Which is Best PLI Plan -|Endowment Assurance (Santosh)
The Assurance Policy in PLI known as Santosh is the PLI BEST POLICY among the 6 Plans offered by Postal Life Insurance. One of the best benefits of the Santosh Endowment Assurance Policy is the highest bonus rate. The plan is a with-profit plan, which PLI Endowment Assurance (Santosh)
Santosh Endowment Assurance Policy is the most popular insurance plan offered by Postal Life Insurance, India Post. It is a non-linked, with-profit, endowment plan that provides triple benefit life cover, savings, and tax rebate.
This policy provides a lump sum amount (Sum assured +accrued bonus) to the nominee in case of the policyholder’s sudden death during the term of the policy. If the policyholder survives the policy specified period, they receive a maturity amount along with accrued bonuses.
The policy maturity term for Santosh Endowment Assurance Policy is EA/35, EA/40, EA/45, EA50, EA/55, EA58 and EA/60 years, and PLI premiums can be paid annually mode, half-yearly mode, quarterly mode, or monthly mode. In the case of the monthly premium, if the advance premium is paid for more than 6 months, a 1% rebate, and in case the premium is paid for 12 months, a 2% rebate is paid. The premium payment term remains the same as the policy term.
The policy provides a life cover during the policy term, and the sum assured is payable to the nominee in case of the policyholder’s death.h means that policyholders are eligible to receive bonuses for their survival. Simple annual Bonuses are declared by PLI from time to time and are payable on maturity or death.
The maturity value of Santosh’s endowment assurance is totally tax-free. Additionally, policyholders can also avail of a loan against their policy after 3 years from the commencement of the policy up to 90% of its surrender value having 10% interest rate compound half yearly.
Another feature of this Santosh Endowment Assurance is conversion and commutation. After one year of policy inception policyholder can decrease the policy maturity period, can decrease the sum assured or change the maturity dates, can reduce the premium amount.
In conclusion, Santosh Endowment Assurance Policy is a wide-ranging insurance plan that provides both life cover and savings with the highest bonus and low premium. It is a popular choice among postal employees and government employees, in India due to its flexible premium payment options.
More of the existing eligibility criteria have been extended by the PLI now and allow professionals, and graduates are also eligible for this Santosh Endowment assurance policy. The premium of this policy can be deposited now through various modes like online through the customer portal, IPPB Mobile app, and available 1,55,000 post offices. Now we will discuss the all features of PLI Santosh policy in detail including its premium calculation.
Main Features of PLI Endowment Assurance (Santosh)
# Eligibility For PLI Endowment Assurance -Santosh
All existing policy holders as well as new insurant from the eligible clientele of PLI can buy PLI Endowment Assurance-Santosh policy. Details of eligibility may be checked here.
#Age And Address Proof:-
PLI has already described the list of important documents valid for age proof and address proof. The same can be checked here
# Age At Entry:
Mini. age at entry is 19 years and the maxi. age at entry is 55 years on next birthday.
# Flexible Premium Payment/ Maturity Terms: –
Premium ceasing/Maturity age at 35,40,45,50, 55, 58 & 60 yrs.
# Premium Payment Mode:-
Yearly, Half Yearly, Quarterly, Monthly
# Premium Payment Options:-
Online through PLI Customer Portal, Through IPPB App/Standing Instructions, Salary deduction, Cash in any Post office in India.
# Due Date Of Payment Of Premia:
The premium shall be paid in advance on the first day of each month. However, the grace period is allowed upto the last working day of the month.
# Lapsing Of Policy:
PLI Endowment Assurance-Santosh policy shall be treated as void or lapsed in accordance with Rule 56 or 57 of Post Office Life Insurance Rules-2011, as the case may be, in case the policyholder fails to pay the premium/ premia that has/ have become due against his/ her policy within the period of grace.
# Revival Of Discontinued Policy: –
A discontinued PLI policy can be revived within 5 years of the last unpaid premium. The detailed process of revival can be checked here.
