Postal Life Insurance (PLI): How To Login, Calculator, Features, Types and Eligibility

Life insurance is an important financial tool for an individual. Having life insurance helps you protect your children and spouse from any devastating financial loss that might occur due to your unfortunate death. Apart from different financial institutions, Post Offices also play a pivotal role in offering life insurance policies you can choose at your convenience.

What Is Postal Life Insurance Scheme?

On 1st February 1884, India Post introduced their life insurance scheme known as Postal Life Insurance (PLI). At the initial stage, this scheme was introduced as a welfare scheme for the employees of the Post Office. However, presently, this facility has been extended to employees of state and central government departments, para-military service and defence personnel, education institutes, etc.

The policies of PLI offers financial help to the family of policyholders in case of their demise. The PLI policies are available at an affordable premium rate, allowing you to cover your spouse and children as well. India Post has different types of schemes under PLI to meet the requirements of every customer. Postal Life Insurance schemes fetch high returns compared to the minimal premium to be paid since it is one of the oldest and reliable life insurers in India.

Features of Postal Life Insurance Policy

Before you opt for a PLI, make sure to read the following features and have a clear knowledge of what Postal Life Insurance policies are all about:

• PLI offers a high return on your insurance and high bonus rates in exchange for a very low premium.
• You can appoint a nominee for your PLI schemes and easily change nominee information during the policy tenure.
• As a PLI holder, you are eligible for a loan against the policy that can be taken through the Postal department.
• You are eligible to convert your PLI scheme to an Endowment Assurance Policy as per the guidelines and regulations instructed by the department.
• If your policy document is lost, torn or mutilated, the Post Office issues a duplicate document, applying for which is a hassle-free process. 
• To track your premium payment of the PLI, India Post offers a passbook facility where the transactions get updated regularly for your convenience.

Types of Postal Life Insurance Schemes

There are several types of Postal Life Insurance schemes from which you can choose as per your requirements and suitability. Check the below list for a detailed understanding of each PLI scheme and its significant features:

1. Whole Life Assurance or Suraksha Scheme

As per this PLI scheme, the assured amount of the life insurance, along with the accrued bonus is paid to the insured upon attaining 80 years of age or to his/her legal representative on the death of the insured. However, the policy needs to be in force during the date of claiming the policy. Some key features of the scheme are:

• Minimum and maximum age for application: 19 years and 55 years, respectively.
• Minimum and maximum sum assured: Rs.20,000 and Rs.50 lakhs, respectively.
• Loan facility: After 4 years.
• Eligibility for bonus: Only after completing 5 years.
• Surrender period: After 3 years.
• Premium payment age you can opt for: 55, 58 or 60 years.
• Conversion to Endowment Assurance Policy: Allowed up to 59 years of age of insured person.

2. Endowment Assurance or Santosh Scheme

In this PLI scheme, the insured person is assured of the total sum and the bonus accrued until the individual attains the predetermined age of maturity. In this case, the age of maturity may be 35, 40, 45, 50, 55, 58 and 60 years. In case the insured person dies, his/her nominee, legal heir or assignee is paid the total sum and accrued bonus. Some important features of this policy are:

• Minimum and maximum age for application: 19 years and 55 years, respectively.
• Minimum and maximum sum assured: Rs.20,000 and Rs.50 lakhs, respectively.
• Loan facility: After 3 years.
• Eligibility for bonus: Only after completing 5 years.
• Surrender period: After 3 years.

3. Anticipated Endowment Assurance or Sumangal Scheme

This PLI scheme is also known as a Money Back Policy, suitable for people needing periodical returns. The insured person receives survival benefits regularly. Such payouts will not be considered in the case of the insured’s untimely death. The features of this scheme are as follows:

• Term of policy: 15 and 20 years.
• Minimum and maximum age for application: 
  • 19 years and 40 years for a 20-year term policy, respectively. 
  • 19 years and 45 years for a 15-year term policy, respectively.
• Survival benefits are paid periodically as follows:
  • 15 years policy - 20% each on completion of 6, 9 and 12 years and 40% with accrued bonus on maturity.
  • 20 years policy - 20% each on completion of 8, 12 and 16 years and 40% with accrued bonus on maturity.

