Postal life insurance 5.1.1. Postal Life Insurance Eligibility Permanent resident in India who are...

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Transcript of Postal life insurance 5.1.1. Postal Life Insurance Eligibility Permanent resident in India who are...

  • Slide 1
  • Postal life insurance 5.1.1
  • Slide 2
  • Postal Life Insurance Eligibility Permanent resident in India who are employees of Temporary & permanent employees of Central and state Govts. Defence services GDS employees Govt. aided educational Institutions Universities established by Govt. Local bodies like municipalities RBI & Nationalised banks Financial institutions Port trusts, central and state govt. undertakings 5.1.2
  • Slide 3
  • Types of policies 1.Whole life assurance (SURAKSHA) Bonus Rs.85/per thousand 2.Convertible whole life assurance(SUVIDHA) Bonus: proportionate Payable only after the death of the policy holder Policy will be in force till the death of the insurant Premium payable upto 55/58/60 years Converted into endowment assurance after 5 years 5.1.3
  • Slide 4
  • Types of policies 3.Endowment assurance (SANTHOSH) Bonus: Rs.60/ per thousand Maturing at the age of 35/40/45/50/55/ 58/60 years Payable to the insurant after maturity of the policy In case of death, nominee will be paid full amount of the sum assured with accrued bonus 5.1.4
  • Slide 5
  • Types of policies 4.Anticipated endowment assurance (SUMANGAL) It is a money back policy There are two types; 15 years policy 20 years policy Bonus Rs.55/ per thousand Maximum age at entry 40/45 yrs Benefits paid 15yrs 20yrs After 6yrs 8 yrs 20% After 9yrs 12yrs 20% After 12yrs 16yrs 20% After 15yrs 20yrs 40%+bonus 5.1.5
  • Slide 6
  • Types of policies 5.Yugal Suraksha The sum assured payable at the end of the endowment term or on the death of either of the two lives assured Bonus Rs. 60/per thousand Only one can have this policy Spouse should be literate 5.1.6
  • Slide 7
  • Types of policies continued 6.Childrens policy : This is an add on policy Non-medical policy Minimum limit is Rs,20,000/ and Maximum is Rs.3,00,000/ Parent should also have a policy equivalent to amount of sum assured of the child Bonus Rs.60/ per thousand 5.1.7
  • Slide 8
  • Childrens policy Childs age should be between 5 and 20 years Parent should not be above 45 years One EA policy per child Only two children In case of death of insured of main policy before expiry of childrens policy no further premium to be paid 5.1.8
  • Slide 9
  • Age conditions Whole life/EA Yugal Suraksha AEA Convertible W/L Childrens policy Non-medical Above 5 lakhs Minimum/maximum 19 55 21 45 19 40/45 19 50 Childs age5-20 Parents age 45 19 35 19 50 5.1.9
  • Slide 10
  • PLI Policies should be units of Rs.10000/ minimum being Rs.20000/ Maximum Rs.20,00,000/ For non-medical Maximum Rs.1,00,000/ For Physically handicapped Maximum Rs.20,00,000/ with normal or slightly higher premium 5.1.10
  • Slide 11
  • Medical report Medical report is necessary in following cases: When age at entry exceeds 35 years When sum assured exceeds 1,00,000 When policy maturing at the 35 years of age AEA policies 5.1.11
  • Slide 12
  • Rebate Policies of Rs.20,000/ and above Re 1/ rebate is given in monthly premium For yugal Suraksha rebate of Re.1/ is allowed for first Rs.40,000/ and Re.1/ for every addl Rs.10,000/ 5.1.12
  • Slide 13
  • Other salient features Premium paid is eligible for income tax rebate Premium can be paid in Post office by presenting premium receipt book Premium can be paid online Risk on life Assured is covered from the date of acceptance 5.1.13
  • Slide 14
  • Advance premium Rebate for advance premium 12 months: 2% 6 months : 1% 3 months : 0.5% (for RPLI only) Yugal Suraksha 12 months :50% of one months premium 6 months :10% of one months premium 3 months : 2% of one months premium 5.1.14
  • Slide 15
  • Features continued.. If aggregate of the proposal exceeds 5 lakhs, it is to be accepted by the DPS The validity of the Medical certificate is 60 days If it is not accepted within that period, second medical examination is to be done 5.1.15
  • Slide 16