#Minimum and Maximum Sum Assured: –
The mini. Sum Assured is Rs 20,000 and the maxi. Sum Assured is Rs50 lacs. Additional sum assured in multiple of Rs 10,000/-.
The PLI policy Maturity Term, Sum Assured, and the payble premium amount can be reduced after completion of one year/after payment of premia for an integral number of years.
A loan facility is available after the completion of three years. More on Loan on PLI Policy
You may consider surrendering the policy after it has been in effect for a period of three years. However, it’s important to note that if you have assigned the policy or taken a loan against the policy within five years before its completion, you won’t be eligible for any bonus. so, if you do surrender the policy under these circumstances, you may still be eligible for a proportionate bonus based on the reduced sum assured if the policy has been assigned for a loan or surrendered.
Nomination and Assignment facilities are available under this plan. Insurant must make a nomination at the time of purchase of a policy. PLI policy can be assigned.
# Free Look Period:
The policyholder has a choice to cancel the policy within 15 days from the date of delivery at the specified address. If the policy is canceled during this period, the initial premium paid by the PLI policyholder will be refunded after deducting any applicable medical charges and a proportionate premium based on the duration until the cancellation request is received.
# Intimation Of Change Of Address:
The policyholder is advised in his/ her interest to keep PLI Office of the nearest Central Processing Centre (GPO/ Head Post Office) informed of the change of address and/ or his contact number. The PLI Address change request form can check here.
# Non-medical Policy:-
a) Any person whose age on the next birthday does not exceed 40 years for a sum assured up to Rs. 5 lakhs.
b) The sum assured does not exceed Rs.2,00,000/-
c) The medical history of the proponent does not reveal any adverse features.
However, in case of the death of a policyholder having a non-medical policy before 3yrs, the death claim will be payable in some proportionate. It is always better to buy a policy after medical.
# Rebates on Advance Premia: –
In case of policies where premia are payable on a monthly basis, the insurant may pay premia for several months in advance to avail of the facility of rebate:-
i) A rebate @ 2% shall be allowed if the premia for 12 months are paid in advance.
