RPLI SURRENDER CUM LOAN GUIDANCE CALCULATOR

RPLI SURRENDER CUM LOAN GUIDANCE CALCULATOR

• This calculator may be used as a reference for surrender quote with lapsed policies as not shown in Mc Camish.(Also for inactive status policies to know the correct value of surrender)
• It can be used for proper guidance to the insurant in the following scenarios
• Loan value if premium paid up to current month
• Maturity value if policy not continued till maturity date as like now
• Maturity value if policy continued with premium payment till maturity date
• Premium amount to be paid till maturity date.

Note: This calculator is not authenticated one. Kindly ensure the calculated amount yourself.

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B.VENKATESAN,

PA (CPC),MELAKAVERI HO – 612002TN Circle 

Email id: sbvenkat2008@gmail.com

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Rural Postal Life Insurance (RPLI)

Rural Postal Life Insurance (RPLI)

 If you are thinking about insurance with savings , then you are on a perfect place. Dept of Posts, Govt. of india, provides low premium high bonus insurance plans.

Rural Postal Life Insurance (RPLI) came into being as a sequel to the recommendations of the  Official Committee for Reforms in the Insurance Sector (Malhotra Committee).  The Committee had observed in 1993 that only 22% of the insurable population in this country had been insured; life insurance funds accounted for only 10% of the gross household savings.  The Committee had observed: “ The Committee understands that Rural Branch Postmasters who enjoy a position of trust  in the community  have the capacity to canvass life insurance business within their respective areas…..” The Government accepted the recommendations of Malhotra Committee  and allowed Postal Life Insurance to extend its coverage to the rural areas to transact life insurance business with effect from 24.3.1995, mainly because of the vast network of Post Offices in the rural areas and low cost of operations. The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population. As on 31.03.2015, we have more than 23.51 million RPLI policies.

Who can Avail  Rural Postal Life Insurance :  any Indian  residing in Rural India can take                           RPLI.  Rural area is defined as one being outside the limits of a municipality.

Age Limit: In all policies the age limit is (age as on next birthday):19-55 years. Only in AEA                        and GRAM Priya in RPLI the maximum age limit is 40 years.

             RPLI offers following types of plans:

1. Whole Life Assurance ( GRAMA SURAKSHA)
2. Convertible Whole Life Assurance (GRAMA SUVIDHA)
3. Endowment Assurance ( GRAMA SANTOSH)
4. Anticipated Endowment Assurance  (GRAMA SUMANGAL)
5. 10 Year RPLI (GRAM PRIYA)
6. Children Policy (BAL JEEVAN BIMA)

The salient features of the Whole Life, Endowment, Convertible Whole Life and Anticipated Endowment Schemes of RPLI are same as the corresponding schemes of PLI except that the minimum Sum Assured is Rs.10,000 and the maximum Sum Assured is Rs.10 lac.  The maximum age limit of entry is 55 years in case of Whole Life and Endowment Assurance but 45 years in case of other plans.

All the schemes have compulsory medical examination.  For the non-medical policies, the maximum limit of Sum Assured is Rs.25,000/-, and maximum age is 35 years.   In case of  Non-standard age proof for Rural PLI policies, the maximum age limit is 45 years.

Contact : Nearest Post office

Source : http://www.postallifeinsurance.gov.in/Index.aspx

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Postal Life Insurance (PLI) : low premium high bonus insurance

Postal  Life Insurance (PLI)

      If you are thinking about insurance with savings , then you are on a perfect place. Dept of Posts, Govt. of india, provides low premium high bonus insurance plans.

Introduction
Postal Life Insurance (PLI) was introduced on 1st February 1884 with the express approval of the Secretary of State (for India) to Her Majesty, the Queen Empress of India. It was essentially a scheme of State Insurance mooted by the then Director General of Post Offices, Mr. F.R. Hogg in 1881 as  a welfare scheme for the benefit of Postal employees and later extended to the employees of Telegraph department in 1888. In 1894, PLI extended insurance cover to female employees of P & T Department at a time when no other insurance company covered female lives. It is the oldest Life insurer in this country.
                PLI is an exempted insurer under Section 118 (c) of the Insurance Act of 1938. It is also exempted under Section 44 (d) of LIC Act, 1956.

Age required :                        19 Years to 55 Years

Insurance Amount :              Rs.20000 to Rs. 50 lacs

Loan / Surrender Facility :  Available

Premium table :                    http://www.postallifeinsurance.gov.in/static/PLICustPremiumTable.aspx

  Who are eligible for obtaining a PLI policy?

Employees  of the following Organizations are eligible.

• Central Government,Defence Services
• Para Military forces
• State Government
• Local Bodies
• Government-aided Educational Institutions
• Reserve Bank of India
• Public Sector Undertakings
• Financial Institutions
• Nationalized Banks
• Autonomous Bodies
• Extra Departmental Agents in Department of Posts
• Employees Engaged/ Appointed an Contract basis by central/ State Government where the contract is extendable
• Employees of all scheduled Commercial Banks
• Employees of Credit Co-operative Societies and other Co-operative Societies registered with Government under the Co-operative Societies Act and partly or fully funded from the Central/ State Government/RBI/ SBI/ Nationalized Banks/ NABARD and other such institutions notified by Government
• Employees of deemed Universities an educational institutes accredited by recognized bodies such a National Assessment and Accreditation council, All India Council of Technical Education,Medical council of india etc

