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.

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.