ii) A rebate @ 1% shall be allowed if the premia for 6 months are paid in advance.
Premium tables
POSTAL LIFE INSURANCE
ENDOWMENT ASSURANCES
(MONTHLY PREMIUMS FOR AN ASSURANCE OF Rs.10,000/-)
|
Age at Entry
|
Policy Maturity at the age
|
||||||
|
35 Yrs INR
|
40 Yrs INR
|
45 Yrs36 INR
|
50 Yrs INR
|
55 Yrs INR
|
58 Yrs INR
|
60 Yrs INR
|
|
|
19
|
52
|
38
|
30
|
24
|
20
|
18
|
18
|
|
20
|
54
|
40
|
32
|
26
|
20
|
20
|
18
|
|
21
|
58
|
42
|
32
|
26
|
22
|
20
|
18
|
|
22
|
64
|
44
|
34
|
28
|
22
|
20
|
20
|
|
23
|
70
|
48
|
36
|
28
|
24
|
20
|
20
|
|
24
|
76
|
52
|
38
|
30
|
24
|
22
|
20
|
|
25
|
84
|
54
|
40
|
32
|
26
|
22
|
22
|
|
26
|
94
|
58
|
42
|
32
|
26
|
24
|
22
|
|
27
|
106
|
64
|
44
|
34
|
28
|
24
|
24
|
|
28
|
122
|
70
|
48
|
36
|
28
|
26
|
24
|
|
29
|
144
|
76
|
52
|
38
|
30
|
26
|
26
|
|
30
|
172
|
84
|
56
|
40
|
32
|
28
|
26
|
|
31
|
–
|
94
|
60
|
42
|
34
|
30
|
28
|
|
32
|
–
|
106
|
64
|
46
|
34
|
30
|
28
|
|
33
|
–
|
122
|
70
|
48
|
36
|
32
|
30
|
|
34
|
–
|
144
|
76
|
52
|
38
|
34
|
30
|
|
35
|
–
|
172
|
84
|
56
|
40
|
36
|
32
|
|
36
|
–
|
–
|
94
|
60
|
44
|
38
|
34
|
|
37
|
–
|
–
|
106
|
64
|
46
|
40
|
36
|
|
38
|
–
|
–
|
122
|
70
|
50
|
42
|
38
|
|
39
|
–
|
–
|
144
|
78
|
52
|
44
|
40
|
|
40
|
–
|
–
|
174
|
86
|
56
|
46
|
42
|
|
41
|
–
|
–
|
–
|
96
|
60
|
50
|
44
|
|
42
|
–
|
–
|
–
|
108
|
66
|
54
|
48
|
|
43
|
–
|
–
|
–
|
124
|
72
|
58
|
50
|
|
44
|
–
|
–
|
–
|
144
|
78
|
62
|
54
|
|
45
|
–
|
–
|
–
|
174
|
86
|
66
|
58
|
|
46
|
–
|
–
|
–
|
–
|
96
|
72
|
62
|
|
47
|
–
|
–
|
–
|
–
|
110
|
80
|
68
|
|
48
|
–
|
–
|
–
|
–
|
126
|
88
|
74
|
|
49
|
–
|
–
|
–
|
–
|
146
|
98
|
80
|
|
50
|
–
|
–
|
–
|
–
|
176
|
110
|
88
|
|
51
|
–
|
–
|
–
|
–
|
–
|
130
|
104
|
|
52
|
–
|
–
|
–
|
–
|
–
|
150
|
118
|
|
53
|
–
|
–
|
–
|
–
|
–
|
178
|
132
|
|
54
|
–
|
–
|
–
|
–
|
–
|
–
|
152
|
|
55
|
–
|
–
|
–
|
–
|
–
|
–
|
180
|
- For SA RS. 20,000/- a rebate of INR 1/- Per month is admissible on the premium.
- For ‘age at entry’ the age on the next birthday will be taken for fixing premium.
- For taking policy mini.age at entry will be 19 years & maximum 55 years
· A Rebate of 2% of the Premium is allowed on the annual premium & 1% on half year premium
TABLE-II-A
POST OFFICE INSURANCE FUND
ENDOWMENT ASSURANCES
(QUARTERLY PREMIUMS FOR AN ASSURANCE OF Rs.10,000/-)
|
Age at Entry
|
Policy Maturity at the age
|
||||||
|
35 Yrs INR
|
40 Yrs INR
|
45 Yrs36 INR
|
50 Yrs INR
|
55 Yrs INR
|
58 Yrs INR
|
60 Yrs INR
|
|
|