4. Convertible Whole Life Assurance or Suvidha Scheme

This is a Whole Life Assurance Policy where the insured person is assured of the total sum and the bonus accrued until attainment of maturity age. In case the insured person dies, his/her nominee, legal heir or assignee is paid the total sum and accrued bonus. Check the list below for its features:

• Minimum and maximum age for application: 19 years and 55 years, respectively.
• Minimum and maximum sum assured: Rs.20,000 and Rs.50 lakhs, respectively.
• Loan facility: After 4 years.
• Surrender period: After 3 years.
• Eligibility for bonus: Only after completing 5 years.
• Conversion to Endowment Assurance Policy: After 5 years but before 6 years.

5. Joint Life Assurance or Yugal Suraksha Scheme

This is a Joint Life Assurance policy where one of the spouses is qualified for PLI coverage. It covers the life of both spouses to the extent of the total sum assured and the bonus accrued with a single premium. Death benefits are paid to the surviving spouse in the event of the death of a spouse or main policyholder. Here are its features:

• Minimum and maximum age of both spouses for application: 21 years and 45 years, respectively.
• Minimum and maximum sum assured: Rs.20,000 and Rs.50 lakhs, respectively.
• Minimum and maximum policy term: 5 years and 20 years, respectively.
• Loan facility: After 3 years.
• Surrender facility: After 3 years.
• Eligibility for bonus: After completing 5 years.

6. Children Policy or Bal Jeevan Bima

A PLI scheme is also available to individuals wanting to secure their child's future. This scheme provides life insurance coverage to the children of policyholders. The policyholders of Bal Jeevan Bima can issue this scheme for a maximum of 2 children. If the policyholder (parent) dies, the premium need not be paid. In such a case, the full sum assured and bonus accrued will be paid to the children upon completion of the policy term. The salient features of this scheme are:

• Minimum and maximum age of children: 5 years and 20 years, respectively. 
• Maximum age of a parent or policyholder: 45 years.
• Maximum sum assured: Rs.3 lakhs or the sum assured of the parent, whichever is less.
• Loan facility: No loan against the policy. 
• Surrender facility: No surrender facility is allowed.
• The child should be healthy, however, no medical examination is necessary.

Postal Life Insurance Eligibility

Below is the list of organisations whose employees are eligible to take PLI schemes:

• Central and state government organisations.
• Paramilitary forces.
• Defence personnel.
• Public Sector Undertakings (PSUs).
• Banks.
• Educational institutions.
• Local bodies.
• Professionals, such as doctors, MBAs, engineers, chartered accountants, MBAs, lawyers, etc.
• Employees of companies listed with the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
• Department of Posts.

Postal Life Insurance Scheme Bonus

The bonus rates for Postal Life Insurance schemes change almost every year. Here is a table showing the bonus rates for the financial year 2023-2024 that you will get from your PLI:

Postal Life Insurance Benefits

• It is one of the most cost-effective life insurance alternatives available, providing substantial returns (in the form of incentives) for low premiums.
• A duplicate policy bond can be easily created if the original policy is lost, damaged, or destroyed.
• Post office insurance products allow policyholders to name their preferred beneficiaries and even change these details throughout the policy’s term.
• In addition, the policy can be converted from whole life insurance to endowment assurance, with the ability to alter the sum assured depending on preset standards.
• Policyholders can obtain a loan against their insurance after completing at least three years of coverage.

Postal Life Insurance Calculator

It is always advisable for everyone to get a rough estimate of the premium and the returns before investing in a Postal Life Insurance scheme. In such regard, using a PLI calculator available online is always a good option. By using the Postal Life Insurance calculator, you can easily get an estimate of how much premium you need to pay and what your returns will be after a specific period.

Postal Life Insurance Login

If you are a first-time user of the Postal Life Insurance scheme, you must first register in the Customer Portal of India Post. Here is a step-by-step guide on how you can register yourself:

Step 1: Visit the official website of India Post.

Step 2: Click on ‘Register’ and select ‘Retail’.

Step 3: Enter the required details and click ‘Register’.

Step 4: Then, you will get an activation link in your registered email address for account activation.

Step 5: Click the activation link sent to your email address before 48 hours to activate the account.

After you have successfully registered, you need to log in to your account to issue a new Postal Life Insurance policy. Here are the steps you must follow to log in for the first time:

Step 1: Visit the official website of India Post.

