Gram Suvidha

What is RPLI Gram Suvidha | RPLI Convertible Whole Life Assurance (Gram Suvidha) | 1 Best Investment cum life Insurance policy

Table of Contents

Blog Introduction

Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing on RPLI Gram Suvidha.

Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.

In this blog post I will be explaining my analysis on RPLI Gram Suvidha . This will be a complete guide on RPLI Gram Suvidha. Please read till end of the blog post to know the complete information about this RPLI Gram Suvidha. Lets get started.

Before you read this blogpost, please check RPLI Overview to learn about the basics of RPLI

What is RPLI Gram Suvidha?

It is an investment cum life insurance policy. It is also known as Convertible Whole Life Assurance policy (CWLA).

It is a life insurance policy and it has the features of both “Whole Life Assurance (Gram Suraksha)” and “Endowment Assurance (Gram Santosh)” policies. This scheme is suitable for those who are unable to decide between “Whole Life Assurance (Gram Suraksha)” and “Endowment Assurance (Gram Santosh)” policies.

This scheme provides an option of starting with the Whole Life Assurance (Gram Suraksha) policy and then converting it to Endowment Assurance (Gram Santosh) policy after 5 years. If you don’t convert within 6 years of taking the policy, then your policy will be continued as Whole Life Assurance (Gram Suraksha).

Converting to EA:

  • If you choose to convert the policy to Endowment Assurance (Gram Santosh) after 5 years, then the maturity amount (sum assured amount plus accumulated bonus amount) will be paid to you when you reach the pre-determined maturity date.
  • In case of death during the policy term, the sum assured amount and any bonus amount accumulated till the day of death will be paid to nominees or legal heirs.

Not Converting:

  • If you don’t convert your policy, then it’ll work like a Whole Life Assurance (Gram Suraksha) policy where. The maturity amount (sum assured amount plus accumulated bonus amount) will be paid to you when you reach 80 years of age.
  • In case of death before the age of 80 years, the sum assured amount and any bonus accumulated till the day of death will be paid to nominees or legal heirs.

Policy Term

This insurance policy provides flexible term periods.

Converting to EA: If you decide to convert this policy into Endowment Assurance (Gram Santosh) policy after 5 years, then you can choose a policy term period from 10 years to 41 years depending on your age of entry into the policy.

Not Converting: If you don’t convert this policy, then you’ll run it like Whole Life Assurance (Gram Suraksha) policy. In this case, you can choose a premium paying term period from 15 years to 41 years depending on your age of entry into the policy.

Sum Assured Amount

  • Minimum amount – Rs. 10,000.
  • Maximum amount – Rs. 10 Lakhs.

Bonus Rate of Gram Suvidha

Converting to EA: If you choose to convert this policy to Endowment Assurance (Gram Santosh) after 5 years, then the bonus rate of Endowment Assurance policy will be paid. The current bonus rate is Rs. 48 per Rs. 1,000 Sum Assured per year.

Not Converting: If you don’t convert this policy to Endowment Assurance, then the bonus rate of the Whole Life Assurance (Gram Suraksha) policy will be paid. The current bonus rate is Rs. 60 per Rs. 1,000 Sum Assured per year.

The bonus rate is not fixed and it changes from time to time as announced by the Government.

Maturity Benefit of Gram Suvidha insurance Policy

Converting to Endowment Assurance: If you survive till the end of the policy term, then you’ll receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus.

Not Converting to EA: If you survive till 80 years of your age, then you’ll receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus amount.

Death Benefit

Converting to Endowment Assurance: If die during the policy term, then nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.

Not Converting to EA: If die before 80 years of age, then your nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.

Medical Test in Gram Suvidha insurance policy

  • To purchase this policy, whether you need to undergo a medical test or not is based on the sum assured amount and your age.
  • If the sum assured amount is Rs. 25,000 or less and your age is 35 years or less, then you need not undergo any medical test.
  • If the sum assured amount is more than Rs. 25,000 or you are more than 35 years old, then the medical examination is compulsory to prove that you are healthy.

Loan Facility in Gram Suvidha

Loan facility is available in this policy. You can apply for a loan after completion of 4 years. But, you will not get any bonus if you pledge your policy for a loan before completion of 5 years. The proportionate bonus on the reduced sum assured amount is accumulated if the policy is assigned for a loan after 5 years.

Surrender Policy in Gram Suvidha

  • You can surrender the policy after completion of 3 years. But, you will not get any bonus if you surrender your policy before completion of 5 years.
  • The proportionate bonus on the reduced sum assured amount is paid if the policy is surrendered after 5 years.

FAQ About Gram Suvidha

What is the Entry Age for RPLI Gram Suvidha?

You can purchase this insurance policy between 19 years and 45 years of your age.

I am a NRI Can I invest in this RPLI Gram Suvidha Insurance Policy ?

No. NRI cant invest in this policy. Please read RPLI Overview Blog post to know more about who are eligible to open this account

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Gram Santosh

What is RPLI Gram Santosh | RPLI Endowment Assurance (Gram Santosh) | 1 Best Investment cum life Insurance policy

Table of Contents

Blog Introduction

Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing on RPLI Gram Santosh.

Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.

In this blog post I will be explaining my analysis on RPLI Gram Santosh . This will be a complete guide on RPLI Gram Santosh. Please read till end of the blog post to know the complete information about this RPLI Gram Santosh. Lets get started.

Before you read this blogpost, please check RPLI Overview to learn about the basics of RPLI.

What is Gram Santosh?

It is an investment cum life insurance policy. It is also known as Endowment Assurance policy. It is a life insurance policy where the maturity amount (sum assured amount plus accumulated bonus amount) will be paid to you when you reach the pre-determined maturity date.

In case of death during the policy term, the sum assured amount and any bonus amount accumulated till the day of death will be paid to nominees or legal heirs.

How Does Gram Santosh Policy Work?

