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Anticipated Endowment Assurance (Sumangal) Plan

Postal Life Anticipated Endowment Assurance (Sumangal) Plan

The oldest insurance of India is Postal Life Insurance which was launched on February 1, 1884. Previously this insurance was only available for the employees of the Indian Post. Later on, the benefits of this policy were extended to the common people as well so that they could get insurance policies at an affordable premium. Among many plans offered by Postal Life Insurance (PLI), Anticipated Endowment Assurance (Sumangal) is a popular one. It is a type of money-back plan. The maximum sum assured of this plan is Rs. 50 lakhs. This policy is popular among the policy-seekers because it has come up with periodical returns. Death benefit and survival benefits, both are available under this plan.

Eligibility Criteria

Minimum Entry Age19 Years
Maximum Entry Age

40 years for 20 years term policy

45 years for 15 years policy term

Type of PlanMoney Back Plan
Suitable ForIdeal for those who are looking for an insurance policy with periodical returns
Maximum Sum AssuredRs. 50 Lakhs
Policy Term15 and 20 Years

Major Highlights of Anticipated Endowment Assurance Policy (Sumangal)

Here are the important mentions.

  • For 15 years policy survival benefit is 20% of the sum assured after 6 years, 20% of the sum assured after 9 years, 20% of the sum assured after 12 years, and 40% of the sum assured after 15 years along with accrued bonus.
  • For the policy 20 year policy term, the survival benefit is 20% of the sum assured after 8 years, 20% of the sum assured after 16 years, and 40% of the sum assured after 20 years along with the accrued bonus.
  • The last declared bonus is Rs. 48 per Rs.1000 sum assured.
  • In the case of the untimely and unexpected death of the insured person, the legal heir will be paid the full sum assured along with the accrued bonus.

Buying process of Anticipated Endowment Assurance Policy

This Sumangal Policy can be purchased both online and offline. Here is the step-by-step guide of the two procedures.

Online Procedure:

  • Go to the official website of Indian Post.
  • You have to select the Postal Life Insurance tab.
  • An external page will open. Click on the oh button to proceed.
  • Select the purchase a policy option and click on the quote option to get a quotation of the policy.
  • Enter the type of the product that is Anticipated Endowment Policy and enter the required details carefully.
  • The quotation will be displayed on the screen based on the given details. Choose the select option.
  • After that, you have to put more details regarding the insurer and the proposer.
  • Now this is the time to give personal information such as your contact number, address, etc.
  • Fill in the blanks with details such as nominee assignment, medical history, employment details, base cover, and history of insurance.
  • Sign the declaration form and pay the premium amount choosing the most convenient method of payment.
  • Once the policy is purchased, download the policy document for future reference.

Offline Procedure:

If you are more comfortable with the offline process, you can go to the nearest branch of the Indian Post. approach the customer’s desk. Their customer executive will attend to you and guide you through the entire buying process seamlessly.

Premium calculation of Sumangal (PLI) Policy

Here is an example. Mr. Nayar, a 30-year-old Hyderabad-based serviceman wants to buy this policy. He has chosen the policy term of 15 years, and his sum assured amount is Rs. 10 lakhs. Let us find out how much premium he has to pay for buying this policy under the following conditions.

AgeSum assuredPolicy termFirst-year premium details (Including GST)Second year onwards premium (Including GST)Money-back and maturity details break upMoney-back and maturity total
30 yearsRs. 10 lakhs15 years

Monthly – Rs.684

Quarterly – Rs. 2053

Half-yearly – Rs. 2033

Yearly – Rs. 8050

Monthly – Rs. 670

Quarterly – Rs. 2009

Half-yearly – Rs. 1989

Yearly – Rs. 7876

First Money Back (After 6 Years) – Rs. 20,000

Second Money Back (After 9 Years) – Rs. 20,000

Third Money Back (After 12 Years) – Rs. 20,000

Maturity (approx.) (After 15 Years) – Rs. 119500

Rs. 1,79,500

Frequently Asked Questions

No matter what policy period you choose, the maturity benefit for this policy will be 40% of the sum assured along with the accrued bonus.

Yes, pre-policy medical check-ups are mandatory to get this scheme.

Here are the mentions.

  • Address proof
  • Valid ID proof
  • Age proof
  • Certificate by DO/FO (PLI)/Agent
  • Certificate by SDI/ASP
  • Any other document as requested by the post office

Many factors can influence the premium amount of this policy. The important ones are entry age, maturity age, policy term, and sum assured amount.