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1. PLI- Eligibility Government servants Defense Service GDS Govt aided Educational Institutions Universities established by Govt Local Bodies- Muncipalities,

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Presentation on theme: "1. PLI- Eligibility Government servants Defense Service GDS Govt aided Educational Institutions Universities established by Govt Local Bodies- Muncipalities,"— Presentation transcript:

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2 PLI- Eligibility Government servants Defense Service GDS Govt aided Educational Institutions Universities established by Govt Local Bodies- Muncipalities, ZPs Banks 2

3 PLI- Plans available 1. Whole Life Assurance (SURAKSHA) Payment only to nominee on death of insurant Premium payable for selected period 3

4 PLI- Plans available 2. Endowment Assurance (Santhosh) Lump sum payment at desired age Payment to nominee- on death 4

5 PLI- Plans available 3. Convertible Whole Life Assurance (Suvidha) Less premium for 1 st 5 years Conversion option with higher premium 5

6 PLI- Plans available 4. Joint Life Insurance (Yugala Suraksha) Payment at the end of term Payment to either of two lives- on death 6

7 PLI- Plans available 5. Anticipated Endowment Assurance (Sumangala) Payment at periodical intervals Payment at the end of the term- on death 7

8 PLI- Plans available Children’s Policy Both parent’s and children’s risk covered Parent should have a policy Non-medical policy Minimum- Rs.20,000 Maximum- Rs.1 lac One E/A Two children only 8

9 PLI- Features Risk cover Premium calculated on the basis of Age at entry Maturing age/Premium ceasing age/term Rebate allowed Others: Each 20,000- Re.1/ Yugala Suraksha: First 40,000- Re.1/ & addl each 10,000 Re.1/ 9

10 PLI- Features- Age restriction PlanMin AgeMax Age Whole Life As1955 Endow.As1955 Convert WLA1950 Anticipated EA1940/45 Yugal suraksha2145 Children policy

11 PLI- Features- Limit of holding Limit of Insurance In multiple of Rs.10,000 Minimum- Rs.20,000 Maximum WL, EA, YS- 10 lacs CWL, AEA - 05 lacs Children Poly- 1 lac Non-Medical- 1 lac PHP- 1 lac 11

12 PLI- Features Advance deposit of 1 st premium Rebate 12 Months- 2% 6 Months- 1 % Rebate Yugalasuraksha 12 M- 50% of single Premium 06 M- 10% do M- 02% do

13 PLI- Features Recovery of premium from pay For defaulted premiums interest at 12% to be recovered High Bonus 13

14 PLI- Features- Bonus Type of PolicyRate of Bonus per Rs.1000 of sum assd Whole Life AssuranceRs.90 Endowment AssuranceRs.70 A/E AssuranceRs.65 Joint Life InsuranceRs.70 Children PolicyRs.70 14

15 PLI- Medical Report Necessary for the following Age at entry exceeds 35 years Sum assured more than Rs.1 lac Endowment Poly maturing at 35 years of age Anticipated Endowment Policies 15

16 Exercise 1 16

17 PLI- Loan Loans can be obtained from Banks Granted CPMG on security of policy 10 % interest compounded half yearly basis charged Entitlement on prefixed proportion of surrender value as per table below 17

18 PLI- Loan- entitlement PolicyYear in force% of surrender value Whole Life and Convertible whole Life Ass 4 years4-7 Yr : 60 % 7-12 Yr : 80 % > 12 Yr : 90 % Endowment Assurance 3 Years3- 05 Yr : 60% Yr : 80% > 10 Yr : 90% 18

19 PLI- Surrender after certain period as below EAAfter 3 years WLAAfter 4 years Children PolicyAfter 5 years AEANot permissible 19

20 PLI- Surrender Application in plain paper Policy bond PRB or PDO Cft Calculation as per formula and Surrender Value Factor It is like taking a train ticket Bangalore to New Delhi and getting down at Nagapur 20

21 PLI-after sale service Payment of monthly premium Deptl employees & GDS recovery from pay and remittance directly to PLI Others Group Leader to make deposits as RD PRSS Individuals can also deposit in POs 21

22 PLI-after sale service Monthly premium if not paid within the due month can be paid with DF at 12 % Default fee at 12% collected for first 12 months For defaults exceeding 12 months 12% compound interest to be collected 22

23 PLI-after sale service Formula for default fee calculation: N(N+1) x Premium rate 200 N= Defaulted months 23

24 PLI-after sale service-Lapsing of Policy Policy less than 3 years Policy of more than 3 years If not paid within 6 months- treated as lapsed. Revival by CPMG If not paid within 12 months- treated as lapsed. Revival by CPMG 24

25 PLI-after sale service Transfer from one PO to another Manuscript application a/t CPMG through Post office Appln forwarded to CPMG Conversion; -W/L to E/A before 57 yrs Facility for nomination 25

26 PLI- After Sale Service Change mode of payment Correction to policy bonds Issue duplicate PRB- Fee Rs.5/- Change of PO for premium payment 26

27 PLI- After Sale Service Issue Duplicate Policy Bond- Fee Rs.50- Written application Indemnity bond Sum assured above Rs copy of paper notification 27

28 PLI- Maturity Due on the following month of last premium Application in LI-9(b) or in plain paper Policy bond PRB or PDO Cft Loan RRB PO to collect the above and submit to CPMG 28

29 PLI- Claim Applied in the prescribed form enclosing the following documents Original Policy PRB or PDO Cft Death Certificate Doctor Cft/Report, who attended Death due to accident Post Mortem Report & copy of FIR Death due to suicide policy paid for two years 29

30 Exercise 2 30

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32 RURAL PLI (RPLI) For Rural people Schemes: Whole Life (GRAMA SURAKSHA) Endow Assurance (GRAMA SANTOSH) Convertible Whole Life (GRAM SUVIDHA) 32

33 RURAL PLI (RPLI) Anticipated Endowment (GRAM SUMANGAL) 10 Year Rural PLI (GRAM PRIYA) 33

34 RPLI-LIMITS Minimum-Rs.10,000 Maximum- -Rs.25,000 (without medical) -Rs.3,00,000 (on medical) 34

35 RPLI-AGE LIMIT Minimum- 19 on next DOB Maximum: WL and EA55 CWL and 10 yr Plan45 AEA40 Above 35 years only medical policies 35

36 RPLI-AGE LIMIT Age proof Standard Non-standard 36

37 RPLI-Non-standard age proof Horoscope- genuine Elder’s 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 37

38 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 38

39 Exercise 3 39

40 RPLI Low Premium with following rate of rebate MonthlyRe.01/ per 20,000 QuarterlyRs.03/ do---- Half yearlyRs.06/ do---- YearlyRs.12/ do

41 RPLI Rebate for advance payment of monthly premium - 12 months2.0% - 06 months1.0% - 03 months0.5% 41

42 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 42

43 RPLI Bonus -Endowment55 per 1000 S/A -W/L60 per 1000 S/A 43

44 RPLI All BPM s and SPM s of Rural area are Agents Premium collected at BO also 44

45 RPLI Procedure for premia collection- Similar to PLI Separate Receipt Book prescribed Entry made in the pass book Particulars of Premia noted in the Daily Account in SO and PLI Schedule at HO 45

46 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. 46

47 RPLI Interest = Premium X Months x Rate of Int X 12 47

48 Non-medical/physically handicapped policy 35% of sum assured +accrued bonus 60% of sum assured+ accrued bonus 90% of sum assured +accrued bonus 100% in c/o death occurs If death occurs within 1 year Death occurs within 2 years Death occurs within 3 years After completion of 3 years 48

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