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Postal Life Insurance

Postal Life Insurance. Rural Postal Life Insurance. PLI- Eligibility. Government servants Defense Service GDS Govt aided Educational Institutions Universities established by Govt Local Bodies- Muncipalities, ZPs Banks. PLI- Plans available. 1. Whole Life Assurance (SURAKSHA)

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Postal Life Insurance

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  1. Postal Life Insurance Rural Postal Life Insurance

  2. PLI- Eligibility • Government servants • Defense Service • GDS • Govt aided Educational Institutions • Universities established by Govt • Local Bodies- Muncipalities, ZPs • Banks

  3. PLI- Plans available 1. Whole Life Assurance (SURAKSHA) • Payment only to nominee on death of insurant • Premium payable for selected period

  4. PLI- Plans available 2. Endowment Assurance (Santhosh) • Lump sum payment at desired age • Payment to nominee- on death

  5. PLI- Plans available 3. Convertible Whole Life Assurance (Suvidha) • Less premium for 1st 5 years • Conversion option with higher premium

  6. PLI- Plans available 4. Joint Life Insurance (Yugala Suraksha) • Payment at the end of term • Payment to either of two lives- on death

  7. PLI- Plans available 5. Anticipated Endowment Assurance (Sumangala) • Payment at periodical intervals • Payment at the end of the term- on death

  8. PLI- Plans available • Children’s Policy • Both parent’s and children’s risk covered • Parent should have a policy • Non-medical policy • Minimum- Rs.20,000 • Maximum- Rs.1 lac • One E/A • Two children only

  9. PLI- Features • Risk cover • Premium calculated on the basis of • Age at entry • Maturing age/Premium ceasing age/term • Rebate allowed • Others: Each 20,000- Re.1/ • Yugala Suraksha: First 40,000- Re.1/ & addl each 10,000 Re.1/

  10. PLI- Features- Age restriction

  11. PLI- Features- Limit of holding • Limit of Insurance • In multiple of Rs.10,000 • Minimum- Rs.20,000 • Maximum • WL, EA, YS- 10 lacs • CWL, AEA - 05 lacs • Children Poly- 1 lac • Non-Medical- 1 lac • PHP- 1 lac

  12. PLI- Features • Advance deposit of 1st premium • Rebate • 12 Months- 2% • 6 Months- 1 % • Rebate Yugalasuraksha • 12 M- 50% of single Premium • 06 M- 10% ---------do--------- • 03 M- 02% ---------do---------

  13. PLI- Features • Recovery of premium from pay • For defaulted premiums interest at 12% to be recovered • High Bonus

  14. PLI- Features- Bonus

  15. PLI- Medical Report • Necessary for the following • Age at entry exceeds 35 years • Sum assured more than Rs.1 lac • Endowment Poly maturing at 35 years of age • Anticipated Endowment Policies

  16. Exercise 1

  17. PLI- Loan • Loans can be obtained from Banks • Granted CPMG on security of policy • 10 % interest compounded half yearly basis charged • Entitlement on prefixed proportion of surrender value as per table below

  18. PLI- Loan- entitlement

  19. PLI- Surrender after certain period as below

  20. PLI- Surrender • Application in plain paper • Policy bond • PRB or PDO Cft • Calculation as per formula and Surrender Value Factor • It is like taking a train ticket Bangalore to New Delhi and getting down at Nagapur Heavy loss therefore discourage

  21. PLI-after sale service • Payment of monthly premium • Deptl employees & GDS recovery from pay and remittance directly to PLI • Others Group Leader to make deposits as RD PRSS • Individuals can also deposit in POs

  22. PLI-after sale service • Monthly premium if not paid within the due month can be paid with DF at 12 % • Default fee at 12% collected for first 12 months • For defaults exceeding 12 months 12% compound interest to be collected

  23. PLI-after sale service • Formula for default fee calculation: N(N+1) x Premium rate 200 N= Defaulted months

  24. Policy less than 3 years Policy of more than 3 years If not paid within 6 months- treated as lapsed. Revival by CPMG If not paid within 12 months- treated as lapsed. Revival by CPMG PLI-after sale service-Lapsing of Policy Premium not to be accepted without revival

  25. PLI-after sale service • Transfer from one PO to another • Manuscript application a/t CPMG through Post office • Appln forwarded to CPMG • Conversion; -W/L to E/A before 57 yrs • Facility for nomination

  26. PLI- After Sale Service • Change mode of payment • Correction to policy bonds • Issue duplicate PRB- Fee Rs.5/- • Change of PO for premium payment

  27. PLI- After Sale Service • Issue Duplicate Policy Bond- • Fee Rs.50- • Written application • Indemnity bond • Sum assured above Rs.500000- copy of paper notification

  28. PLI- Maturity • Due on the following month of last premium • Application in LI-9(b) or in plain paper • Policy bond • PRB or PDO Cft • Loan RRB • PO to collect the above and submit to CPMG

  29. PLI- Claim • Applied in the prescribed form enclosing the following documents • Original Policy • PRB or PDO Cft • Death Certificate • Doctor Cft/Report, who attended • Death due to accident Post Mortem Report & copy of FIR • Death due to suicide policy paid for two years

  30. Exercise 2

  31. Rural Postal Life Insurance

  32. RURAL PLI (RPLI) • For Rural people • Schemes: • Whole Life (GRAMA SURAKSHA) • Endow Assurance (GRAMA SANTOSH) • Convertible Whole Life (GRAM SUVIDHA)

  33. RURAL PLI (RPLI) • Anticipated Endowment (GRAM SUMANGAL) • 10 Year Rural PLI (GRAM PRIYA)

  34. RPLI-LIMITS • Minimum- Rs.10,000 • Maximum- -Rs.25,000 (without medical) -Rs.3,00,000 (on medical)

  35. 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

  36. RPLI-AGE LIMIT • Age proof • Standard • Non-standard

  37. 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

  38. 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

  39. Exercise 3

  40. RPLI • Low Premium with following rate of rebate • Monthly Re.01/ per 20,000 • Quarterly Rs.03/ -------do---- • Half yearly Rs.06/--------do---- • Yearly Rs.12/-------do-----

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

  42. RPLI • Loan - 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

  43. RPLI • Bonus -Endowment 55 per 1000 S/A -W/L 60 per 1000 S/A

  44. RPLI • All BPM s and SPM s of Rural area are Agents • Premium collected at BO also

  45. RPLI • Procedure for premia collection- Similar to PLI • Separate Receipt Book prescribed • Entry made in the pass book • Particulars of Premia noted in the Daily Account in SO and PLI Schedule at HO

  46. 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.

  47. RPLI • Interest = Premium X Months x Rate of Int --------------------------------------- 100 X 12

  48. 35% of sum assured +accrued bonus 60% of sum assured+ accrued bonus 90% of sum assured +accrued bonus 100% in c/o death occurs If death occurs within 1 year Death occurs within 2 years Death occurs within 3 years After completion of 3 years Non-medical/physically handicapped policy

  49. Thank you

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