Postal Life Insurance (PLI) is one of the oldest life insurance schemes in India. Managed by the Department of Posts under the Ministry of Communications, it offers various life insurance plans with competitive premium rates. The PLI scheme post office policies cater to individuals seeking long-term insurance solutions with guaranteed returns and added benefits like loans and bonuses. Over the years, Postal Life Insurance (PLI) has expanded to cover various employment categories, ensuring financial security for lakhs of individuals. Established in 1884, PLI has grown from a few hundred policies to over 46 lakh by 2017.
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Postal Life Insurance (PLI) is a government-backed life insurance scheme in India, offered by India Post. Introduced in 1884, PLI plans were initially designed for postal employees but later extended to cover employees of the central and state governments, public sector undertakings, local bodies, and other specified categories. It provides affordable life insurance with high bonus rates, ensuring financial security for policyholders.
PLI schemes are highly preferred due to their low premiums and attractive bonus rates, making them one of government employees' best life insurance options. For those looking to secure their future, understanding the postal life insurance plan details helps in choosing the right policy with the best benefits.
Over the years, Postal Life Insurance has shown significant growth in terms of policy procurement, sum assured, and premium collection. Below are key statistics demonstrating the expansion of PLI plans:
| Year | Total no. of policies procured in a FY | Sum assured of these policies (in Rs, crores) | Total no. of active policies at the end of the FY | Overall sum assured (In Rs, crores) | Total income through premiums (In Rs, crores) | Corpus of fund |
| 2011-12 | 482423 | 13288.15 | 5006060 | 76591.33 | 3681.03 | 23010.55 |
| 2012-13 | 454053 | 14695.59 | 5219326 | 88896.46 | 4557.29 | 26131.34 |
| 2013-14 | 433182 | 16129.39 | 5406093 | 102276.08 | 5352.01 | 32716.26 |
| 2014-15 | 324022 | 14276.91 | 5242257 | 109106.93 | 5963.46 | 39536.33 |
| 2015-16 | 198606 | 9644.97 | 4930838 | 109982.09 | 6657.03 | 46302.72 |
| 2016-17 | 213323 | 11096.67 | 4680013 | 113084.81 | 7233.89 | 55058.61 |
Post office PLI schemes provide multiple advantages, making it an ideal choice for individuals looking for affordable life insurance with secure returns.
PLI plans provide several investment benefits, making it a preferred option for eligible policyholders.
Post Office PLI Schemes are available to specific categories of individuals, including:
PLI plans offer distinct advantages that set it apart from other life insurance schemes.
As a government-backed scheme, PLI ensures safety and credibility, eliminating the risks associated with private insurers.
PLI offers different policy types that cater to various financial needs and policyholder preferences.
Regular bonus declarations increase the policy's final maturity amount, providing substantial financial benefits.
The premium rates for PLI policies are significantly lower than those offered by private insurance companies.
For a detailed breakdown of premium rates, explore the Postal Life Insurance Premium Table here: https://www.indiapost.gov.in/Financial/Pages/Content/rpli.aspx
Explore the postal life insurance plan details to understand the different schemes offered by India Post.
The sum assured, along with the accrued bonus, is paid either when the insured reaches 80 years of age or to their nominee/legal heir upon death, whichever is earlier, provided the policy is active.
| Criteria | Details |
| Age Eligibility | 19-55 years |
| Sum Assured | ₹20,000 - ₹50 lakh |
| Loan Facility | Available after 4 years |
| Surrender | Allowed after 3 years (no bonus if surrendered before 5 years) |
| Conversion | Can be converted to an Endowment Assurance Policy up to 59 years, subject to conditions |
| Premium Payment Options | 55, 58, or 60 years of age |
| Bonus on Surrender | Proportionate bonus paid on reduced sum assured if surrendered after 5 years |
| Last Declared Bonus | ₹76 per ₹1,000 sum assured per year |
This scheme provides assurance for the sum assured along with the accrued bonus until the policyholder reaches the predetermined maturity age of 35, 40, 45, 50, 55, 58, or 60 years. Learn everything about the MONTHLY PREMIUM here.
