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The Director General of Postal Services is pleased to announce a simple retroactive bonus on claims arising on postal life insurance policies on death or maturity.
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The government has announced an additional bonus for Post Office Life (PLI) insurance policy holders. Bonus rates for the financial year 2023-24 will be applicable from 01.04.2023.
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According to the notification dated January 4, 2023 of the Ministry of Communications, “— based on the powers conferred under Rule 3 of the Post Office Life Insurance Rules (2011) and on the actual valuation of the assets and liabilities of the Post Office and Life Insurance Fund.. (POLIF) till 31.03.2022; DG Postal Services is pleased to announce Simple Reversal Bonus on claims arising on life insurance policies at the following rates:
Iv. Convertible Whole Life Policies (CWA): Whole life premium rate applies but on conversion; Insurance premium rate will apply.
V. 1000 for whole life insurance and up to a maximum of Rs.10,000 for renewal for a maximum term of 20 years or more subject to an additional sum assured of Rs.20.
All claims arising on expiry or death of bonus at the above rates shall be suspended pending completion of future assessment. Bonuses containing fractions of 50 paise or more shall be rounded up to the next higher rupee and fractions of less than 50 paise shall not be recognized.
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Postal Life Insurance (PLI) was established on 1 February 1884 as a social security scheme for postal workers and was later expanded. Since 2017, it has entered a large public sector. doctors Engineers management consultants; Chartered Accountants; Architect Lawyers Bankers and other professionals have life insurance schemes under PLI as well as professionals like NSE and BSE (employees of businesses listed on the Bombay Stock Exchange).
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To read the full story, Read Full Article Subscribe to ET Prime Read Full Article You received this Prime story as a free gift When you think of the insurance policies of the Government of India, the first organization that comes to mind is Life Corporation. of India (LIC). ) Many people don’t know that the Postal Department offers a form of postal life insurance called Postal Life Insurance (PLI) to cover the lives of their employees.
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In fact, PLI is the oldest insurance provider and was started on February 1, 1884. One thing to note is that PLI has eligibility criteria that only government officials or people working in government-linked organizations can participate. Program
On the other hand, LIC policies are available to every citizen of India, making them more popular among the Indian population.
Postal Life Insurance offers several plans to eligible individuals, each with unique features. These programs include:
It is the most comprehensive plan with an insurance of at least Rs. 20,000 and the maximum sum insured is Rs. 10 lakh is eligible for this scheme after you complete 19 years of age and the maximum age for this scheme is 55 years.
Pli (postal Life Insurance ) Comparison Chart
Legal heir; The assignee or nominee receives the sum assured after the death of the insured.
Eligibility criteria for this plan are similar to whole life insurance. As with other endowment policies, The policyholder gets the sum assured after maturity along with the bonus. In case of death, the nominee or heir receives the amount and bonus.
It’s somewhere between satisfaction and a security plan. You will have to convert the plan into a guarantee after five years. If not, It will be treated as a life assurance.
With this plan you can enjoy periodic survival benefits. The great thing about the scheme is that the nominees or heirs get the entire sum assured and the bonus on the death of the policyholder. A periodic benefit does not apply on death.
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If one of the partners is eligible for PLI. He can enroll his partner in the scheme as an insured.
PLI also has special programs for physically challenged and children. Gram Suraksha for individuals living in rural areas; Gram Suvidha Gram Priya There are separate schemes including Child Life Insurance and Gram Santosh.
Jeevan Umang Yojana is a complete life insurance plan and it serves people like Whole Life Insurance (Suraksha). It is the most comprehensive plan with an insurance of at least Rs. 20,000 with no limit on the maximum amount guaranteed. You are eligible for this scheme after completing 90 days of your life and the maximum eligible age for this scheme is 55 years.
You can decide your future with this plan. This plan can help you stabilize your wealth and is highly desirable to any client and you can meet your financial obligations. It is the most comprehensive plan with an insurance of at least Rs. 1.5 lakh unlimited insurance. You are eligible for this scheme after completing 12 years of your life and maximum age for this scheme is 45 years.
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It is a term insurance plan and term insurance is one of the most needed and preferred insurance policies. Most companies offer their customers an insurance plan that provides financial protection to the insured’s family during the policy term and can meet your financial obligations.
It is the most comprehensive plan with an insurance of at least Rs. 25, 00, 000/, No maximum insurance limit. You are eligible for this scheme after completing 18 years of age and maximum eligible age for this scheme is 65 years.
This is a money back plan. We all want a return on our investment. The more money you earn, the more returns you can earn. We all invest with expected return and it shows the same return. From the name of this plan you should know that this plan is about bachat (saving money). This scheme is all about saving money, but Bima Bachat Yojana does the saving on your behalf. You need to invest according to your pocket and wait for the return.
It is the most comprehensive plan with a minimum sum assured between Rs. Unlimited from 35,000 to 70,000 Guaranteed maximum. You are eligible for this scheme after completing 15 years of age and the most eligible age for this scheme is between 60-65 years.
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A pension plan; We all plan for our future and this is nothing new. Everyone needs financial support after retirement, and a pension plan is one of the best ways to get financial support for your retirement. In India, government employees are awarded pensions after serving the country, making retirement life easier.
It is the most comprehensive plan with a minimum sum assured between Rs 1 lakh and Rs 1.5 lakh and maximum sum assured is unlimited. You are eligible for this scheme after completing 20 years of your life and the most eligible age for this scheme will be between 58-60 years.
Through this chart we have discussed some key differences between PLI and LIC to help you choose the best insurance policy.
The policies are employees of State or Central Government or employees of nationalized banks; Government-aided educational institutions; universities, regional organizations;
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Under the current scheme, the interest rate is four to five percent.
You have to visit the nearest post office to pay the premium. Electronic clearing system and online payment are other methods for premium payments.
LIC Division of Premium Payment can be made via collection point or pin.
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