  • Decide the Sum Assured amount and purchase the policy at a Post Office.
  • Choose one of the policy terms available for your age.
  • The monthly premium amount will be decided based on your age, sum assured amount and the policy term.
  • You need to pay the premium amount every month until the end of the policy term.
  • The bonus amount will be accumulated every year as per the bonus rate during the policy term.
  • If you survive till the end of the policy term, then you’ll receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus.
  • If die during the policy term, then nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death

Policy Term

This insurance policy provides flexible term periods. You can choose a policy term period from 5 years to 41 years depending on your age of entry into the policy.

Sum Assured Amount

  • Minimum amount – Rs. 10,000.
  • Maximum amount – Rs. 10 Lakhs

Bonus Rate

  • The current bonus rate is Rs. 48 per Rs. 1,000 Sum Assured per year.
  • The bonus rate is not fixed and it changes from time to time as announced by the Government.

Maturity Benefit

  • If you survive till the end of the policy term, then you’ll receive the maturity amount.
  • The maturity amount is the total of the sum assured amount and the accumulated bonus.

Death Benefit

If die during the policy term, then your nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.

Medical Test

  • To purchase this policy, whether you need to undergo a medical test or not is based on the sum assured amount and your age.
  • If the sum assured amount is Rs. 25,000 or less and your age is 35 years or less, then you need not undergo any medical test.
  • If the sum assured amount is more than Rs. 25,000 or you are more than 35 years old, then the medical examination is compulsory to prove that you are healthy.

Loan Facility in RPLI Gram Santosh

  • Loan facility is available in this policy.
  • You can apply for a loan after completion of 3 years. But, you will not get any bonus if you pledge your policy for a loan before completion of 5 years.
  • The proportionate bonus on the reduced sum assured amount is accumulated if the policy is assigned for a loan after 5 years.

Surrender Policy in RPLI Gram Santosh

  • You can surrender the policy after completion of 3 years. But, you will not get any bonus if you surrender your policy before completion of 5 years.
  • The proportionate bonus on the reduced sum assured amount is paid if the policy is surrendered after 5 years.

FAQ About RPLI Gram Santosh

What is the Entry Age for RPLI Gram Santosh?

You can purchase this insurance policy between 19 years and 55 years of your age.

I am a NRI Can I invest in this RPLI Gram Santosh Insurance Policy ?

No. NRI cant invest in this policy. Please read RPLI Overview Blog post to know more about who are eligible to open this account.

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Gram Suraksha

What is RPLI Gram Suraksha | 1 Best Investment cum life Insurance policy

Table of Contents

Blog Introduction

Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing on RPLI Gram Suraksha.

Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.

In this blog post I will be explaining my analysis on RPLI Gram Suraksha . This will be a complete guide on RPLI Gram Suraksha. Please read till end of the blog post to know the complete information about this RPLI Gram Suraksha. Lets get started.

Before you read this blogpost, please check RPLI Overview to learn about the basics of RPLI.

What is Gram Suraksha?

It is an investment cum life insurance policy. It is also known as RPLI Whole Life Assurance policy.

It is a life insurance policy where the maturity amount (sum assured amount plus accumulated bonus amount) will be paid to you when you reach 80 years of age. In case of death before the age of 80 years, the sum assured amount and any bonus accumulated till the day of death will be paid to nominees or legal heirs.

How Does Gram Suraksha Policy Work?

  • Decide the Sum Assured amount and purchase the policy at a Post Office.
  • Choose one of the premium paying terms available for your age.
  • The monthly premium amount will be decided based on your age, sum assured amount and the premium paying term.
  • You need to pay the premium amount every month till the end of the premium paying term.
  • When the premium paying term ends, you need not pay any premium further.
  • The bonus amount will be accumulated every year as per the bonus rate during the premium paying term.
  • You’ll receive the maturity amount when you reach 80 years of your age. The maturity amount is the total of the sum assured amount and the accumulated bonus.
  • If die before 80 years of age, then nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.

Policy Term of Gram Suraksha

This insurance policy provides flexible term periods. You can choose a policy term period from 5 years to 41 years depending on your age of entry into the policy.

Sum Assured Amount

  • Minimum amount – Rs. 10,000.
  • Maximum amount – Rs. 10 Lakhs.

Bonus Rate

  • The current bonus rate is Rs. 60 per Rs. 1,000 Sum Assured per year.
  • The bonus rate is not fixed and it changes from time to time as announced by the Government.

Maturity Benefit

If you survive till 80 years of your age, then you’ll receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus amount.

Death Benefit

If die before 80 years of age, then the nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.

Medical Test

To purchase this policy, whether you need to undergo a medical test or not is based on the sum assured amount and your age. If the sum assured amount is Rs. 25,000 or less and your age is 35 years or less, then you need not undergo any medical test.

If the sum assured amount is more than Rs. 25,000 or you are more than 35 years old, then the medical examination is compulsory to prove that you are healthy.

Policy Conversion

  • You can convert this policy into Endowment Assurance (Gram Santosh) policy after completion of 1 year and up to 59 years of your age.
  • The date of conversion should not fall within one year of the end date of the premium paying term or the maturity date.

Loan Facility in Gram Suraksha Policy

  • Loan facility is available in this policy.
  • You can apply for a loan after completion of 4 years. But, you will not get any bonus if you pledge your policy for a loan before completion of 5 years.
  • The proportionate bonus on the reduced sum assured amount is accumulated if the policy is assigned for a loan after 5 years.

Surrender Policy

  • You can surrender the policy after completion of 3 years. But, you will not get any bonus if you surrender your policy before completion of 5 years.
  • The proportionate bonus on the reduced sum assured amount is paid if the policy is surrendered after 5 years.

FAQ About RPLI Gram Suraksha

What is the Entry Age for RPLI Gram Suraksha?

You can purchase this insurance policy between 19 years and 55 years of your age.

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You can start invest in mutual funds through SIP with the following Mobile apps with Zero commission charged. Please click on the Image to open the account today with free of cost and start your first SIP today.

Open your DEMAT
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Thanks for reading this blogpost. Please go through our other financial blogpost to have a complete end to end information of various investment Ideas. If you like this blogpost please share with your social media profiles and with friends. Thanks once again.