19
|
155.8
|
113.8
|
89.8
|
72
|
60
|
54
|
54
|
|
20
|
161.6
|
119.8
|
95.8
|
78
|
60
|
60
|
54
|
|
21
|
173.6
|
125.8
|
95.8
|
78
|
66
|
60
|
54
|
|
22
|
191.6
|
131.8
|
101.8
|
83.8
|
66
|
60
|
60
|
|
23
|
209.6
|
143.8
|
107.8
|
83.8
|
72
|
60
|
60
|
|
24
|
227.6
|
155.8
|
113.8
|
89.8
|
72
|
66
|
60
|
|
25
|
251.4
|
161.6
|
119.8
|
95.8
|
78
|
66
|
66
|
|
26
|
281.4
|
173.6
|
125.8
|
95.8
|
78
|
72
|
66
|
|
27
|
317.4
|
191.6
|
131.8
|
101.8
|
83.8
|
72
|
72
|
|
28
|
365.2
|
209.6
|
143.8
|
107.8
|
83.8
|
78
|
72
|
|
29
|
431
|
227.6
|
155.8
|
113.8
|
89.8
|
78
|
78
|
|
30
|
514.8
|
251.4
|
167.6
|
119.8
|
95.8
|
83.8
|
78
|
|
31
|
281.4
|
179.6
|
125.8
|
101.8
|
89.8
|
83.8
|
|
|
32
|
317.4
|
191.6
|
137.8
|
101.8
|
89.8
|
83.8
|
|
|
33
|
365.2
|
209.6
|
143.8
|
107.8
|
95.8
|
89.8
|
|
|
34
|
431
|
227.6
|
155.8
|
113.8
|
101.8
|
89.8
|
|
|
35
|
514.8
|
251.4
|
167.6
|
119.8
|
107.8
|
95.8
|
|
|
36
|
281.4
|
179.6
|
131.8
|
113.8
|
101.8
|
||
|
37
|
317.4
|
191.6
|
137.8
|
119.8
|
107.8
|
||
|
38
|
365.2
|
209.6
|
149.8
|
125.8
|
113.8
|
||
|
39
|
431
|
233.6
|
155.8
|
131.8
|
119.8
|
||
|
40
|
520.8
|
257.4
|
167.6
|
137.8
|
125.8
|
||
|
41
|
287.4
|
179.6
|
149.8
|
131.8
|
|||
|
42
|
323.2
|
197.6
|
161.6
|
143.8
|
|||
|
43
|
371.2
|
215.6
|
173.6
|
149.8
|
|||
|
44
|
431
|
233.6
|
185.6
|
161.6
|
|||
|
45
|
520.8
|
257.4
|
197.6
|
173.6
|
|||
|
46
|
287.4
|
215.6
|
185.6
|
||||
|
47
|
329.2
|
239.6
|
203.6
|
||||
|
48
|
377.2
|
263.4
|
221.6
|
||||
|
49
|
437
|
293.4
|
239.6
|
||||
|
50
|
526.8
|
329.2
|
263.4
|
||||
|
51
|
389.2
|
311.4
|
|||||
|
52
|
449
|
353.2
|
|||||
|
53
|
532.8
|
395.2
|
|||||
|
54
|
455
|
||||||
|
55
|
538.8
|
||||||
· The amount of net premium worked out according to the term opted by a proponent should be rounded off to the next rupee.
- For S. A Rs. 20,000/- a rebate of INR 3/- Per quarter is admissible on premium.
- For of ‘age at entry’ the age on the next birthday will be taken for fixing premium.
- For taking policy mini. age at entry will be 19 years & maximum 55 years
TABLE-II-B
POST OFFICE INSURANCE FUND
ENDOWMENT ASSURANCES
(HALF-YEARLY PREMIUMS FOR AN ASSURANCE OF Rs.10,000/-)
|
Age at Entry
|
Policy Maturity at the age
|
||||||
|
35 Yrs INR
|
40 Yrs INR
|
45 Yrs36 INR
|
50 Yrs INR
|
55 Yrs INR
|
58 Yrs INR
|
60 Yrs INR
|
|
|
19
|
307.4
|
224.6
|
177.4
|
142
|
118.4
|
106.4
|
106.4
|
|
20
|
319.2
|
236.6
|
189.2
|
153.8
|
118.4
|
118.4
|
106.4
|
|
21
|
342.8
|
248.4
|
189.2
