Postal Life Insurance Certificate for Income Tax Purpose

Postal Life Insurance ( PLI )Certificate for Income Tax Purpose

 

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PLI offers 7 (Seven) types of plans: Whole Life Assurance  (SURAKSHA) Convertible Whole Life Assurance (SUVIDHA) Endowment Assurance  (SANTOSH) Anticipated Endowment Assurance  (SUMANGAL) Joint Life Assurance  (YUGAL SURAKSHA) Scheme for Physically handicapped persons Children Policy

WHOLE LIFE ASSURANCE:   This is a scheme where the assured amount with accrued bonus is payable to the assignee, nominee or the legal heir after death of the insurant. 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 10 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 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 10 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 the 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 not exercised within 6 years, the policy will be treated as Whole Life Assurance. Loan facility available. The policy can also be surrendered after completion 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 5 lacs.  Best suited to those who need periodical returns. Survival benefits is paid to the insurant periodically (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, nominee or legal heir). Two types of policies  are available - 15 year term and 20 year 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 a single 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.

SCHEME FOR PHYSICALLY HANDICAPPED PERSONS:   The maximum limit of Insurance for Physically Handicapped persons in PLI is the same as others and he/she  can take any one of the plans.  Medical examination is compulsory under this scheme in order to determine the exact nature and extent of their handicap and its bearing  on the life being insured. Depending upon the nature and extent of handicap, normal or a slightly higher premium is charged. In the event of the policy becoming a claim on account of death of the insured before the date of maturity, the amount payable to the nominee or the legal heir, as the case may be, shall be determined as follows: In case the death of the insured takes place before completion of one year from the date of acceptance of the policy, only 35% of the sum assured and the accrued bonus shall be payable. In case the death of the insured takes place before the completion of two years but after one year from the date of acceptance of the  policy, only 60% the sum assured and the accrued bonus shall be payable. In case the death of the insured takes place before the completion of three years but after two years from the date of acceptance of the policy, 90% of the sum assured and accrued bonus shall be payable. In case the death of the insured takes place after the completion of three years, full sum assured along with accrued bonus thereon shall be payable.

CHILDREN POLICY             The Department has introduced Children Policy under PLI/RPLI, with effect form 20 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 1 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 shall be 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 Polcy, however the policy shall have facility for making it paid up provided the premium 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 the bonus at the rate applicable to Endowment Policy. The POIF Rules amended from time to time shall be applicable to Children Policy.