1. Rural Postal Life Insurance

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

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

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

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

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

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

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

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/

10. PLI- Features- Age restriction
Plan
Min Age
Max Age
Whole Life As 19 55
Endow.As
Convert WLA 50
Anticipated EA
40/45
Yugal suraksha 21 45
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 lacs
Children Poly- 1 lac
Non-Medical- 1 lac
PHP- 1 lac

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

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

14. PLI- Features- Bonus Type of Policy
Rate of Bonus per Rs.1000 of sum assd
Whole Life Assurance
Rs.90
Endowment Assurance
Rs.70
A/E Assurance
Rs.65
Joint Life Insurance
Children Policy

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

16. Exercise 1

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

18. PLI- Loan- entitlement
Policy
Year in force
% of surrender value
Whole Life and Convertible whole Life Ass
4 years
4-7 Yr : 60 %
7-12 Yr : 80 %
> 12 Yr : 90 %
Endowment Assurance
3 Years
3- 05 Yr : 60%
5- 10 Yr : 80%
> 10 Yr : 90%

19. PLI- Surrender after certain period as belowEA
After 3 years
WLA
After 4 years
Children Policy
After 5 years
AEA
Not permissible

20. Heavy loss therefore discourage
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
Heavy loss therefore discourage

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

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

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

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
Premium not to be accepted without revival

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

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

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

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

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

30. Exercise 2

31. Rural Postal Life Insurance

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

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

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

35. RPLI-AGE LIMIT Minimum- 19 on next DOB Maximum:
WL and EA 55
CWL and 10 yr Plan 45
AEA 40
Above 35 years only medical policies

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

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

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

39. Exercise 3

40. RPLI Low Premium with following rate of rebate
Monthly Re.01/ per 20,000
Quarterly Rs.03/ do----
Half yearly Rs.06/ do----
Yearly Rs.12/ do-----

41. RPLI Rebate for advance payment of monthly premium - 12 months 2.0%

42. RPLI Loan Surrender/paid up; after 3 years of payment of premia
- EA after 3 years
- WL after 4 years
Surrender/paid up; after 3 years of payment of premia
Non lapsation;
after 3 years automatically kept alive to paid up value

43. RPLI
Bonus
-Endowment 55 per 1000 S/A
-W/L 60 per 1000 S/A

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

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

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.

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

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

49. Thank you