Post Office Insurance Plan: Post Office’s Postal Life Insurance PLI is running since 1884, it provides cover up to Rs 50 lakh, Yugal Suraksha Plan is special for married couples, bonus and tax savings are also available.
Post Office Insurance Plan: What’s the first thing that comes to mind when you hear the word “post office”? Sending a letter or a savings plan? No, today we’ll tell you about a post office insurance scheme that’s over 100 years old. The Post Office’s Postal Life Insurance (PLI) plan is India’s oldest and most popular insurance plan. It has been protecting people’s lives for many years. This plan is so reliable that people still love it. Let’s understand it in simple terms, like a conversation with friends at a tea stall.
This scheme began in 1884.
PLI was first launched on February 1, 1884, for postal employees. Later, in 1888, the Telegraph Department and then semi-government employees were included. Gradually, its scope expanded, and now it has reached farmers and laborers in rural areas. It is managed by India Post and the Communications Department. Significantly, in 1894, when no other company offered insurance to women, PLI began covering women employees of the Post and Telegraph.
Insurance cover up to Rs 50 lakh
The unique feature of this plan is that you can join from the age of 19 and avail insurance cover of up to Rs 50 lakh. There are different policies for every age and need, which not only provide protection but also bonuses and tax savings. The “Yugal Suraksha” plan is specifically designed for married couples. Both husband and wife are covered under the same coverage, and both receive bonuses upon premium payment. In the event of an eventuality, the money is transferred to the spouse or upon policy maturity, ensuring a secure future.
Minimum policy term
The Yugal Suraksha Plan has certain conditions. The couple must be between 21 and 45 years of age, and the senior partner must not be older than 45. The minimum policy term is 5 years and the maximum is 20 years. One of the partners must be eligible for PLI. The minimum cover is ₹20,000 and the maximum is ₹50 lakh. The premium is low, but the bonus is good. A loan is also available after 3 years.
In today’s world, where private companies offer low benefits at high premiums, the bonuses and reliability of PLI attract people. You may be wondering if this plan is right for you. If your age and needs match, it could be a good option.
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