Rural Postal Life Insurance

What is RPLI ? | Rural Postal Life Insurance | 1 of The Best Guaranteed returns Insurance Policy

Table of Contents

Blog Introduction

Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing on Rural Postal Life Insurance.

Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.

In this blog post I will be explaining my analysis on Rural Postal Life Insurance. This will be a complete guide on Rural Postal Life Insurance. Please read till end of the blog post to know the complete information about this Rural Postal Life Insurance. Lets get started.

What Is RPLI?

RPLI stands for Rural Postal Life Insurance. RPLI is an extension of PLI to rural areas. RPLI contains a set of insurance schemes offered by the Post Office to the people living in rural areas.

History Of Rural Postal Life Insurance

RPLI was introduced back in 24-March-1995. Back in 1993, the Government of India observed that only 22% of the insurable population was insured. So, the Government has decided to extend the coverage of Postal Life Insurance (PLI) to rural areas.

The main objective of the RPLI is to

  • Provide life insurance cover to the rural public.
  • Benefit weaker sections and women workers.
  • Spread insurance awareness among the rural population.

Types Of Rural Postal Life Insurance Policies

There are 6 types of Rural Postal Life insurance policies:

  1. Gram Suraksha.
  2. Gram Santosh.
  3. Gram Suvidha.
  4. Gram Sumangal – Money back
  5. (Gram Priya) – Money back.
  6. (Gram Bal Jeevan Bima).

Eligibility

RPLI is only for people living within the boundaries of a rural area. It doesn’t matter whether you work in Government, Private, Agriculture, Business, Self-employed or daily wage worker. If you live in a rural area and you have an income, then you can purchase an RPLI policy at a nearby Post Office.

Features Of Rural Postal Life Insurance

  • Safe investment.
  • Backed by the Government of India.
  • Guaranteed returns.
  • Income tax benefits.
  • Compared to other Insurance providers, RPLI provides the highest returns (Bonus) with the lowest premium.
  • You can convert the policy from one scheme to another scheme as per the rules.
  • You can continue the policy even after leaving or retiring your service.
  • You can activate the lapsed policy.
  • You can get a duplicate policy bond if the original bond is lost.
  • You can take a loan by pledging the policy.
  • You can change nomination at any time.

Income Tax Benefits

The income tax benefits of Rural Postal Life Insurance policy are same as that of the PLI policy. Effective 01-Apr-2020, the income tax benefits will depend upon whether you choose old tax system or new tax system.

Old Tax System:

Premium: The premium amount that you pay (up to Rs. 1.5 Lakhs) during the financial year will qualify for tax deduction under Section 80C of the Income Tax Act. But, the eligible deduction amount will depend upon when you purchased the policy.

If you purchased the policy before 01-Apr-2012, then the eligible deduction amount will be a maximum of 20% of the Sum Assured amount .

If you purchased the policy on or after 01-Apr-2012, then the eligible deduction amount will be a maximum of 10% of the Sum Assured amount

Returns: The maturity amount, periodic returns from the money back policy and the death benefit amount are completely tax free. The surrender value is also tax free.

New Tax System:

Premium: No income tax benefits. The premium amount won’t get any deduction benefits under Section 80C of the Income Tax Act.

Returns: The maturity amount, periodic returns from the money back policy and the death benefit amount are completely tax free. The surrender value is also tax free.

Sum Assured Amount

Sum Assured is the total amount that you are insured for. This is the amount RPLI policy guarantees to pay you upon maturity or your death before maturity. It doesn’t include any bonus.

The sum assured amount provided by RPLI policies is given below.

  • Minimum amount – Rs. 10,000.
  • Maximum amount – Rs. 10 Lakhs.

Please note that the minimum and maximum sum assured amount mentioned above is for the combined limit of all the RPLI policies you have.

Whether you have one policy or more than one policy, the combined sum assured amount should not exceed Rs. 10 Lakhs. Also, the combined sum assured amount should be at least Rs. 10,000. The sum assured amount can be taken in multiples of Rs. 10,000 after the minimum amount of Rs. 10,000.

Premium Payment Methods

  • You can pay the premium of your RPLI policy through one of the following methods.
  • You can pay the premium from your salary. Please check with your Employer for the arrangement.
  • Premium can be paid by cash or cheque at any Post Office. Post Office provides “Premium Receipt Book” for the deposit of the premium.
  • Recently, there is an online premium paying facility in Post Office website.

Premium Payment Frequency

You have the option of paying the premium amount in one of the following modes.

  • Monthly
  • Quarterly
  • Half-yearly
  • Yearly

Loan Facility

The loan facility is available in Rural Postal Life Insurance. You can pledge your Rural Postal Life Insurance policy bond and get a loan. The following table lists the policy types and loan eligibility.

Policy TypeLoan Eligibility
Gram Surakshaafter 4 years
Gram Santosh after 3 years
Gram Suvidha after 4 years
Gram Sumangal no loan facility
Gram Priya no loan facility
Gram Bal Jeevan Bima no loan facility
Loan Facility

The loan amount is calculated based on the pre-fixed value of the surrender value at the time of application. The current interest rate is 10%. The interest amount is calculated on a six-monthly basis and it needs to be paid every 6 months. Alternatively, you can pledge your policy bond at any Bank or Financial Institution to get a loan.

Lapsed Policy in Rural Postal Life Insurance

Your insurance policy will become inactive or lapsed

  • if you don’t pay the premium for 6 months for a policy that is less than 3 years old.
  • you don’t pay the premium for 12 months for a policy that is more than 3 years old.
  • You have the option of activating the lapsed policy. To activate, You need to pay the unpaid premium with a penalty. The penalty amount is Rs. 1 per hundred sum assured.

You have the option of activating the lapsed policy. To activate, You need to pay the unpaid premium with a penalty. The penalty amount is Rs. 1 per hundred sum assured. For example, you have a policy of Rs. 1 Lakh sum assured. If you forget to pay the premiums, then you can pay the pending premium amount along with a fine of Rs. 1,000. (That is, Rs. 1 Lakh divided by Rs. 100).

You can activate the lapsed policy any time during the term, but at least one year before the maturity date. You can activate a lapsed policy only 2 times during the entire term of the policy.

