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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: "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

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 1 st 5 years – Conversion option with higher premium

6 PLI- Plans available 4. Joint Life Insurance (Yugalasuraksha) – Payment at the end of term – Payment to either of two lives- on death – Spouse to be literate – Standard proof of birth

7 PLI- Plans available 5. Anticipated Endowment Assurance (Sumangala) – Payment at periodical intervals 15 Yr AEA20 Yr AEA 20%6,9,12 Yrs8, 12,16 Yrs 40%15 Yrs20 Yrs – Payment of bonus at the end – Payment to nominee on death Full sum assured + Bonus

8 PLI- Plans available Children’s Policy – 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 PlanMin AgeMax Age Whole Life As1955 Endow.As1955 Convert WLA1950 Anticipated EA1945 Yugal suraksha2145 Children poly Child 19 05 45 20

11 PLI- Features- Limit of holding Limit of Insurance – In multiple of Rs.10,000 – Minimum- Rs.20,000 – Maximum (aggregate Rs.20 lac) WL, EA, CWL- 20 lac YS, AEA - 05 lacs Children Poly- 01 lac Non-Medical- 01 lac PHP- 01 lac

12 Exercise 1

13 PLI- Features Advance deposit adjusted as 1 st premium Subsequent installments to be paid on due date within in grace period of one month (end of the month)

14 PLI- Features Rebate for advance deposit – 12 Months- 2% – 6 Months- 1 % Rebate Yugalasuraksha – 12 M- 50% of single Premium – 06 M- 10% ---------do--------- – 03 M- 02% ---------do---------

15 PLI- Features- Bonus Type of PolicyRate of Bonus per Rs.1000 of sum assd Whole Life AssuranceRs.90 Endowment AssuranceRs.65 A/E AssuranceRs.60 Joint Life InsuranceRs.65 Children PolicyRs.65

16 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

17 Exercise 2

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19 RURAL PLI (RPLI) For Rural people Schemes: – Whole Life (GRAMA SURAKSHA) – Endow Assurance (GRAMA SANTOSH) – Convertible Whole Life (GRAM SUVIDHA) – Anticipated Endowment GRAM SUMANGAL) – 10 Year Rural PLI (GRAM PRIYA) – Children policy

20 RPLI-LIMITS Minimum-Rs.10,000 Maximum- – Rs.25,000 (without medical) – Rs.5,00,000 (on medical) – Rs.1 lac (Age 45 & above/NS age proof)

21 RPLI-AGE LIMIT Minimum- 19 on next DOB Maximum: WL and EA65 CWL and 10 yr Plan50 AEA47 Above 35 years only medical policies

22 RPLI-AGE LIMIT Age proof – Standard – Non-standard Bonus – Endowment55 per 1000 S/A – W/L60 per 1000 S/A – AEA50 per 1000 S/A

23 Acceptance of PLI at RO/CO Proposal Register Scrutiny of proposal Acceptance or Rejection Calculation of premium Preparation of History sheet Allotment of Policy Number Intimation of acceptance Sanction of Medical Fee

24 PLI 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

25 PLI Premium if not paid within the prescribed grace period can be paid with DF at 12 % Default fee at 12% collected for first 12 months

26 PLI Formula for default fee calculation (monthly) N(N+1) x Premium rate 200 N= Defaulted months

27 Exercise 3

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29 After sale service Revival of lapsed policy Loan Surrender of policy Payment on Maturity Payment of Death claim case Miscellaneous services

30 PLI -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

31 REVIVAL Check whether – Policy is lapsed – Revival is not availed for more than two occasions – Repayment in one lump or instalments – Any non-credit/missing credit /short collection is to be taken into account

32 Revival.... Check whether…… – Insurant furnished medical certificate in the format prescribed – Declaration from two respectable persons furnished – Good health declaration is given – Reasons for non –payment are furnished

33 Revival…. Calculate interest at 12% simple for less than 12 months and compound for 12 and above Send revival intimation letter On receipt of intimation regarding payment of arrear premia with interest issue formal sanction of revival Make entries in the revival register

