Postal Life Insurance (PLI) was launched in 1884 and is one of the most reliable insurance providers in India. GRAMA SANTOSH Rural Postal Life Insurance Scheme is an endowment assurance plan and is the better choice for people looking for the dual advantages of insurance and investment. In this scheme, the insured is offered an assurance to the limit of sum assured and the bonus till the policyholder attains an age, that is pre-set. In the case death of the policyholder, the nominee will be paid the sum assured along with the bonus. Since this policy not only offers the sum assured to the policyholder’s family in case of his untimely death but also guarantees an approx at the desired age, GRAMA SANTOSH Rural Postal Life Insurance Scheme is the best scheme for people of all age groups and socio-economic background.
People Eligible for Application:
- Employees of the organizations categorized below are eligible to apply for PLI policy.
- Defence services and paramilitary forces
- Financial institutions and nationalized the bank
- Central Government, State Government, and Local Bodies
- Reserve Bank of India
- Autonomous Bodies
- Government aided educational institutions
- Extra Departmental Agents in Department of Posts
Basic features of the scheme:
- Minimum Age at Entry should be19 years
- Maximum Age at Entry should be 45 years
- Age Limits for Premium Ceasing is 35, 40, 45, 50, 55, 58 and 60 years
- Maximum Sum Assured is Rs. 10 lakh
- Nomination Facility is Available
- Minimum Sum Assured is Rs. 20, 000
GRAMA SANTOSH Rural Postal Life Insurance Scheme gives a vast range of features that benefit the policyholder immensely. A product that grants the reason for both investment and insurance, this Scheme’s benefits are outlined below.
Surrender Value shows the amount that is payable to the insured after the foregoes the benefit of the endowment policy and surrenders the policy for an immediate cash payment. Surrender value depends on the duration of the policy and surrender factor. GRAMA SANTOSH Rural Postal Life Insurance Scheme can be surrendered after 3 years the insured will get full amount paid plus bonus (which will be taken into account only after 5 years for calculating surrender value on paid-up value).
Modes of Premium Payment
The premium can be given through cheque. Also, all policyholders will receive a receipt book from which they can deposit the premium amount in any Post Office. The premium can also be paid online for few types of policies.
Income Tax Rebate
Income Tax deduction will apply for premiums paid towards Post Office Life Insurance under Section 80C of Income Tax Act.
Loan against GRAMA SANTOSH Rural Postal Life Insurance Scheme Policy as security can get by all policyholders. Loan facility can be availed on all policies after the accomplishment of three years. However, the policy is not eligible for the bonus if it is assigned for a loan before finishing of 5 years.
Rebate on Premium Amount
GRAMA SANTOSH Rural Postal Life Insurance Scheme policyholders get a rebate of 2% if the annual premium is paid in advance and a rebate of 1% of the premium for six months is paid in advance.