Postal Life Insurance PLI Plan: The post office offers several schemes that are still very popular among the public. Among these is the Postal Life Insurance Plan. This is one of the oldest post office schemes. People continue to be attracted to this plan even today. Let’s explore the special features of this plan.
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Postal Life Insurance PLI Plan: If you’re considering insurance, this news is crucial. In a booming insurance market where private companies offer limited benefits at high premiums, the Post Office’s insurance plan (Postal Life Insurance) is proving to be a boon for the general public with its impressive bonuses and reliable features. The bonus rate, in particular, is so attractive that it significantly outperforms other insurance companies.
Postal Life Insurance (PLI) is India’s oldest life insurance service, providing protection coverage to families for over 100 years. By joining PLI as early as age 19, you can avail insurance cover of up to ₹50 lakh. The most significant feature is that it offers policies for every age and need, offering protection along with bonuses and tax benefits.
History of Post Life Insurance
According to media reports, Postal Life Insurance (PLI) is India’s oldest life insurance scheme. It was launched on February 1, 1984. Initially, the scheme was exclusively for postal employees. In 1888, it was extended to the Telegraph Department, and then semi-government employees were also covered. Now, its scope has been expanded.
It is now available to farmers and laborers in rural areas. India Post and the Ministry of Communications operate this scheme. PLI began providing coverage to female employees of the then P&T Department in 1894. At that time, no other company offered life insurance coverage to female employees.
Couple Protection Plan
Postal Life Insurance ‘s (PLI) Yugal Suraksha policy is unique for married couples. This policy protects both husband and wife under a single policy. The payout, including bonuses, is paid to the spouse or upon policy maturity, ensuring a financially secure future for the couple.
Special features of the Yugal Suraksha Plan
1. To avail the benefits of the scheme, the age of the couple should be between 21 to 45 years.
2. The maximum age of the senior policyholder should not exceed 45 years.
3. The minimum tenure of the policy should be 5 years and the maximum tenure should be 20 years.
4. In this scheme, either one of the husband or wife should be eligible for PLI.
5. Minimum cover in Couple Protection Plan should be Rs 20000.
6. Maximum cover has been fixed at Rs 50 lakh.
7. This scheme gives more bonus at lower premium.
8. Loan can be taken on this after 3 years.
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