Explain the different schemes of Life Insurance available at Post Offices.
Answers
Answer:
Explanation:
Postal Life Insurance (PLI) is the oldest insurance company on India. It was formed on 1st February 1884 under the British rule.
It is the only insurer which provides greater returns and charges lowest premium for any product in Indian Life Insurance market.
The following are some the schemes of Life Insurance available at Post Offices:
Whole life insurance(Suraksha):
This insurance plan provides coverage to the insured till it reaches the age of 88 years.
Endowment Assurance (Santosh):
This plan assure a guaranteed sum along with accrued bonus on maturity.
Convertible Whole Life Insurance( Suvidha):
A Postal life insurance can be changed into an Endowment policy after five years.
Anticipated Endowment Assurance(Sumangal):
This is a money back policy backed with two options provided by the postal life insurance services. The two options are 15 year money back policy and 20 year money back policy.
Yugal Suruksha(Joint Life Endowment Assurance):
It is a plan under which a couple in which one of them is covered under the Postal life insurance plan.
Children Policy(Bal Jeevan Bima):
Under this plan the children of the individual is insured who is taken a Postal life Insurance plan.
Hope this helps.
Answer:
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