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Whole Life Assurance (Suraksha) Plan

Postal Life Whole Life Assurance (Suraksha) Plan

Postal Life Insurance (PLI) is the oldest insurance of India which was introduced on February 1, 1884. Previously it was only limited to the postal employees and later on, it has been extended to the majority population of the country. Under PLI there have been multiple insurance policies for the welfare of the citizens of the country. Among them, one is Whole Life Assurance Suraksha which is a low-risk scheme that offers good returns. The people will benefit from this policy once the policyholder reaches the age of 80. In case of the death of the insured person, the beneficiary will receive the benefit amount which is the assured amount along with the accrued bonus.

Eligibility Criteria

Minimum entry age19 years
Maximum entry age55 years
Loan facilityCan be done after 4 years
Minimum sum assuredRs. 20,000
Maximum sum assuredRs. 50 lakhs
Surrender of the schemeAvailable after 3 years

Major benefits of PLI Whole Life Assurance Suraksha

Here are the important mentions-

  • The policy can be converted into an Endowment Assurance Policy up to the age of 59 years of the insured person of an active policy, subject to the terms and conditions.
  • One has the facility to surrender this policy. For that, the one has to wait for 3 years. Only then one can surrender this policy. There are several terms and conditions for this surrender.
  • One is eligible to avail of the maturity amount once the policy reaches the age of maturity. The maturity amount is calculated in this way – the sum assured + applied accrued bonus that is payable to the nominee.
  • Once the policy completes 4 years, one can also apply for the loan facility, if needed.
  • As per the last declaration, the bonus is Rs. 76 per Rs. 1000.

Buying Process of PLI Suraksha Scheme

For buying this policy offline by visiting one of the branches of the Indian Post Office. Approach the customer’s desk. Their customer executives will help you to buy this scheme seamlessly.

Illustration of PLI Suraksha scheme

To make the plan more illustrative, here is an example.

Mr. Dey, a 26-year-old Kolkata-based serviceman wants to invest in this Whole Life Assurance (Suraksha) plan. Before that, he wants to calculate the premium amount of this policy. Let us find out how much premium he has to pay for buying this policy for the given data.

AgeSum assuredAge on maturityPremium ceasing agePolicy tenurePremium without GSTMaturity valueMaturity break-up
26 yearsRs. 5 lakhs80 years58 years31 years

Monthly – Rs. 875

Quarterly – Rs. 2625

Half-yearly – Rs. 5250

Yearly – Rs. 10,500

Rs. 16,79,000

Sum assured – Rs. 5 lakhs

Bonus – Rs. 11,78,000

Terminal bonus – Rs. 1000

Frequently Asked Questions

The premium payment mode for this plan is yearly, half-yearly, quarterly, and monthly. One can choose any one of these at his/her convenience.

To calculate the premium amount of this policy, you can use the Suraksha Portal Life Insurance Calculator. Put the credentials properly, and you can have the premium amount that you have to pay for this policy. Thus, you can gain a clear idea about this policy.

There are three premium-paying ages available under this policy – 55 years, 58 years, and 60 years. One can choose any one of these.