakhs is payable on a subscriber’s death due to any reason.
ð The premium payable is Rs.330/- per annum per subscriber.
ð The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.
ð The scheme would be offered / administered through LIC and other Life Insurance companies.
ð All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join.
ð The person would be eligible to join the scheme through one savings bank account only.
The assurance on the life of the member shall terminate / be restricted accordingly on any of the following events:
i. On attaining age 55 years (age near birth day), subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
ii. Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
iii. In case a member is covered through more than one account and premium is received by LIC / insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.
· Insurance Premium to LIC /other insurance company: Rs.289/- per annum per member.
· Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.30/- per annum per member.
· Reimbursement of Administrative expenses to participating Bank: Rs.11/- per annum per member.
Atal Pension Yojna (APY)
Any individual or existing Swavalamban Yojana subscriber who has completed 18 Years of age and is below 40 Years of Age on the day of applying can open APY account in any authorized CBS Post Office.
A Pension provides people with a monthly income when they are no longer earning. Need for Pension:
· Decreased income earning potential with age.
· The rise of nuclear family-Migration of earning members.
· Rise in cost of living.
· Increased longevity.
· Assured monthly income ensures dignified life in old age.
Atal Pension Yojana (APY), a pension scheme for citizens of India, is focused on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.
Any Citizen of India can join APY scheme. The following are the eligibility criteria:-
· The age of the subscriber should be between 18 - 40 years.
· He / She should have a savings bank account/ post office savings bank account.
The contributions under APY are invested as per the investment guidelines prescribed by PFRDA for Central Government / State Government / NPS-Lite / Swavalamban Scheme / APY.
· The savings bank account/ post office savings bank account is mandatory for joining APY.
· The contributions can be made at monthly / quarterly / half yearly intervals through auto debit facility from savings bank account/ post office savings bank account of the subscriber.
· Banks are required to collect Rs. 1 per month for contribution of every Rs. 100, or part thereof, for each delayed monthly contributions.
· A subscriber can open only one APY account and it is unique. Multiple accounts are not permitted.
· The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, once a year. However, the switching option shall be available once in year during the month of April.
· Exit before 60 years of age is generally not permitted, it may be permitted by PFRDA only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease etc., in-line with the provisions for pre-mature exit under NPS.
· In case death of the subscriber The entire accumulated corpus under APY will be returned to the spouse / nominee. However, pension shall not be payable to the spouse / nominee.
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