Postal life insurance(PLI) offer a high value policy for the insurant who want to take a PLI policy more than sum assured above Rs.20 lakh. Here we will provide all detail information so that you can procured PLI High-Value Police in easy steps.
What is the Postal life insurance(PLI)- PLI High-Value Policy?
Do you know what is the maximum limit of the PLI Policy? Earlier policy has a maximum sum assured limit of Rs. 20 lakh but in the year 2015, PLI has revised their maximum sum assured limit from Rs.20 lakh to Rs. 50 lakh for all its existing or new insurant with few additional medical tests. Now PLI policy of more than Rs.20 lakh is called a high-value policy either a single policy or aggregate value.
What is the Minimum and limit of a High-value Postal life insurance(PLI) policy?
If you want to purchase a PLI policy of more than 20 Lakh it is called a high-value policy. If you have already an 18 lakh policy and now you want to purchase a policy of a value of Rs.3 lakh then it will also cover under the high-value policy for taking all medical tests.
Eligibility for the high-value Postal life insurance(PLI) policy
All existing PLI policy holders as well as new insurant from the eligible clientele can buy a maxi. or aggregate sum of Rs 50,00,000 policy.
Age limit for taking the High-Value Postal life insurance(PLI) Policy?
The age limit for the high-value PLI Policy will be the same as applicable for existing plans of PLI:-
- Ø Whole Life Assurance (Suraksha) 19-55
- Ø Endowment Assurance (Santhosh) 19-55
- Ø Convertible Whole Life Assurance(Suvidha) 19-50
- Ø Anticipated Endowment Assurance(Sumangal)
- AEA -15yrs Between 19-45
- AEA-20 yrs Between 19-40
- Ø Joint Life Assurance (Yugal Suraksha) 21-45
Financial eligibility for High-Value Postal life insurance(PLI) Policy.
The maxi. SA for high-value PLI policy will be calculated as under:-
- Ø Upto 40 years of Age: S.A(Sum Assured) should be 10 times of Annual income (Gross) subject to a total aggregate of a maxi. 50 lakhs.
- Ø Age After 41 years and above: S.A. should be 7 times of Annual income (Gross) subject to a total aggregate of a maxi. of 50 lakhs.
Proposal form to be used for High-Value Postal life insurance(PLI) Policies.
A common proposal form circulated by the Directorate is to be used for High-Value Policies.
Special medical report to be enclosed for High-Value Postal life insurance(PLI) Policies.
Apart from the routine medical check-up, it’s important to include the following Special Medical Reports when applying for policies with a sum assured exceeding 20 lakhs (combined total of both new and existing policies). Ensure that the test particulars are attached to the proposal form for reference. Check here SBT-13 guide
- Age up to 35 years
- Test for:- ECG, Routine Urine Analysis, SBT-13 & Hb%
- Age:- 36 to 45 years
- Test For:-ECG, Routine Urine Analysis, SBT 13, CTMT & Hemogram
- Age:-46 to 55 years
- Test For:- ECG, Routine Urine Analysis, SBT13, CTMT, Hemogram & HbA1c
- Age 56 years & above in case Revival
- Test For- ECG, Routine Urine Analysis, SBT 13, CTMT, Hemogram, HbA1c & X-ray of the chest
Where these tests are to be conducted?
The tests need to be carried out, and the specialized medical reports must be acquired from established institutions such as Hospitals, Laboratories, Well-known CGHS Approved Private Hospitals, as well as Central and State Medical Institutes. It’s essential that the medical officer endorsing the proposal form also provides their countersignature on the medical reports.
Other items to be attached to the proposal formof Postal life insurance(PLI)
The details regarding the gross salary received by the individual proposing the policy over the past three months should be included in the Proposal form. This information can be acquired from the Pay drawing officer. Download Proforma.
The cost for obtaining special medical reports will be reimbursable.
Initially, the policyholder will cover the expenses for the fees. Upon the approval of the proposal, the insurant will be reimbursed according to the rates sanctioned by CGHS for the tests. The incurred expenditure will then be charged to the PLI fund.
Special reports are required for the revival of high value Postal life insurance(PLI) policies.
If the policy has lapsed and is being reinstated after 3 years, and the combined sum assured of all policies taken or renewed within 3 years from the revival application date exceeds 20 lakhs, then new Special reports will be required to be obtained.
For policies with higher values, the currently applicable premium tables for plans like Endowment Assurance (EA), Anticipated Endowment Assurance (AEA), Whole Life, etc., will continue to be employed. Correspondingly, for policies with a sum assured of up to 50 lakhs, the existing policy bond will remain in use.