| Criteria | Details |
| Policy Type | Endowment Assurance |
| Assurance Coverage | Sum assured + accrued bonus till maturity age (35, 40, 45, 50, 55, 58, or 60 years) |
| Death Benefit | Full sum assured + accrued bonus paid to assignee, nominee, or legal heir |
| Age Eligibility | 19-55 years |
| Sum Assured | ₹20,000 - ₹50 lakh |
| Loan Facility | Available after 3 years |
| Surrender | Allowed after 3 years (no bonus if surrendered before 5 years) |
| Bonus on Surrender | Proportionate bonus paid on reduced sum assured if surrendered after 5 years |
| Last Declared Bonus | ₹52 per ₹1,000 sum assured per year |
This is a Money Back Policy ideal for individuals seeking periodic returns. It provides survival benefits at specific intervals. In the event of the policyholder’s unexpected death, previously paid survival benefits are not deducted, and the full sum assured along with the accrued bonus is paid to the nominee, assignee, or legal heir. Learn everything about the MONTHLY PREMIUM here.
| Criteria | Details |
| Policy Type | Money Back Policy |
| Maximum Sum Assured | ₹50 lakh |
| Policy Term | 15 years and 20 years |
| Age Eligibility | Minimum: 19 years; Maximum: 40 years (for 20-year policy), 45 years (for 15-year policy) |
| Survival Benefits | 15-Year Policy: 20% each at the end of 6, 9, and 12 years; 40% + accrued bonus on maturity |
| 20-Year Policy: 20% each at the end of 8, 12, and 16 years; 40% + accrued bonus on maturity | |
| Death Benefit | Full sum assured + accrued bonus, regardless of any survival benefits already paid |
| Last Declared Bonus | ₹48 per ₹1,000 sum assured per year |
Convertible Whole Life Assurance (Suvidha) is a Whole Life Assurance Policy that includes an option to convert into an Endowment Assurance Policy after completing five years from the date of purchase. Learn everything about the MONTHLY PREMIUM here.
| Criteria | Details |
| Policy Type | Whole Life Assurance with an option to convert to Endowment Assurance |
| Assurance Coverage | Sum assured + accrued bonus till maturity |
| Death Benefit | Full sum assured + accrued bonus paid to assignee, nominee, or legal heir |
| Age Eligibility | 19-50 years |
| Conversion Option | Can be converted to Endowment Assurance after 5 years but not later than 6 years. If not converted, it remains a Whole Life Assurance policy. |
| Sum Assured | ₹20,000 - ₹50 lakh |
| Loan Facility | Available after 4 years |
| Surrender | Allowed after 3 years (no bonus if surrendered before 5 years) |
| Bonus | ₹76 per ₹1,000 per year (if not converted to Endowment Assurance) |
| Bonus on Conversion | Endowment Assurance bonus will be applicable upon conversion |
Joint Life Assurance (Yugal Suraksha) is a Joint Life Endowment Assurance policy where at least one spouse must meet the eligibility criteria for PLI plans.