Surrendering Policy in Rural Postal Life Insurance

Surrendering an RPLI policy is a process in which you can choose to leave the scheme well before the maturity date. In this process, you will get immediate benefits applicable on the day of leaving. This is called “surrender value” and it depends on the type and the term of the policy.

The following table lists the policy types and when they can be surrendered.

Policy Type  When can you surrender?
Gram Suraksha After 3 years
Gram Santosh After 3 years
Gram SuvidhaAfter 3 years
Gram Sumangal No surrender option
Gram Priya No surrender option
Gram Bal Jeevan Bima No surrender option
Surrendering Policy

Bonus will be taken into account for surrender value calculation only if the policy has completed at least 5 years. Surrendering a policy will always result in a loss of money.

Duplicate Policy Bond

Duplicate policy bond option is available in Rural Postal Life Insurance. You can apply for and get a duplicate policy bond if the original policy bond is lost, burnt, stolen, torn or mutilated.

Death Of Policy Holder

Unfortunately, if the policy holder die during the term of the policy, then the entire sum assured amount and any bonus accumulated till the day of death will be paid to the nominees or legal heirs.

Nomination

Nomination facility is available in Rural Postal Life Insurance policy. Also, you can change the nomination any time during the policy term.

FAQ About Rural Postal Life Insurance

Is there any loan facility available for Rural Postal Life Insurance?

its depends on which policy you are taking. Gram Suraksha , Gram Subidha and Gram Santosh are the three policies which offers loan facility after 3 to 4 years of the policy.

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Open your DEMAT
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Bal Jeevan Bima

What is Children Policy (Bal Jeevan Bima)? | Bal Jeevan Bima | 1 Best  life insurance cover for the children 

Table of Contents

Blog Introduction

Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing Children Policy (Bal Jeevan Bima).

Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.

In this blog post I will be explaining my analysis on Children Policy (Bal Jeevan Bima) . This will be a complete guide on Children Policy (Bal Jeevan Bima). Please read till end of the blog post to know the complete information about this Children Policy (Bal Jeevan Bima). Lets get started.

Before you read this Blog Post Please read the what is PLI to understand the basics of Postal Life Insurance.

What is Children Policy (Bal Jeevan Bima)?

Children Policy is a postal life insurance policy, It is also known as Bal Jeevan Bima. It is an investment cum life insurance policy. This policy provides life insurance cover to the children of the PLI Policy holders. PLI introduced insurance policy for children from 20-Jan-2006 onwards. Earlier, there were no policies for children.

How Does Children Policy (Bal Jeevan Bima) Work?

  • If you have a Whole Life Assurance or Endowment Assurance policy, then you can purchase a Children Policy for your child.
  • Decide the Sum Assured amount and purchase the Children Policy at a Post Office.
  • Choose one of the policy terms available for your child’s age.
  • The monthly premium amount will be decided based on your child’s age, sum assured amount and the policy term.
  • You need to pay the premium amount every month until the end of the policy term.
  • The bonus amount will be accumulated every year as per the bonus rate during the policy term.
  • If both you and your child survive until the end of the policy term, then the maturity amount will be paid to you. The maturity amount is the total of the sum assured amount and the accumulated bonus.
  • If you die during the policy term, then your child need not pay any premium further. The maturity amount will be paid to your child when the policy term gets completed.
  • If child dies during the policy term, then you’ll receive the entire sum assured amount and any bonus accumulated till the day of death of child.

Eligibility of Children Policy (Bal Jeevan Bima)

  • One of the parents (father or mother) should have a Whole Life Assurance or Endowment Assurance policy. They will be considered as the main policy holder.
  • They should be within 45 years of age.
  • They can buy an insurance policy for their children. A maximum of two children in a family is allowed for this policy.
  • Children between the age of 5 years and 20 years are eligible for this policy.
  • The main policy holder is responsible for paying the premium of the children’ policy.

Policy Term of Children Policy (Bal Jeevan Bima)

This insurance policy provides flexible term periods. You can choose a policy term period from 5 years to 20 years depending on your child’s age of entry into the policy.

Sum Assured Amount of Children Policy (Bal Jeevan Bima)

Minimum amount – Rs. 20,000 , Maximum amount – Rs. 3 Lakhs or equal to the sum assured amount of the parents’ policy whichever is less.

Bonus Rate of Children Policy (Bal Jeevan Bima)

The bonus rate for this policy will be the same as that of the Endowment Policy (Santosh). The current bonus rate is Rs. 52 per Rs. 1,000 Sum Assured per year. The bonus rate is not fixed and it changes from time to time as announced by the Government.

Maturity Benefit

If the parent (main policy holder) and the child survive till the pre-determined maturity date, then the maturity amount will be paid to the parent (main policy holder). The maturity amount includes the sum assured amount and the accumulated bonus amount.

Death Benefit

Death of the Parent: If the parent (main policy holder) dies, then the child need not pay the premium amount further. The entire sum assured amount and the accumulated bonus amount will be paid to the child when the policy term gets completed.

Death of the Child: If the child dies during the policy term, then the parent (main policy holder) will get the entire sum assured amount and any bonus accumulated till the day of death of the child.

Medical Test

No medical examination is required for the children. But, the children should be healthy on the day of buying the policy. The insurance cover starts from the date of acceptance of the application from the main policy holder.

Loan Facility

No loan facility is available on children’s policy. But, the amount accumulated in the policy can be paid up to the main policy if the premiums have been paid continuously for 5 years.

Surrender Policy

There is no surrender facility in this policy.

FAQ About Children Policy (Bal Jeevan Bima)

I am a NRI Can I invest in this Children Policy (Bal Jeevan Bima) Insurance Policy ?

No. NRI cant invest in this policy. Please read PLI Introduction Blog post to know more about who are eligible to open this account.

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Joint Life Assurance policy

What is Joint Life Assurance policy (Yugal Suraksha) | JLA | 1 Best investment cum life insurance policy for couples

Table of Contents

Blog Introduction

Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing Joint Life Assurance policy (Yugal Suraksha).

Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.

In this blog post I will be explaining my analysis on Joint Life Assurance policy (Yugal Suraksha) . This will be a complete guide on Joint Life Assurance policy (Yugal Suraksha). Please read till end of the blog post to know the complete information about this Joint Life Assurance policy (Yugal Suraksha). Lets get started.

Before you read this Blog Post Please read the what is PLI to understand the basics of Postal Life Insurance.

What is Joint Life Assurance policy (Yugal Suraksha)?

Joint Life Assurance policy is a Postal Life Insurance Policy, It is also known as Yugal Suraksha. It is an investment cum life insurance policy for couples. If a husband and wife are looking for one policy to provide life insurance cover for both, this is the policy to go for.

It is a joint life endowment assurance policy. This policy provides life insurance cover for both husband and wife under one single policy with a single premium. Either husband or wife should be eligible for this policy. The other person need not meet any eligibility criteria. Also, the other person need not be a Government, Semi-Government or private employee.

Only the eligible person needs to pay the premium and it covers both husband and wife. Both husband and wife will be provided life insurance cover to the extent of the sum assured amount and the accumulated bonus.

How Does JLA Policy Work?

  • Between husband and wife, the eligible person to purchase the PLI policy will be the main policy holder. The other person need not meet any eligibility criteria.
  • Decide the Sum Assured amount and purchase the policy at a Post Office.
  • Choose one of the policy terms available for the age of the main policy holder.
  • The monthly premium amount will be decided based on the age, sum assured amount and the policy term.
  • The main policy holder needs to pay the premium amount every month until the end of the policy term.
  • This policy provides life insurance cover to both husband and wife with a single premium.
  • The bonus amount will be accumulated every year as per the bonus rate during the policy term.
  • If both husband and wife survive until the end of the policy term, then the maturity amount will be paid to the main policy holder. The maturity amount is the total of the sum assured amount and the accumulated bonus.
  • If either husband or wife dies during the policy term, then the entire sum assured amount and any bonus accumulated till the day of death will be paid to the survivor.

Age Of Entry in Joint Life Assurance policy

You can purchase this insurance policy between 21 years and 45 years of your age.

Policy Term

This insurance policy provides flexible term periods. You can choose a policy term period from 5 years to 20 years depending on your age of entry into the policy.

Sum Assured Amount

Minimum amount – Rs. 20,000, Maximum amount – Rs. 50 Lakhs

Bonus Rate of Joint Life Assurance policy

The current bonus rate is Rs. 52 per Rs. 1,000 Sum Assured per year. The bonus rate is not fixed and it changes from time to time as announced by the Government.

Maturity Benefit of Joint Life Assurance policy

If both husband and wife survive till the pre-determined maturity date, then the maturity amount will be paid to the main insurance holder. The maturity amount includes the sum assured amount and the accumulated bonus amount.

Death Benefit

If either husband or wife dies during the policy term, then the sum assured amount and any bonus accumulated till the day of death will be paid to the survivor. For example, if the husband dies, then the death benefits will be paid to the wife. If the wife dies, then the death benefits will be paid to the husband.

Divorce

If the couples decide to opt for divorce, then the main policy holder can convert this policy into an Endowment Assurance (Santosh) policy and then continue as per the Endowment Assurance policy rules.

Medical Test

You have to undergo a medical examination to prove that you are healthy. Only then, you will become eligible for this policy.

Loan Facility

  • Loan facility is available in this policy.
  • You can apply for a loan after completion of 3 years. But, you will not get any bonus if you pledge your policy for a loan before completion of 5 years.
  • The proportionate bonus on the reduced sum assured amount is accumulated if the policy is assigned for a loan after 5 years.

Surrender Policy

You can surrender the policy after completion of 3 years. But, you will not get any bonus if you surrender your policy before completion of 5 years. The proportionate bonus on the reduced sum assured amount is paid if the policy is surrendered after 5 years.

FAQ about Joint Life Assurance policy (Yugal Suraksha)

Where Can I open this Joint Life Assurance policy (Yugal Suraksha) Insurance Policy

You can open your account and start investing in this Joint Life Assurance policy (Yugal Suraksha) insurance policy only in the Post office. So please visit your Nearest Post Office to open the account and know more about this policy.

I am a NRI Can I invest in this Joint Life Assurance policy (Yugal Suraksha) Insurance Policy ?

No. NRI cant invest in this policy. Please read PLI Introduction Blog post to know more about who are eligible to open this account.

My Age is 45 can I open the account in this joint Life Assurance policy (Yugal Suraksha) Insurance Policy?

You can purchase this insurance policy between 21 years and 45 years of your age.

Open Your Demat and Trading account with Zero Cost

You can start invest in mutual funds through SIP with the following Mobile apps with Zero commission charged. Please click on the Image to open the account today with free of cost and start your first SIP today.

You can start invest in mutual funds through SIP with the following Mobile apps with Zero commission charged. Please click on the Image to open the account today with free of cost and start your first SIP today.

Open your DEMAT
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Thanks for reading this blogpost. Please go through our other financial blogpost to have a complete end to end information of various investment Ideas. If you like this blogpost please share with your social media profiles and with friends. Thanks once again.

Convertible Whole Life Assurance

What is Convertible Whole Life Assurance (Suvidha) ? | CWLA | 1 Best Investment cum life Insurance policy

Table of Contents

Blog Introduction

Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing Convertible Whole Life Assurance (Suvidha).

Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.

In this blog post I will be explaining my analysis on Convertible Whole Life Assurance (Suvidha) . This will be a complete guide on Convertible Whole Life Assurance (Suvidha). Please read till end of the blog post to know the complete information about this Convertible Whole Life Assurance (Suvidha). Lets get started.

Before you read this Blog Post Please read the what is PLI to understand the basics of Postal Life Insurance.

What is Convertible Whole Life Assurance (Suvidha)?

Convertible Whole Life Assurance is postal life insurance policy. It is also known as Suvidha. It is an investment cum life insurance policy. It is a life insurance policy and it has the features of both “Whole Life Assurance (Suraksha)” and “Endowment Assurance (Santosh)” policies. This scheme is suitable for those who are unable to decide between “Whole Life Assurance (Suraksha)” and “Endowment Assurance (Santosh)” policies.