Step 2: Click on ‘Sign In’ and select ‘Registered User’.

Step 3: Click on the ‘Forgot Password?’ link.

Step 4: Ente your User ID and click ‘Submit’.

Step 5: Enter the answer to the hint question provided by you during registration and click on the ‘Submit’ button.

Step 6: The OTP will be sent to your registered email ID. Enter the OTP and User ID to sign in to your account.

Step 7: Select the ‘Change Password’ link available at the top of the page.

Step 8: Enter your password and click on ‘Submit’.

Once you log in for the first time and change the password, you can log in to the India Post website by entering your User ID and password subsequently.

Postal Life Insurance Forms

You can get the application form for the Postal Life Insurance scheme using both online and offline methods. The steps to follow to download the form online are:

Step 1: Visit the official website of India Post.

Step 2: Select the ‘Postal Life Insurance’ option.

Step 3: Navigate to the ‘Miscellaneous’ tab and select ‘Download Forms and Documents’ from the drop-down menu.

Step 4: You will get a list of different forms, and from them, select ‘PLI Proposal Form’. 

Now, you can easily fill out the form and submit it as per your requirement.

In case you want to get the PLI application form offline, visit your nearest Post Office and ask for a PLI form.

Here is a prototype of what a Postal Life Insurance scheme application form looks like.

Postal Life Insurance Online Payment

Postal Life Insurance online payment can be made using different methods. Here is a detailed discussion of the types of online payment methods for PLI schemes:

• Mobile App or Online Portal

As a Postal Life Insurance scheme policyholder, you are eligible to make payment of your premium using the India Post app called Indian Post Payments Bank or IPPB app. You can also visit the online portal of India Post to complete your online payment.

• Using Net Banking

To complete your premium payment using an online method, you can use the net banking process. Just select the net banking option while selecting the payment option.

• Using a UPI App

You can also opt to use your existing UPI apps, such as Google Pay, PhonePe or Paytm, to complete online payment of your PLI.

Postal Life Insurance Policy Status

There are various ways to check your Postal Life Insurance policy status. Check the list below to understand and use the most suitable method to check your policy status:

• Using Postal Life Insurance Online Account

Existing policyholders of the Postal Life Insurance scheme can create their online account on the Postal Life Insurance website. After creating the account, they must log in to your account using their login credentials and easily check the status and other important information in a hassle-free manner.

• Other Ways 

To check your policy status via call, you need to dial the toll-free number 1800 266 6868.

Postal Life Insurance Premium Table

To know the premium for different Postal Life Insurance schemes, check the tables provided below:

Premium Table for Convertible Whole Life Assurance

Premium Table for Endowment Assurance

Monthly premium that needs to be paid for an assurance of Rs.5000.

Premium Table for Whole Life Assurance

The following table is for a monthly premium for assurance of Rs.5000.

Before you opt for a Postal Life Insurance scheme as per your suitability, make sure to read the following guidelines outlined for the customers to help them make informed decisions:

• Throughout the term of the policy, the policy bond is of utmost importance, particularly when it comes to claim settlements and other service-related circumstances. This document has to be kept safe; tell your loved ones where it is kept to make sure it can be accessed.
• All premium payments must be made on time and on a regular basis throughout the policy. Making timely payments is essential to keep the life insurance coverage available and prevent policy lapses.
• Always remember to review the Policy Bond. It has a unique 13-digit number on it, called the Policy number. It is highly advised that you note this unique number for future reference since it is essential for any communications linked to policies.
• For every Postal Life Insurance scheme user, the individual needs to register their email address and mobile number to access their policy. You may need to visit your nearest Post Office to register your personal information and credentials to access your PLI account.
• The Postal Life Insurance policy may be moved to another area of India if the policyholder has acquired a work transfer.
• It is highly important to have a valid nominee in your PLI policy. If no nominee is mentioned in your policy paper, then the entire crux of getting life insurance falls. Note that you can change or add a nomination to your PLI policy any time you want.

Conclusion

The Postal Life Insurance scheme comprises several benefits and features. If you want to save a significant amount for your and your family's future, investing in life insurance becomes the most important financial tool. However, thoroughly review the terms and conditions of PLI policies and check the different types of schemes available to invest your hard-earned money safely and as per your suitability.