PLI offers 6 (Six) types of plans:

1. Whole Life Assurance  (SURAKSHA)
2. Convertible Whole Life Assurance (SUVIDHA)
3. Endowment Assurance  (SANTOSH)
4. Anticipated Endowment Assurance  (SUMANGAL)
5. Joint Life Assurance  (YUGAL SURAKSHA)
6. Children Policy(BAL JEEVAN BIMA)

WHOLE LIFE ASSURANCE:                           The assured amount with accrued bonus is payable to the assignee, nominee or the legal heir after death of the insurant or to the insurant himself/herself after attaining the age of 80 years.  Minimum Age at entry :        19 years and the maximum Age at entry :  55 years. The minimum Sum Assured :  Rs 20,000 and the maximum Sum Assured is Rs 50 lacs. The policy can be converted into an Endowment Assurance Policy after completion of one year and before 57 years of age of the insurant. Loan facility is available after completion of four years and policy can also be surrendered after completion of three years. The policy is not eligible for bonus if surrendered or assigned for loan before completion of 5 years. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan.

ENDOWMENT ASSURANCE: Under this scheme, the proponent is given an assurance to the extent of the Sum Assured and accrued bonus till he/she attains the pre-determined age of maturity. In case of unexpected death of the insurant, the assignee, nominee or the legal heir is paid the full Sum Assured together with the accrued bonus. The minimum age at entry is 19 years and the maximum Age at entry is 55 years. The minimum Sum Assured is Rs 20,000 and the maximum Sum Assured is Rs 50 lacs. Loan facility is available and policy can also be surrendered after completion of three years. The policy is not eligible for bonus if surrendered  or assigned for loan before completion of 5 years. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan.

CONVERTIBLE WHOLE LIFE ASSURANCE: The features of this scheme are more or less same as Endowment assurance. Policy can be converted into Endowment Assurance after five years. Age on the date of conversion must not exceed 55 years. If option for conversion is not exercised within 6 years, the policy will be treated as Whole Life Assurance. Loan facility is available. The policy can also be surrendered after completion of three years. The policy is not eligible for bonus if surrendered  or assigned for loan before completion of 5 years. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan. The policy is not eligible for bonus if surrendered or assigned for loan before completion of 5 years. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan.

ANTICIPATED ENDOWMENT ASSURANCE: It is a Money Back Policy with maximum Sum Assured of Rs 50 lacs.  Best suited to those who need periodical returns. Survival benefit is paid to the insurant periodically. Two types of policies  are available - 15 years term and 20 years term. For the 15 years term policy, the benefits are paid after 6 years (20%), 9 years (20%), 12 years (20%) and 15 years (40% and the accrued bonus). For the 20 years term policy, the benefits are paid after 8 years (20%), 12 years (20%), 16 years (20%) and 20 years (40% and the accrued bonus). Such payments will not be taken into consideration in the event of unexpected death of the insurant and the full sum assured with accrued bonus is payable to the assignee or legal heir.

JOINT LIFE ASSURRANCE:  It is a joint-life Endowment Assurance in which one of the spouses should be eligible for PLI policies. Life insurance coverage is provided to both the spouses to the extent of sum assured with accrued bonus with only one premium. All other features are same as an Endowment policy.             All the above schemes have compulsory medical examination. For the non-medical policy of any category (except AEA and Joint Life Assurance for which Medical Examination is compulsory), the maximum Sum Assured is Rs 1 lac.

LIMITS OF SUM ASSURED IN POSTAL LIFE INSURANCE:  Any person who is eligible to the benefit of Post Office Life Insurance Fund under Rule 6, may effect an insurance-Whole Life Assurance, Endowment Assurance, Convertible Whole Assurance, Anticipated Endowment Assurance and Yugal Suraksha Policy or all of them on his life for a sum not less than Rs. 20,000 in each class but not more than an aggregate of Rs. Fifty Lac  (Rs. 50,00,000/-) in respect of one class/all classes of insurance policy (s) taken together. The value of policy shall be taken in multiples of Rs. 10,000/- after minimum limit of Rs.20,000/- i.e. Rs. 20,000/-, Rs.30,000/-,Rs. 50,000/- and so on.

CHILDREN POLICY             The Department has introduced Children Policy under PLI/RPLI, with effect form 20th Jan 2006. The salient features of this scheme are as under:- The Scheme is envisaged to provide Insurance cover to the children of PLI/RPLI policy holders. Maximum two children in family will be eligible to take children policy. Children between the age of 5 and 20 years are eligible and maximum sum assured is Rs 3 lakh or equivalent to the sum assured of the main policy holder which ever is less. The main policy holder should not have attained the age of 45 years. No premium is required to be paid on the children policy on the death of the main policy holder and full sum assured with the accrued bonus shall be paid to the child after the completion of the term of the children policy. On the death of the child/children, full sum assured with the accrued bonus shall be payable to the main policy holder. Main policy holder shall be responsible for payments for the Children Policy. No loan shall be admissible on Children Policy. However, the policy shall have facility for making it paid up provided the premia are paid continuously for 5 years. No Medical examination of the Child is necessary. However, the child should be healthy on the day of proposal and the risk shall start from the date of acceptance of proposal. The policy shall attract bonus at the rate applicable to Endowment Policy. The POIF Rules amended from time to time shall be applicable to Children Policy.

Contact : Nearest Post office

Source : http://www.postallifeinsurance.gov.in/Index.aspx

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