This scheme provides an option of starting with the Whole Life Assurance (Suraksha) policy and then converting it to Endowment Assurance (Santosh) policy after 5 years.

If you don’t convert within 6 years of taking the policy, then your policy will be continued as Whole Life Assurance (Suraksha). If you choose to convert, then your age should not exceed 55 years on the day of conversion.

Converting to EA: If you don’t convert your policy, then it’ll work like a Whole Life Assurance (Suraksha) policy where.

  • The maturity amount (sum assured amount plus accumulated bonus amount) will be paid to you when you reach the pre-determined maturity date
  • In case of death during the policy term, the sum assured amount and any bonus amount accumulated till the day of death will be paid to nominees or legal heirs.

Not Converting: If you don’t convert your policy, then it’ll work like a Whole Life Assurance (Suraksha) policy where.

  • The maturity amount (sum assured amount plus accumulated bonus amount) will be paid to you when you reach 80 years of age.
  • In case of death before the age of 80 years, the sum assured amount and any bonus accumulated till the day of death will be paid to nominees or legal heirs

Age Of Entry in Convertible Whole Life Assurance (Suvidha)

You can purchase this insurance policy between 19 years and 50 years of your age.

Policy Term of Convertible Whole Life Assurance (Suvidha)

This insurance policy provides flexible term periods. 

Converting to EA: If you decide to convert this policy into Endowment Assurance policy after 5 years, then you can choose a policy term period from 6 years to 39 years depending on your age of entry into the policy.

Not Converting: If you don’t convert this policy, then you’ll run it like Whole Life Assurance policy. In this case, you can choose a premium paying term period from 10 years to 41 years depending on your age of entry into the policy.

Sum Assured Amount

Minimum amount – Rs. 20,000 , Maximum amount – Rs. 50 Lakhs

Bonus Rate

Converting to EA:

If you choose to convert this policy to Endowment Assurance after 5 years, then the bonus rate of Endowment Assurance policy will be paid.

The current bonus rate is Rs. 52 per Rs. 1,000 Sum Assured per year.

Not Converting:

If you don’t convert this policy to Endowment Assurance, then the bonus rate of Whole Life Assurance policy will be paid.

The current bonus rate is Rs. 76 per Rs. 1,000 Sum Assured per year. The bonus rate is not fixed and it changes from time to time as announced by the Government.

Maturity Benefit of Convertible Whole Life Assurance (Suvidha)

Converting to EA:

If the account holder survive till the end of the policy term, then the account holder will receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus.

Not Converting:

If the account holder survive till 80 years of your age, then the account holder will receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus amount.

Death Benefit of Convertible Whole Life Assurance (Suvidha)

Converting to EA: If die during the policy term, then nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.

Not Converting: If die before 80 years of age, then nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.

Medical Test

To purchase this policy, whether you need to undergo a medical test or not is based on the sum assured amount. If the sum assured amount is Rs. 1 Lakh or lesser, then you need not undergo any medical test.

If the sum assured amount is more than Rs. 1 Lakh, then the medical examination is compulsory to prove that you are healthy.

Loan Facility

Loan facility is available in this policy. You can apply for a loan after completion of 4 years. But, you will not get any bonus if you pledge your policy for a loan before completion of 5 years. The proportionate bonus on the reduced sum assured amount is accumulated if the policy is assigned for a loan after 5 years.

Surrender Policy

You can surrender the policy after completion of 3 years. But, you will not get any bonus if you surrender your policy before completion of 5 years.

The proportionate bonus on the reduced sum assured amount is paid if the policy is surrendered after 5 years.

FAQ About Convertible Whole Life Assurance (Suvidha)

Where Can I open this Convertible Whole Life Assurance (Suvidha) Insurance Policy

You can open your account and start investing in this ConvertibleWhole Life Assurance (Suvidha) insurance policy only in the Post office. So please visit your Nearest Post Office to open the account and know more about this policy.

I am a NRI Can I invest in this Convertible Whole Life Assurance (Suvidha) Insurance Policy ?

No. NRI cant invest in this policy. Please read PLI Introduction Blog post to know more about who are eligible to open this account.

My Age is 45 can I open the account in this Convertible Whole Life Assurance (Suvidha) Insurance Policy?

Yes you can. You can purchase this insurance policy between 19 years and 55 years of your age.

Open Your Demat and Trading account with Zero Cost

You can start invest in mutual funds through SIP with the following Mobile apps with Zero commission charged. Please click on the Image to open the account today with free of cost and start your first SIP today.

Open your DEMAT
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Thanks for reading this blogpost. Please go through our other financial blogpost to have a complete end to end information of various investment Ideas. If you like this blogpost please share with your social media profiles and with friends. Thanks once again.

Anticipated Endowment Assurance

What is Anticipated Endowment Assurance (Sumangal) | AEA | 1 Best Money Back Insurance Policy

Table of Contents

Blog Introduction

Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing on Anticipated Endowment Assurance (Sumangal).

Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.

In this blog post I will be explaining my analysis on Anticipated Endowment Assurance (Sumangal). This will be a complete guide on Anticipated Endowment Assurance (Sumangal). Please read till end of the blog post to know the complete information about this Anticipated Endowment Assurance (Sumangal). Lets get started.

Before you read this Blog Post Please read the what is PLI to understand the basics of Postal Life Insurance.

What Is Anticipated Endowment Assurance (Sumangal)?

Anticipated Endowment Assurance is a postal life insurance policy. It is also known as Sumangal. It is an investment cum life insurance policy.

It is also money back insurance policy where you will get the benefits at periodic intervals. This policy is suitable for those who need benefits and returns at periodic intervals. In case of death during the policy term, the entire sum assured amount and any bonus accumulated till the day of death will be paid to nominees or legal heirs.

How Does Anticipated Endowment Assurance Policy Work?