34 Exercise 4

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

36 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/YS 3 Years3- 05 Yr : 60% 5- 10 Yr : 80% > 10 Yr : 90%

37 Loan… Verify status of KLC Premia should have been paid for a min. of 3 yrs for EA and 4 yrs for WLA No loan for AEA and children policy Missing/non-credit of premia got verified A second or subsequent loan after adjusting the outstanding loan +interest

38 Loan… After adjustment of outstanding loan with interest, if balance works out to less than Rs.1000/ no loan Assign PD in favor of President of India Issue loan sanction and LRRB

39 Review of loan Interest for the half year charged on the amount outstanding on the first day of the half year In case of final repayment, interest will not be charged beyond the last date of the month in which final payment is made, provided that interest had been charged for at least six months

40 Review of loan…. If there are continuous 3 defaults, action may be taken to surrender the policy

41 PLI- Surrender after certain period as below EA/YSAfter 3 years WLAAfter 4 years Children PolicyAfter 5 years AEANot permissible

42 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

43 Surrender… Verify the status of KLC Check if premia is paid for 3 yrs in EA 4 yrs in WLA policies Whether premia paid upto current month

44 Surrender… Check for any missing/non-credits Check if outstanding loan with interest to be adjusted in the surrender value In discontinued policy, where premium paid for >3 yrs, eligible paid up value to be paid Add bonus if policy completed 5 yrs

45 Surrender…. Surrender amount = (Paid up value +Proportionate Bonus) X Surrender Factor

46 Surrender…. Paid up value= Sum assured X Paid period Payable period

47 Exercise 5

48 Maturity Claim 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

49 Maturity Claim…. Verify KLC Check for missing/non-credits Calculate eligible maturity + year wise bonus (April to March) by adjusting outstanding loan with interest If it is AEA, survival benefit already paid to be adjusted

50 Death Claim Settled on the basis of – Nomination – Legal Evidence – Other (No nomination, no legal evidence up to Rs.1,00,000/

51 Death Claim…. On death of insurant Ascertain full information of holdings Decide  Claim application form to be given  Whether early claim or non-early claim  Whether legal evidence necessary or not

52 Death claim… Legal evidence required – No nomination – Nominee is minor but guardian is no more – Nominee is minor but there is no appointee – Nominee no more – Amount exceeds Rs.60,000/

53 Death Claim…. Give full details of documents to be furnished by the claimant  Original Policy Bond  PRB or PDO Certificate  Death certificate  Doctor Certificate/Report who attended  Postmortem Report & copy of FIR- in accident death  Legal evidence

54 Death 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

55 Death claim…. Check original PD, Premium receipt book, loan repayment book, if any Death certificate, FIR/postmortem report/forensic report if required Court directions in case of disputes Leave report from the employer for the last 3 years Certificate issued by doctor/hospital who last attended

56 Death claim… If death by suicide within 2 years of acceptance Whether premium credited to upto death Non-credits if any, reasons Whether payment of regular premia is within the grace period

57 Remission period for death within 3 years Within 6 Months of date of acceptance NIL 6 Months to 11 Months30 days + Grace period 12 Months to 23 Months60 days + Grace period 24 Months to 35 Months90 days + Grace period

58 Death Claim…. Enter in the claim register Specific objection or Verification Verification necessary only in case of Early claims Doubtful information No nomination & no legal evidence (optional)

59 Death Claim…. Calculate amount eligible – Sum assured Plus eligible bonus by adjusting outstanding loan with interest For non-medical policies as per the table below

60 Non-medical policy Death within one year35% of S/A + Bonus Death within two years60% of S/A + Bonus Death within three years 90% of S/A + Bonus After three years100% + Bonus

61 Death claim… If payment of claim is attributable to administrative delays, interest @ 8% shall be payable for  More than 30 days from the date of receipt of complete papers or from the date of maturity whichever is later  More than 60 days, from the actual date of complete papers in case of death claim cases where no investigation is required

62 Death Claim…. Issue sanction Watch payment Note the date of payment in the claim register

63 Exercise 6

64 Miscellaneous services Conversion of policy Transfer of policy Issue of Duplicate PRB Issue of Duplicate Policy Bond Change of Nomination

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