Postal Life Insurance's Endowment Assurance (Santosh) Plan
Postal Life Insurance’s Endowment Assurance (Santosh) Plan is a comprehensive endowment-based life assurance offering designed to provide coverage in the event of the life assured’s death. The policy ensures financial protection until the life assured reaches a predetermined age, allowing flexibility in choosing the maturity age. At the time of policy inception, the life assured can opt for the policy to mature at the age of 35, 40, 45, 50, 55, 58, or 60 years.
Furthermore, the flexibility extends to the ability to extend the maturity age of the policy to another predetermined age. This flexibility allows policyholders to align the policy’s maturity with their evolving financial needs and life circumstances, providing a customizable and adaptable life insurance solution.
Read on to learn more about the Endowment Assurance (Santosh) policy in detail!
Here are the eligibility criteria for the Endowment Assurance (Santosh) policy
|Minimum Age at Entry
|Maximum Age at Entry
|Minimum sum assured
|Maximum sum assured
|Rs. 50 lacs
|Last declared Bonus
|Rs. 52/- per Rs. 1000 sum assured per year
Key Features and Benefits of Endowment Assurance (Santosh)
Here are the distinguishing features of Endowment Assurance (Santosh). Let’s discuss them in detail!
- Death Benefit
Under the Endowment Assurance (Santosh) policy, in the unfortunate event of the policyholder’s death, the entire sum assured is disbursed to the designated nominees or legal heirs. Additionally, any accrued bonuses, which are supplemental amounts derived from the insurer’s profits, are also paid out.
- Declared Bonus
With the Endowment Assurance (Santosh) plan offered by Postal Life Insurance, policyholders stand to benefit from bonuses, which are declared at a rate of Rs. 52 per Rs. 1000 of the sum assured. These bonuses, representing a share of the insurer’s profits, contribute to the overall policy value. The accrual of bonuses enhances the financial benefits that policyholders and their beneficiaries receive, providing an additional layer of security and potential growth over the policy’s term.
The Endowment Assurance (Santosh) plan from Postal Life Insurance offers policyholders the option to surrender the policy after 3 years. This means that after completing a minimum period of three years from the policy’s inception, policyholders have the flexibility to surrender the policy if needed.
- Loan Facility
The Endowment Assurance (Santosh) plan by Postal Life Insurance allows policyholders to avail of a loan facility against the acquired surrender value after 3 years. This means that policyholders who have held the policy for at least three years can access a loan using the surrender value of the policy as collateral.
- Maturity Benefit
In this scheme, the proponent is provided with assurance in the form of the sum assured and any accrued bonus until they reach a pre-determined age of maturity. The maturity age options include 35, 40, 45, 50, 55, 58, and 60 years. This assurance ensures that the policyholder or proponent is guaranteed a specific sum along with any additional bonuses accumulated until the chosen maturity age.
- Proportionate Bonus
In the event of surrendering the policy after 5 years, a proportionate bonus on the reduced sum assured is paid under the terms of the plan. This means that if the policyholder decides to surrender the policy after completing a minimum of 5 years, they may receive a bonus amount that is proportionate to the reduced sum assured.
How To Purchase Endowment Assurance (Santosh)?
Since Endowment Assurance (Santosh) policy can be purchased via online and offline methods, it’s important to discuss both mediums. Let’s talk about them in detail!
- Go to the following URL: https://pli.indiapost.gov.in/CustomerPortal/Home.action.
- Simply access the Quote menu from the Purchase a Policy dropdown, and generate a quote by providing a valid phone number, email ID, and accurate PIN code. The name of the nearest Head Post Office will be displayed based on the provided PIN code. Subsequently, customers are required to fill out the Proposal Form.
- For the premium payment, customers can utilize the link provided in the email or access the ‘initial payment menu’ from the Purchase a Policy dropdown.
- Following this, customers can upload the relevant documents through the Document Upload menu available in the Purchase a Policy Customer Portal. The selected Head Post Office will then download the submitted documents and initiate further processing.
- Finally, the Policy Bond will be issued to the customer through Registered Post, completing the online procurement process for Postal Life Insurance.
If you find the offline purchase process of the Endowment Assurance (Santosh) policy more convenient, you have several options to obtain it. Simply visit the nearest post office, where you can directly engage with post office staff, including inspectors, clerical staff, and postmen, to acquire the policy. Field officers of Postal Life Insurance are also available to provide seamless guidance throughout the buying process. Additionally, you have the option to purchase the policy from registered and licensed direct agents affiliated with India Post. These agents are authorized to facilitate the purchase of the Endowment Assurance (Santosh) policy, providing you with various offline avenues to choose from based on your preferences.
Frequently Asked Questions
Listed below are the frequently asked questions related to the Endowment Assurance (Santosh) policy.
Yes, after completing 3 years, you may be eligible to avail of a loan against the cash value of your policy.
Yes, in many cases, policyholders have the option to surrender their insurance policy after completing a minimum of 3 years. This means terminating the policy and receiving the surrender value.
Depending on the policy terms, there may be surrender charges deducted from the cash value. These charges are often higher in the early years of the policy.
Yes, the proportionate bonus is typically paid in addition to the surrender value. The surrender value includes the adjusted sum assured and any applicable surrender charges.