  • Decide the Sum Assured amount and purchase the policy at a Post Office.
  • Choose the policy term. Only two terms are available. They are 15 years and 20 years.
  • The monthly premium amount will be decided based on your age, sum assured amount and the policy term.
  • You need to pay the premium amount every month until the end of the policy term.
  • The bonus amount will be accumulated every year as per the bonus rate during the policy term.
  • If you choose 15 years term, then you will receive periodic benefits at the end of 6th year, 9th year, 12th year and 15th year.
  • If you choose 20 years term, then you will receive periodic benefits at the end of 8th year, 12th year, 16th year and 20th year.
  • If die during the policy term, then nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.

Age Of Entry

The minimum and maximum age to purchase this policy is given below. The entry age depends upon the term you choose.

15 Years Policy: Minimum Age: 19 years . Maximum Age: 45 years.

20 Years Policy: Minimum Age: 19 years , Maximum Age: 40 years.

Policy Term

This policy offers only two terms. They are 15 years and 20 years.

Sum Assured Amount

Minimum amount – Rs. 20,000. Maximum amount – Rs. 50 Lakhs

Bonus Rate

The current bonus rate is Rs. 48 per Rs. 1,000 Sum Assured per year. The bonus rate is not fixed and it changes from time to time as announced by the Government.

Money Back Benefit Details

The money back benefit details will depend upon the term you choose.

15 Years Term: This policy will run for 15 years. In this policy, you will get your money back as per the following schedule.

  • 20% of the Sum Assured amount at the end of 6th year.
  • 20% of the Sum Assured amount at the end of 9th year.
  • 20% of the Sum Assured amount at the end of 12th year.
  • 40% of the Sum Assured amount and the accumulated bonus at the end of 15th year.

20 Years Term: This policy will run for 20 years. In this policy, you will get your money back as per the following schedule.

  • 20% of the Sum Assured amount at the end of 8th year.
  • 20% of the Sum Assured amount at the end of 12th year.
  • 20% of the Sum Assured amount at the end of 16th year.
  • 40% of the Sum Assured amount and the accumulated bonus at the end of 20th year.

Death Benefits

In case of death during the policy term, nominees or legal heirs will receive the entire sum assured amount and any bonus amount accumulated till the day of death.

Any returns received, as a part of the periodic money back schedule, will not be taken into consideration to calculate the final payment in case of unexpected death.

Medical Test

You have to undergo the medical examination to prove that you are healthy. Only then, you will become eligible for this policy.

Loan Facility

Loan facility is available in this policy. You can apply for a loan after completion of 3 years. But, you will not get any bonus if you pledge your policy for a loan before completion of 5 years.

The proportionate bonus on the reduced sum assured amount is accumulated if the policy is assigned for a loan after 5 years.

Surrender Policy

You can surrender the policy after completion of 3 years. But, you will not get any bonus if you surrender your policy before completion of 5 years.

The proportionate bonus on the reduced sum assured amount is paid if the policy is surrendered after 5 years.

FAQ About Anticipated Endowment Assurance

Where Can I open this Anticipated Endowment Assurance (Sumangal) Insurance Policy

You can open your account and start investing in this EAnticipated Endowment Assurance (Sumangal) insurance policy only in the Post office. So please visit your Nearest Post Office to open the account and know more about this policy.

I am a NRI Can I invest in this Anticipated Endowment Assurance (Sumangal) Insurance Policy ?

No. NRI cant invest in this policy. Please read PLI Introduction Blog post to know more about who are eligible to open this account.

My Age is 45 can I open the account in this Anticipated Endowment Assurance (Sumangal) Insurance Policy?

Yes you can. You can purchase this insurance 15 Years Policy: Minimum Age: 19 years . Maximum Age: 45 years. 20 Years Policy: Minimum Age: 19 years , Maximum Age: 40 years.

Open Your Demat and Trading account with Zero Cost

You can start invest in mutual funds through SIP with the following Mobile apps with Zero commission charged. Please click on the Image to open the account today with free of cost and start your first SIP today.

Open your DEMAT
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Thanks for reading this blogpost. Please go through our other financial blogpost to have a complete end to end information of various investment Ideas. If you like this blogpost please share with your social media profiles and with friends. Thanks once again.

Endowment Assurance

What is Endowment Assurance (Santosh)? | Postal Life Insurance Policy| 1 Best Investment cum life Insurance policy

Table of Contents

Blog Introduction

Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing on Endowment Assurance (Santosh).

Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.

In this blog post I will be explaining my analysis on Endowment Assurance (Santosh). This will be a complete guide on Endowment Assurance (Santosh). Please read till end of the blog post to know the complete information about this Endowment Assurance (Santosh). Lets get started.

Before you read this Blog Post Please read the what is PLI to understand the basics of Postal Life Insurance.

What is Endowment Assurance ?

Endowment Assurance is a Postal Life Insurance policy. It is also known as Santosh. It is an investment cum life insurance policy.

It is a life insurance policy where the maturity amount (sum assured amount plus accumulated bonus amount) will be paid to you when you reach the pre-determined maturity date.

In case of death during the policy term, the sum assured amount and any bonus amount accumulated till the day of death will be paid to nominees or legal heirs.

How Does Endowment Assurance Policy Work?

  • Decide the Sum Assured amount and purchase the policy at a Post Office.
  • Choose one of the policy terms available for your age.
  • The monthly premium amount will be decided based on your age, sum assured amount and the policy term.
  • You need to pay the premium amount every month until the end of the policy term.
  • The bonus amount will be accumulated every year as per the bonus rate during the policy term.
  • If the account holder survive till the end of the policy term, then he/she will receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus.
  • If you die during the policy term, then your nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of your death.

Age Of Entry

You can purchase this insurance policy between 19 years and 55 years of your age.

Policy Term

This insurance policy provides flexible term periods. You can choose a policy term period from 5 years to 41 years depending on your age of entry into the policy.

Sum Assured Amount

Minimum amount – Rs. 20,000 . Maximum amount – Rs. 50 Lakhs.

Bonus Rate

The current bonus rate is Rs. 52 per Rs. 1,000 Sum Assured per year. The bonus rate is not fixed and it changes from time to time as announced by the Government.