|
153.8
|
130.2
|
118.4
|
106.4
|
|
22
|
378.4
|
260.2
|
201
|
165.6
|
130.2
|
118.4
|
118.4
|
|
23
|
413.8
|
283.8
|
212.8
|
165.6
|
142
|
118.4
|
118.4
|
|
24
|
449.2
|
307.4
|
224.6
|
177.4
|
142
|
130.2
|
118.4
|
|
25
|
496.6
|
319.2
|
236.6
|
189.2
|
153.8
|
130.2
|
130.2
|
|
26
|
555.6
|
342.8
|
248.4
|
189.2
|
153.8
|
142
|
130.2
|
|
27
|
626.6
|
378.4
|
260.2
|
201
|
165.6
|
142
|
142
|
|
28
|
721.2
|
413.8
|
283.8
|
212.8
|
165.6
|
153.8
|
142
|
|
29
|
851.2
|
449.2
|
307.4
|
224.6
|
177.4
|
153.8
|
153.8
|
|
30
|
1016.6
|
496.6
|
331
|
236.6
|
189.2
|
165.6
|
153.8
|
|
31
|
555.6
|
354.8
|
248.4
|
201
|
177.4
|
165.6
|
|
|
32
|
626.6
|
378.4
|
272
|
201
|
177.4
|
165.6
|
|
|
33
|
721.2
|
413.8
|
283.8
|
212.8
|
189.2
|
177.4
|
|
|
34
|
851.2
|
449.2
|
307.4
|
224.6
|
201
|
177.4
|
|
|
35
|
1016.6
|
496.6
|
331
|
236.6
|
212.8
|
189.2
|
|
|
36
|
555.6
|
354.8
|
260.2
|
224.6
|
201
|
||
|
37
|
626.6
|
378.4
|
272
|
236.6
|
212.8
|
||
|
38
|
721.2
|
413.8
|
295.6
|
248.4
|
224.6
|
||
|
39
|
851.2
|
461
|
307.4
|
260.2
|
236.6
|
||
|
40
|
1028.4
|
508.4
|
331
|
272
|
248.4
|
||
|
41
|
567.4
|
354.8
|
295.6
|
260.2
|
|||
|
42
|
638.4
|
390.2
|
319.2
|
283.8
|
|||
|
43
|
733
|
425.6
|
342.8
|
295.6
|
|||
|
44
|
851.2
|
461
|
366.6
|
319.2
|
|||
|
45
|
1028.4
|
508.4
|
390.2
|
342.8
|
|||
|
46
|
567.4
|
425.6
|
366.6
|
||||
|
47
|
650.2
|
473
|
402
|
||||
|
48
|
744.8
|
520.2
|
437.4
|
||||
|
49
|
863
|
579.2
|
473
|
||||
|
50
|
1040.2
|
650.2
|
520.2
|
||||
|
51
|
768.4
|
614.8
|
|||||
|
52
|
886.6
|
697.4
|
|||||
|
53
|
1052
|
780.2
|
|||||
|
54
|
898.4
|
||||||
|
55
|
1064
|
||||||
· The amount of net premium worked out according to the term opted by a proponent should be rounded off to the next rupee.
- For S.A Rs. 20,000/- a rebate of INR 6/- Per half year is admissible on premium.
- For ‘age at entry’ the age on the next birthday will be taken for fixing premium.
- For taking policy mini ge at entry will be 19 years & maximum 55 years
TABLE-II-C
POST OFFICE INSURANCE FUND
ENDOWMENT ASSURANCES
(YEARLY PREMIUMS FOR AN ASSURANCE OF Rs.10,000/-)
|
Age at Entry
|
Policy Maturity at the age
|
||||||
|
35 Yrs INR
|
40 Yrs INR
|
45 Yrs36 INR
|
50 Yrs INR
|
55 Yrs INR
|
58 Yrs INR
|
60 Yrs INR
|
|
|
19
|
605.4
|
442.4
|
349.4
|
279.4
|
233
|
209.6
|
209.6
|
|
20
|
628.6
|
465.8
|
372.6
|
302.8
|
233
|
233
|
209.6
|
|
21
|
675.2
|
489
|
372.6
|
302.8
|
256.2
|
233
|
209.6
|
|
22
|
745
|
512.2
|
395.8
|
326
|
256.2
|