  • Lapsing and revival If the policy is less than 3 years old premium can be accepted in a lapsed one, within 6 months from the date from which first premium was due with interest @12% If the policy is more than 3 years old, premium can be accepted within 12 months from the date from which first premium was due with interest @12% 5.1.16
  • Slide 17
  • Calculation of interest for defaulted months premium Formula: n X (n+1) X premium ------------------------ 200 n= no. of months Or No.of defaults x premium ------------------------------------ 100 5.1.17
  • Slide 18
  • Revival If is not paid within this period revival by competent authority is required 5.1.18
  • Slide 19
  • After sale service 1.Re.2/ fee for duplicate premium receipt book to be credited to UCR 2.Duplicate Bond Re 50/ to UCR Indemnity bond in stamp paper of Rs.100/ Policy above Rs.500000/ copy of paper notification 3.Change of mode of payment 4.Change of Post office 5.Correction to the bond 6.Conversion 5.1.19
  • Slide 20
  • Continuation premium receipt book Sub postmasters are authorised to issue continuation PRB SPMs to obtain blank PRBs from H.O. and maintain stock register The first page entries of old pass book to be copied, like policy No., Name of the insurant, class & sum assured, monthly rate of premium, date of last instalment, date of maturity, premium paid up to, non-credits etc 5.1.20
  • Slide 21
  • Loan Endowment policies, after 3 years only Whole life policies, after 4 years Should not have been assigned No loan for AEA policies/childrens policy/Yugal Suraksha 5.1.21
  • Slide 22
  • Loan Exceeding 3 years, but less than 5 years : 60% of surrender value Exceeding 5 years, but less than 10 years : 80% of surrender value Exceeding 10 years : 90% of surrender value Interest @10% per annum compounded half yearly 5.1.22
  • Slide 23
  • Surrender Endowment and whole life policy can be surrendered after 3 years Childrens policy, after 5 years Original policy bond Premium receipt book or pay drawing officers certificate Surrender of policy to be discouraged 5.1.23
  • Slide 24
  • 5.1.24
  • Slide 25
  • RURAL PLI (RPLI) For Rural people Whole Life (GRAMA SURAKSHA) Endow Assurance (GRAMA SANTOSH) Convertible Whole Life (GRAMA SUVIDHA) Anticipated endowment assurance (GRAMA SUMANGAL) Ten years Rural PLI policy (GRAMA PRIYA) Childrens policy 5.1.25
  • Slide 26
  • RPLI-LIMITS Minimum-Rs.10,000 Maximum- -Rs.25,000 (without medical) -Rs.5,00,000 (on medical) -Rs.1,00,000(for non-standard age-proof and above 45 years) 5.1.26
  • Slide 27
  • RPLI-AGE LIMIT Minimum- 19 on next DOB Maximum: WL and EA55 CWL and 10 yr Plan45 AEA40 Above 35 years only medical policies Above 45 policy upto 1,00,000/ 5.1.27
  • Slide 28
  • RPLI-AGE LIMIT Age proof Standard Non-standard 5.1.28
  • Slide 29
  • RPLI-Non-standard age proof Horoscope- genuine Elders declaration in the presence of Magistrate on stamped paper Age of the person given by him and as assessed by Medical Officer whichever is higher 5.1.29
  • Slide 30
  • RPLI-Non-standard age proof Declaration by proposer before (not on stamp paper) Secretary or Member of Panchayat Tahasildar BDO 5 % extra premium for non-standard age proof 5.1.30
  • Slide 31
  • RPLI - Rebate Low Premium with following rate of rebate MonthlyRe.1/ per 20,000 QuarterlyRs.3/ -------do---- Half yearlyRs.6/--------do---- Yearly Rs.12/-------do----- 5.1.31
  • Slide 32
  • RPLI Rebate for advance payment of monthly premium - 12 months2.0% - 06 months1.0% - 03 months0.5% 5.1.32
  • Slide 33
  • RPLI Loan - EAafter 3 years - WLafter 4 years Surrender/paid up; after 3 years of payment of premia Non lapsation; after 3 years automatically kept alive to paid up value 5.1.33
  • Slide 34
  • RPLI Bonus - EndowmentRs.50 - W/LRs.65 - Antcipated Endowment Rs. 47 5.1.34
  • Slide 35
  • RPLI If not paid within due period DF at 12% collected Calculation of DF for arrears of monthly premiums as in the case of PLI For quarterly, Half Yearly and Yearly premiums calculated with the help of the following formula. 5.1.35
  • Slide 36
  • No. of defaulted months x premium --------------------------------------------------- 100 5.1.36
  • Slide 37
  • PLI Transactions PLI transactions should be done in point of sale module PLI option has the selections as shown in the following picture 5.1.37
  • Slide 38
  • PLI - Acceptance of premium 5.1.38
  • Slide 39
  • PLI Loan Repayment 5.1.39
  • Slide 40
  • 5.1.40