1. Postal life insurance 1.6.1

2. Postal Life Insurance Eligibility Permanent resident in India who are employees of Central and state Govts Defence services GDS employees Govt.aided educational Institutions Universities established by Govt. Local bodies like municipalities,Zilla parishads RBI,SBI its subsidiaries Nationalised banks Port trusts,central and state govt. undertakings 1.6.2

3. Continued…. Employees on contract basis by central/State Govt,where contract is extendable Employees of joint ventures in which state/central/PSU/Nationalized banks have min holding of 10% Employees of deemed universities and educational institutions accredited by recognized bodies Employees of cooperative societies registered with the Government. 1.6.3

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 1.6.4

5. 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 1.6.5

6. 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 policy After 6yrs 8 yrs 20% After 9yrs 12yrs 20% After 12yrs 16yrs 20% After 15yrs 20yrs 40%+bonus 1.6.6

7. 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 Rs60/per thousand Only one can have this policy Spouse should be literate  When added to the age of the proponent the term should not exceed 60 years 1.6.7

8. Types of policies continued., o 6.Children’s policy : This is an add on policy introduced 20.1.2006. o non-medical policy o the minimum limit is Rs,20,000/ and o maximum is Rs.1,00,000/ o The parent should also have a policy equivalent to amount of sum assured of the child Bonus Rs.60/ per thousand 1.6.8

9. Children’s policy continued Child’s 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 children’s policy no further premium need be paid 1.6.9

10. Age conditions Whole life/EA Yugal Suraksha AEA Convertible W/L Children’s policy Non-medical Above 5 lakhs Minimum/maximum 19 55 21 45 19 40/45 19 50 Child’s age5-20 Parent’s age 45 19 35 19 50 1.6.10

11. Conditions continued.. 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/ 1.6.11

12. Medical report Medical report is necessary in cases: 1 When age at entry exceeds 35 years 2 When sum assured exceeds 1,00,000 3 When policy maturing at the 35 years of age 4 AEA policies 1.6.12

13. 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/ 1.6.13

14. Other salient features Premium paid is eligible for income tax rebate Premium can be paid in Post office by presenting premium receipt book Risk on life Assured is covered from the date of acceptance 1.6.14

15. 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 month’s premium 6 months :10% of one month’s premium 3 months : 2% of one month’s premium 1.6.15

16. Features continued.. If aggregate of the proposal exceeds 5 lakhs, it is to be accepted by the DPS The age of the proponent should not exceed 50 years if the aggregate of the sum assured exceeds 5 lakhs The validity of the Medical certificate is 60 days If it is not accepted within that period, second medical examination is to be done 1.6.16

17. Bonus Whole life policy Rs.85/ per thousand Endowment Assurance Rs.60/ “ Anticipated endowment Rs.55/ “ Yugal Suraksha Rs.60/ “ Children Policy Rs60/ “ 1.6.17

18. Lapsing and revival If the policy is less than 3 years old premium can be accepted 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% 1.6.18

19. Calculation of interest for defaulted months premuim Formula: n X (n+1) X premium ------------------------ 200 n= no. of months Or No.of defaults x premium ------------------------- 100 1.6.19

20. Revival If is not paid within this period revival by competent authority is required 1.6.20

21. 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 1.6.21

22. 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 upto, non-credits etc 1.6.22

23. Loan Endowment policies,after 3 years only Whole life policies, after 4 years Should not have been assigned No loan for AEA policies/children’s policy/Yugal Suraksha 1.6.23

24. 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 1.6.24

25. Surrender Endowment and whole life policy can be surrendered after 3 years Children’s policy, after 5 years Original policy bond Premium receipt book or pay drawing officer’s certificate Surrender of policy to be discouraged 1.6.25

26. Types of claims Maturity claim Death claim Death by suicide: no claim before the policy completes two years from the date of acceptance 1.6.26

27. Maturity claim Application in plain paper or prescribed form Original policy bond Premium receipt book or pay drawing officer’s certificate Loan pass book, if any, 1.6.27

28. Death claim Documents to be attached with the claim; Original policy document Premium receipt book or pay disbursing officer’s certificate for preceding one year Death certificate Doctor’s certificate/report who last attended the late insurant Any other supporting document IP/ASP’s report If death is due to accident,Post mortem report and copy of FIR 1.6.28

29. Non-medical policies (death claim) Death occurring within one year: 35% Above one year but below 2 yrs: 60% Above 2 years but below 3 yrs : 90% Above 3 years : full 1.6.29

30. 1.6.30

31. 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) Children’s policy 1.6.31

32. 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) 1.6.32

33. 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/ 1.6.33

34. RPLI-AGE LIMIT Age proof Standard Non-standard 1.6.34

35. 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 1.6.35

36. 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 1.6.36

37. RPLI Low Premium with following rate of rebate MonthlyRe.1/ per 20,000 QuarterlyRs.3/ -------do---- Half yearlyRs.6/--------do---- Yearly Rs.12/-------do----- 1.6.37

38. RPLI Rebate for advance payment of monthly premium - 12 months2.0% - 06 months1.0% - 03 months0.5% 1.6.38

39. 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 1.6.39

40. RPLI Bonus -EndowmentRs.50 per 1000 S/A -W/LRs.65 per 1000 S/A -AEARs 47 per 1000 S/A 1.6.40

41. 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. 1.6.41

42. No. of defaulted months x premium --------------------------------------------------- 100 1.6.42

43. 1.6.43