Maturity Benefit

If the account holder survive till the end of the policy term, then he/she will receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus.

Death Benefit

If the account holder die during the policy term, then his/her nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.

Medical Test

To purchase this policy, whether you need to undergo a medical test or not is based on the sum assured amount. If the sum assured amount is Rs. 1 Lakh or lesser, then you need not undergo any medical test.

If the sum assured amount is more than Rs. 1 Lakh, then the medical examination is compulsory to prove that you are healthy.

Loan Facility

Loan facility is available in this policy. You can apply for a loan after completion of 3 years. But, you will not get any bonus if you pledge your policy for a loan before completion of 5 years. The proportionate bonus on the reduced sum assured amount is accumulated if the policy is assigned for a loan after 5 years.

Surrender Policy

You can surrender the policy after completion of 3 years. But, you will not get any bonus if you surrender your policy before completion of 5 years. The proportionate bonus on the reduced sum assured amount is paid if the policy is surrendered after 5 years.

FAQ About Endowment Assurance (Santosh)

Where Can I open this Endowment Assurance (Santosh) Insurance Policy

You can open your account and start investing in this Endowment Assurance (Santosh) insurance policy only in the Post office. So please visit your Nearest Post Office to open the account and know more about this policy.

I am a NRI Can I invest in this Endowment Assurance (Santosh) Insurance Policy ?

No. NRI cant invest in this policy. Please read PLI Introduction Blog post to know more about who are eligible to open this account.

My Age is 45 can I open the account in this endowment Assurance (Santosh) Insurance Policy?

Yes you can. You can purchase this insurance policy between 19 years and 55 years of your age.

Open Your Demat and Trading account with Zero Cost

You can start invest in mutual funds through SIP with the following Mobile apps with Zero commission charged. Please click on the Image to open the account today with free of cost and start your first SIP today.

Open your DEMAT
Open your DEMAT

Thanks for reading this blogpost. Please go through our other financial blogpost to have a complete end to end information of various investment Ideas. If you like this blogpost please share with your social media profiles and with friends. Thanks once again.

Whole Life Insurance

What is Whole Life Insurance (Suraksha)? | Postal Life Insurance | 1 Best investment cum life insurance policy

Table of Contents

Blog Introduction

Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing on Whole Life Insurance (Suraksha).

Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.

In this blog post I will be explaining my analysis on Whole Life Insurance (Suraksha). This will be a complete guide on Whole Life Insurance (Suraksha). Please read till end of the blog post to know the complete information about this Whole Life Insurance (Suraksha). Lets get started.

Before you read this Blog Post Please read the what is PLI to understand the basics of Postal Life Insurance.

What Is Whole Life Insurance ?

Whole Life Assurance policy is also known as Suraksha . It is an investment cum life insurance policy. It is a life insurance policy where the maturity amount (sum assured amount plus accumulated bonus amount) will be paid to you when you reach 80 years of age. In case of death before the age of 80 years, the sum assured amount and any bonus accumulated till the day of your death will be paid to nominees or legal heirs.

How Does Whole Life Insurance Work?

  • Decide the Sum Assured amount and purchase the policy at a Post Office.
  • Choose one of the premium paying terms available for your age.
  • The monthly premium amount will be decided based on your age, sum assured amount and the premium paying term.
  • You need to pay the premium amount every month till the end of the premium paying term
  • The bonus amount will be accumulated every year as per the bonus rate during the premium paying term
  • When the premium paying term ends, you need not pay any premium further.
  • You’ll receive the maturity amount when you reach 80 years of your age. The maturity amount is the total of the sum assured amount and the accumulated bonus.
  • In case of death before 80 years of age, then the nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.

Age Of Entry

You can purchase this insurance policy between 19 years and 55 years of your age.

Policy Term

This insurance policy provides flexible term periods. You can choose a policy term period from 5 years to 50 years depending on your age of entry into the policy.

Sum Assured Amount

Minimum amount – Rs. 20,000. Maximum amount – Rs. 50 Lakhs.

Bonus Rate

The current bonus rate is Rs. 76 per Rs. 1,000 Sum Assured per year. The bonus rate is not fixed and it changes from time to time as announced by the Government.

Maturity Benefit

The Maturity amount will be at 80 years of your age, then the account holders receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus amount.

Death Benefit

In case of death before 80 years of age, then the nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of the death.

Medical Test

  • To purchase this policy, whether you need to undergo a medical test or not is based on the sum assured amount.
  • If the sum assured amount is Rs. 1 Lakh or lesser, then you need not undergo any medical test.
  • If the sum assured amount is more than Rs. 1 Lakh, then the medical examination is compulsory to prove that you are healthy.

Policy Conversion

You can convert this policy into Endowment Assurance (Santosh) policy after completion of 1 year and before 57 years of your age.

Loan Facility

Loan facility is available in this policy. You can apply for a loan after completion of 4 years. But, you will not get any bonus if you pledge your policy for a loan before completion of 5 years. The proportionate bonus on the reduced sum assured amount is accumulated if the policy is assigned for a loan after 5 years.

Surrender Policy

You can surrender the policy after completion of 3 years. But, you will not get any bonus if you surrender your policy before completion of 5 years. The proportionate bonus on the reduced sum assured amount is paid if the policy is surrendered after 5 years.

FAQ About Whole Life Insurance (Suraksha)

Where Can I open this Whole Life Insurance Policy

You can open your account and start investing in this whole life insurance policy only in the Post office. So please visit your Nearest Post Office to open the account and know more about this policy.

I am a NRI Can I invest in this Whole life insurance Policy

No. NRI cant invest in this policy. Please read PLI Introduction Blog post to know more about who are eligible to open this account.

My Age is 45 can I open the account in this whole life insurance Policy

Yes you can. You can purchase this insurance policy between 19 years and 55 years of your age.

Open Your Demat and Trading account with Zero Cost

You can start invest in mutual funds through SIP with the following Mobile apps with Zero commission charged. Please click on the Image to open the account today with free of cost and start your first SIP today.

Open your DEMAT
Open your DEMAT

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