PLI Scheme Post Office

PLI Scheme Post Office 2024-25: Features, Types, Eligibility & Benefits

PLI Scheme Post Office:- A person’s life insurance is a crucial financial instrument. Having life insurance shields your spouse and kids from any catastrophic financial losses that may arise from your untimely death. In addition to various financial establishments, Post Offices are essential in providing convenient life insurance coverage.


What Is a PLI Scheme Post Office?

India Post launched Postal Life Insurance (PLI), a life insurance program, on February 1st, 1884. This program was first offered to Post Office employees as a benefit. However, as of right now, personnel from defense and paramilitary forces, state and federal government departments, educational institutions, etc. are also eligible to use this resource.

In the event of policyholders’ death, PLI insurance provides financial support to their families. With the reasonably priced premiums for PLI insurance, you can also insure your spouse and kids. To accommodate each customer’s needs, India Post offers a variety of PLI packages. Since Postal Life Insurance is one of the most reputable and established life insurers in India, its schemes yield substantial returns relative to the modest premiums paid.

PLI Scheme Post Office

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Features of Postal Life Insurance Policy

Prior to choosing a PLI, be sure to review the following aspects and understand the essence of Postal Life Insurance policies:

  • For a relatively cheap premium, PLI provides a high insurance return and high bonus rates.
  • For your PLI plans, you can designate a candidate and quickly update nomination details while the policy is in effect.
  • You can apply for a loan through the postal department as a PLI holder, secured by the policy.
  • You can convert your PLI plan to an Endowment Assurance Policy by the rules and specifications provided by the department.
  • Should you misplace, tear, or destroy your policy paper, the Post Office offers an easily obtainable duplicate.
  • India Post provides a passbook tool where you may trace your PLI premium payments. It is for your convenience that the transactions are updated often.

Types of Postal Life Insurance (PLI) Policies

A range of Postal Life Insurance (PLI) products are available under the Post Office Insurance Scheme in India.

Whole Life Assurance (Suraksha):

In the unfortunate event that the policyholder passes away too soon, the family will have financial security thanks to our lifetime coverage plan. The plan’s premium payments are set and will not fluctuate throughout the policy. Up to the age of 59, the policyholder may change it into an endowment assurance policy, provided that the conversion date does not coincide with the date of maturity or the day on which premium payments stop.

Endowment Assurance (Santosh): 

This plan combines savings with life insurance protection. The policyholder receives the entire insured amount plus the accrued bonus upon maturity after paying a set premium for a predetermined amount of time.

Convertible Whole Life Assurance (Suvidha):

After a predetermined amount of time, this plan enables the policyholder to convert their policy into an endowment plan. This plan likewise has set premium payments.

Joint life assurance (Yugal Suraksha):

This plan covers the lives of two people with a single insurance policy. Some people find joint life assurance plans to be an appealing alternative because the premiums are usually lower than those of buying two separate policies. It is significant to remember that joint life assurance policies only make one payout, usually at the time of the first death of the two covered individuals. After the payout, the coverage usually ends, and no more benefits are provided.

Anticipated Endowment Assurance (Sumangal): 

This plan offers the sum assured and the accrued bonus upon maturity, along with a lump sum payment at certain intervals throughout the policy term.

Children Policy (Bal Jeevan Bima):

This plan provides insurance coverage for policyholders’ children. When the child turns 18, the insurance matures and the youngster receives payment for the sum insured plus the bonus.

PLI Scheme Post Office

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PLI Scheme Post Office Eligibility

The following is a list of companies whose workers can enroll in PLI plans:

  • organizations of the federal and state governments.
  • paramilitary groups.
  • military personnel.
  • PSUs, or public sector undertakings.
  • Financial institutions.
  • establishments that teach.
  • local organizations.
  • professionals, including medical professionals, MBA holders, engineers, chartered accountants, solicitors, etc.
  • List of businesses that are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
  • Postal Department.

Postal Life Insurance Scheme Bonus

Almost annually, the bonus rates for Postal Life Insurance plans are adjusted. The bonus rates for the fiscal year 2023–2024 that you will receive from your PLI are displayed in the following table:

Postal Life Insurance PlanBonus Rate as per PLI Scheme
Whole Life Assurance or Suraksha SchemeRs. 76 per 1000 Sum Assured (SA) each year
Endowment Assurance or Santosh SchemeRs.52 per 1000 SA each year
Anticipated Endowment Assurance or Sumangal SchemeRs.48 per 1000 SA each year
Convertible Whole Life Assurance or Suvidha SchemeRs.76 per 1000 SA each year (if Whole Life Insurance is not converted to Endowment Assurance). 
A bonus of endowment assurance shall be paid during conversion.
Joint Life Assurance or Yugal Suraksha SchemeRs.52 per 1000 SA each year
Children Policy or Bal Jeevan BimaRs.52 per 1000 SA each year

Postal Life Insurance Benefits

  • It is among the most affordable options for life insurance since it offers significant rewards (in the form of incentives) in exchange for cheap premiums.
  • A copy policy bond can be easily manufactured in case the original policy is lost, destroyed, or damaged.
  • Policyholders can designate preferred beneficiaries for post office insurance products and can modify these details at any time throughout the policy’s term.
  • It is also possible to convert the policy from whole life insurance to endowment assurance and to modify the amount assured in compliance with preset parameters.
  • Following the completion of at least three years of coverage, policyholders are eligible to borrow against their insurance.

Postal Life Insurance Calculator

It’s usually a good idea for anyone considering investing in a Postal Life Insurance plan to obtain a ballpark estimate of the cost and the returns. In this sense, it’s usually a good idea to use an online PLI calculator. You may quickly determine how much premium you will need to pay and what your returns will be after a given amount of time by using the Postal Life Insurance calculator.


In summary, the Indian Postal Service provides a well-liked insurance plan known as Postal Life Insurance (PLI). The program’s goal is to give everyone, even those who live in rural India, access to reasonably priced life insurance coverage. There are several policy options available with the post offices insurance plan, such as whole-life, term, and endowment policies. Benefits of the PLI plan include a lending facility, tax advantages, and adjustable premium payment alternatives. The postal insurance programs are well known for their quick claim processing and simple application processes. In general, postal life insurance is a dependable and practical choice for anyone searching for reasonably priced life insurance in India.

PLI Scheme Post Office

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Q. What is the postal office’s PLI interest rate?

Ans- A 10% yearly interest rate is applied to loans obtained through PLI programs. Some important things to remember when it comes to paying interest are: The policyholder must pay interest on a biannual basis at the designated rate.

Q. What is the PLI’s maturity amount?

Ans- The following benefits are payable under a 20-year term policy: after eight years, 20% of the assured sum is paid; after twelve years, 20% after sixteen years; and after twenty years, 40% of the assured total with assured bonus is paid. There is a maximum guarantee of Rs. 50 lakh.

Q. Is the PLI plan a success?

Ans- The PLI plan is largely responsible for the nation’s success in mobile manufacturing. Dell and Flextronics are two of the main participants in the IT hardware PLI.

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