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Postal Life Insurance (PLI) Plans Specifically for Government Employees

HomeBusinessPostal Life Insurance (PLI) Plans Specifically for Government Employees


Did you know that there are term insurance plans exclusively for government employees? Well, one of the very popular and best term insurance plans that are backed by the Government of India and for government employees is Postal Life Insurance (PLI). The maximum sum assured on can get as the death benefit is up to INR 50 lakh. Some of the best postal life insurance for government employees are as follows:

Whole Life Insurance 

This is certainly one of the best policies for the employees working in the public sector. The minimum entry age for this policy is 19 years and the maximum is 55 years. As you purchase this plan, you will get a sum assured along with accrued bonuses. You can also convert the plan to an endowment policy once you complete a year of buying it. While you purchase the plan, you have to undergo medical examinations. After you complete four years with this plan, you can apply for loans. However, once you take a loan, you will not get any bonus. The minimum sum assured that you can get out of this plan is INR 20,000.

Endowment Assurance

As you buy this plan, you will get a guaranteed sum assured as well as accrued bonus until you reach the pre-determined maturity age, such as 35,40, 45, 50, 55, 58, and 60 years. If you pass away within the tenure of the policy, the beneficiary will receive the total sum assured along with the accrued bonus. The minimum entry age for this plan is 19 years and the maximum age is 55 years. The minimum sum assured that the plan offers is INR 20,000, while the maximum is INR 50,000. After completing 3 years with this policy, you will be able to take a loan and surrender benefits.

Convertible Whole Life Assurance 

Convertible Whole Life Assurance is also a plan under PLI that offers sum assured as well as accrued bonuses to the policyholders. If you purchase the plan, you can convert it to an endowment policy after the completion of 5 years. After completing three years of this policy, you can surrender it if you want. Once it is converted, the policy will be treated as a whole life assurance by the insurance company. Before buying this plan, one must read the terms and conditions thoroughly.

Anticipated Endowment Assurance 

It is a money-back policy, which is especially for people who are looking for periodic returns. The policy provides coverage for 15 and 20 years and will allow you to earn a high profit. However, you must be aware of the benefits that are covered under this plan once you choose it. This is a 15-year policy but you can get 40% of accrued bonus on maturity along with 20% on each, once you complete 6, 9, and 12 years. Similarly, on taking a 20-year term plan, you will get the same bonus with 20% each after completing 8, 12, and 16 years.

Children Policy

As you buy this policy, your children will get a sum assured of INR 3 lakh. Only one or two children are eligible for this policy and their age should be between 5 and 20 years. While buying the policy, your age should not be more than 45 years and you should make the payments for premiums without fail. You cannot take loans under this policy and also do not need to undergo any medical tests. Under this plan, you also cannot get a surrender policy.

To find more details about the Postal Life Insurance plans, you can visit the website of IIFL. After checking out all the plans you can make an informed decision.


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