| Criteria | Details |
| Policy Type | Joint Life Endowment Assurance |
| Eligibility | One spouse must be eligible for PLI plans |
| Life Cover | Sum assured + accrued bonus for both spouses with a single premium |
| Sum Assured | ₹20,000 - ₹50 lakh |
| Age Eligibility | 21-45 years (elder policyholder must not exceed 45 years) |
| Policy Term | Minimum 5 years, Maximum 20 years |
| Loan Facility | Available after 3 years |
| Surrender | Allowed after 3 years (no bonus if surrendered before 5 years) |
| Bonus on Surrender | Proportionate bonus paid on reduced sum assured if policy is surrendered |
| Death Benefit | Sum assured + accrued bonus paid to the surviving spouse or nominee in case of the policyholder's death |
| Last Declared Bonus | ₹52 per ₹1,000 sum assured per year |
The Bal Jeevan Bima Yojana Post Office scheme provides life insurance coverage for the children of policyholders, offering financial security and future support. Explore the extended Premium Tables of Children Policy for an Assurance of `1000/-
| Criteria | Details |
| Policy Type | Life insurance for children of policyholders |
| Eligibility | Maximum of two children per policyholder (parent) |
| Age Eligibility | Children aged 5 to 20 years |
| Sum Assured | Maximum ₹3 lakh or equal to the sum assured of the parent, whichever is lower |
| Parent's Age Limit | Policyholder (parent) must not be over 45 years |
| Premium Waiver | No premium required for the child’s policy if the parent passes away |
| Death Benefit | Full sum assured + accrued bonus paid at policy term completion |
| Loan Facility | Not available |
| Paid-up Policy Option | Allowed if premiums are paid continuously for 5 years |
| Surrender Facility | Not available |
| Medical Examination | Not required, but the child must be in good health; risk coverage starts from proposal acceptance |
| Bonus Rate | Follows Endowment Policy (Santosh) bonus rate; last declared bonus: ₹52 per ₹1,000 sum assured per year |
A Post Office Life Insurance Chart provides a structured overview of various Postal Life Insurance (PLI) schemes, including key details such as premium rates, benefits, sum assured, bonus rates, and eligibility criteria. This chart helps policyholders make informed decisions while choosing the most suitable PLI plans.
PLI policies offer attractive bonus rates, enhancing policyholder returns. Here’s the PLI bonus rate 2023-24:
| PLI Scheme | Bonus Rate |
| Whole Life Assurance | ₹76 per ₹1,000 Sum Assured (SA) per year |
| Endowment Assurance | ₹52 per ₹1,000 SA per year |
| Anticipated Endowment Assurance | ₹48 per ₹1,000 SA per year |
| Convertible Whole Life Assurance | ₹76 per ₹1,000 SA per year (if not converted to Endowment Assurance). On conversion, the Endowment Assurance bonus rate applies |
| Joint Life Assurance | ₹52 per ₹1,000 SA per year |
| Children Policy | ₹52 per ₹1,000 SA per year |
The PLI Citizen's Charter outlines the commitments, service standards, and turnaround times (TAT) for various PLI services. It ensures transparency and accountability in handling policy-related requests.
| Service Type | Turnaround Time (TAT) |
| Policy Issuance | 15 days |
| Policy Loan Processing | 10 days |
| Maturity Claim Settlement | 30 days |
| Death Claim Settlement | 30-45 days |
| Policy Surrender | Within 15 days |
| Change of Nominee | 10 days |
| Issue of duplicate policy document | 10 days |
| Conversion of policy | 15 days |
India Post offers an online PLI calculator to help policyholders estimate their premium payments and expected returns. Users can get an instant calculation of their policy benefits by entering details such as age, policy type, and sum assured.
Policyholders can access their PLI accounts online through the India Post portal. The login lets users check their policy status, download policy documents and premium due dates, and allow online payments.
Policyholders require different forms for applications, claims, and policy servicing. Follow these steps to download PLI forms:
Visit the official website of India Post.
Go to the "Forms" section under Postal Life Insurance.
Download claim forms, premium payment forms, and policy servicing forms.
PLI premiums can be paid conveniently online through multiple channels, including:
Secure payment gateway for direct premium payments.
Users can link their accounts for seamless transactions.
Cash and cheque payments are accepted at post offices.
PLI provides customer support and grievance redressal mechanisms to ensure a smooth experience for policyholders.
Here are some important guidelines for individuals investing in a Postal Life Insurance (PLI) policy:
Postal Life Insurance (PLI) is one of the most reliable life insurance schemes in India, offering high returns, low premiums, and government-backed security. The PLI scheme post office policies provide comprehensive coverage and financial stability to eligible policyholders. With various options available, checking the postal life insurance plan details ensures that policyholders select the best-suited coverage for their needs.
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