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Postal Life Insurance

Postal Life Insurance. Rural Postal Life Insurance. PLI- Eligibility. Government servants Defense Service GDS Govt aided Educational Institutions Universities established by Govt Local Bodies- Muncipalities, ZPs Banks. PLI- Plans available. 1. Whole Life Assurance (SURAKSHA)

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Postal Life Insurance

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  1. Postal Life Insurance 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 (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 AEA 20 Yr AEA 20% 6,9,12 Yrs 8, 12,16 Yrs 40% 15 Yrs 20 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

  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 1st 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

  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

  18. Rural Postal Life Insurance

  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 EA 65 CWL and 10 yr Plan 50 AEA 47 • Above 35 years only medical policies

  22. RPLI-AGE LIMIT • Age proof • Standard • Non-standard • Bonus • Endowment 55 per 1000 S/A • W/L 60 per 1000 S/A • AEA 50 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

  28. After sale service

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

  30. 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 PLI -Lapsing of Policy Premium not to be accepted without revival

  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

  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

  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 Heavy loss therefore discourage

  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/

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