Santosh Postal Life Insurance
Santosh Postal Life Insurance was introduced by India Post in 1884 as part of the Postal Life Insurance policy. This is a type of endowment plan which is still available for purchase in all post offices located in India. Life cover under Santosh Postal Life Insurance is provided to the policyholder till the maturity period of the policy.
This is a type of life insurance policy offered by India Post which was introduced by India Post in 1884. It is an endowment type life insurance in which you are provided with the benefit of life insurance along with the investment. If the life assured dies, the death benefit is provided to the nominee by the life assured.
With Santosh Postal Life Insurance, the insured can choose the policy maturing at the age of 35, 40, 45, 50, 55, 58, or 60 years as per their convenience. On issuance of Santosh Postal Life Insurance policy, the maturity age of the chosen policy can be extended till it matures at another age.
Key Features Of Santosh Postal Life Insurance Policy – PLI Santosh
Following are the salient features of Santosh Postal Life Insurance Policy-
- In case of death of the life assured during the policy term, death benefit along with bonus is provided to the nominee by the life assured.
- Bonus is also provided at the rate of ₹ 52 per 10000 in this scheme.
- The policyholder can surrender the policy after a period of 3 years.
- Bonus Bonus amount will not be provided if the policyholder surrenders the policy before 5.
- Policyholders can also avail loan facility after 3 years. The loan is up to a maximum of 90% of the surrender value. The interest rate on this loan is to be paid half yearly. The rate of interest in this is 10%.
- If you opt for a sum assured of more than ₹1 lakh, you will also need to undergo a medical examination.
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Benefits Of Santosh Postal Life Insurance
- Death Benefit:
If the policyholder dies due to any reason then the death benefit is provided to the nominee by the policyholder. This amount along with accrued bonus is payable at the rate mentioned above.
The nominee should inform the insurer within the prescribed time with proper documents to claim the benefit in case of death of the policyholder.
- Maturity Benefit:
If the policyholder survives till the completion of the policy term then the maturity benefit is provided to him. This maturity benefit along with accrued bonuses is paid to the policy holder.
Santosh Postal Life Insurance Eligibility Criteria
To buy Santosh Postal Life Insurance Policy a person must possess the following eligibility criteria –
- Entry Age- 19 Years to 55 Years।
- Maturity Age – 35, 40, 45, 50, 55, 58, or 60 years .
- Santosh Postal Life Insurance Employees belonging to the following organizations/services can buy-
- Central government,
- state government,
- Public Sector Undertakings,
- Paramilitary force,
- defense services,
- government aided educational institutions,
- local body,
- reserve Bank of India,
- Financial Institutions / Nationalized Banks / Commercial Banks,
- Autonomous body,
- Postal Department,
- University recognized by NAAC, All India Council for Technical Education, Medical Council of India etc.,
- credit co-operative societies,
- Doctors, Engineers, Management Consultants, Architects, Lawyers, Chartered Accountants .
Other Important Details Of Santosh Postal Life Insurance Policy.
While taking Santosh Postal Life Insurance Policy, the policyholder is required to appoint a member to receive the benefit amount at the very beginning. If the person to be nominated is a minor, a guardian is required to be appointed to claim the benefit in the name of the child.
- Policy Lapse:
If the policyholder fails to pay the premium within the grace period, the policy lapses. However, if the policyholder so desires, he can reinstate his policy on payment of premium along with interest for 6 to 12 months from the date of unpaid premium. The policyholder can reinstate his policy any number of times if he wishes.
- Policy Revival:
Santosh Postal Life Insurance Policy can be revived by the policy holder if the policy term crosses the reinstatement period.
- Free Look Period:
In Santosh Postal Life Insurance Policy, free look period is provided to the policyholder. Under this, if the policyholder finds some shortcomings related to the policy and wants to return the policy, then he can return his policy within 15 days. In this case the premium paid by the policyholder is returned.