233
|
233
|
|
23
|
815
|
558.8
|
419.2
|
326
|
279.4
|
233
|
233
|
|
24
|
884.8
|
605.4
|
442.4
|
349.4
|
279.4
|
256.2
|
233
|
|
25
|
977.8
|
628.6
|
465.8
|
372.6
|
302.8
|
256.2
|
256.2
|
|
26
|
1094.2
|
675.2
|
489
|
372.6
|
302.8
|
279.4
|
256.2
|
|
27
|
1234
|
745
|
512.2
|
395.8
|
326
|
279.4
|
279.4
|
|
28
|
1420.2
|
815
|
558.8
|
419.2
|
326
|
302.8
|
279.4
|
|
29
|
1676.2
|
884.8
|
605.4
|
442.4
|
349.4
|
302.8
|
302.8
|
|
30
|
2002.2
|
977.8
|
652
|
465.8
|
372.6
|
326
|
302.8
|
|
31
|
1094.2
|
698.6
|
489
|
395.8
|
349.4
|
326
|
|
|
32
|
1234
|
745
|
535.6
|
395.8
|
349.4
|
326
|
|
|
33
|
1420.2
|
815
|
558.8
|
419.2
|
372.6
|
349.4
|
|
|
34
|
1676.2
|
884.8
|
605.4
|
442.4
|
395.8
|
349.4
|
|
|
35
|
2002.2
|
977.8
|
652
|
465.8
|
419.2
|
372.6
|
|
|
36
|
1094.2
|
698.6
|
512.2
|
442.4
|
395.8
|
||
|
37
|
1234
|
745
|
535.6
|
465.8
|
419.2
|
||
|
38
|
1420.2
|
815
|
582.2
|
489
|
442.4
|
||
|
39
|
1676.2
|
908
|
605.4
|
512.2
|
465.8
|
||
|
40
|
2025.4
|
1001.2
|
652
|
535.6
|
489
|
||
|
41
|
1117.6
|
698.6
|
582.2
|
512.2
|
|||
|
42
|
1257.2
|
768.4
|
628.6
|
558.8
|
|||
|
43
|
1443.4
|
838.2
|
675.2
|
582.2
|
|||
|
44
|
1676.2
|
908
|
721.8
|
628.6
|
|||
|
45
|
2025.4
|
1001.2
|
768.4
|
675.2
|
|||
|
46
|
1117.6
|
838.2
|
721.8
|
||||
|
47
|
1280.6
|
931.4
|
791.6
|
||||
|
48
|
1466.8
|
1024.4
|
861.4
|
||||
|
49
|
1699.6
|
1140.8
|
931.4
|
||||
|
50
|
2048.8
|
1280.6
|
1024.4
|
||||
|
51
|
1513.4
|
1210.6
|
|||||
|
52
|
1746.2
|
1373.6
|
|||||
|
53
|
2072
|
1536.6
|
|||||
|
54
|
1769.4
|
||||||
|
55
|
2095.4
|
||||||
· The amount of net premium worked out according to the term opted by a proponent should be rounded off to the next rupee.
- For S.A Rs, 20,000/- a rebate of INR 12/- Per year is admissible on premium.
- For age at entry’ the age on the next birthday will be taken for fixing premium.
- For taking policy mini. age at entry will be 19 years & maximum 55 years
Premium Calculation for PLI Endowment Assurance (Santosh) Plan
Insurant’s Age on next Birthday :26 years
Age on Maturity:60 years
Sum Assured:₹ 5,00,000
Policy Tenure:34 years
Bonus Rate at present:₹ 52/- per ₹ 1000 sum assured per year
Premium without GST
₹ 1,075 Monthly [1100 – 25(rebate)]
₹ 3,225 Quarterly [3300 – 75(rebate)]
₹ 6,360 Half-yearly [6510 – 150(rebate)]
₹ 12,510 Yearly [12810 – 300(rebate)]
*as on today (i.e. 03/05/2023)
First-Year Premium (with GST)
|
Mode |
Premium |
GST @4.5% |
Net Premium |
|
Monthly |
₹ 1,075 |
₹ 48 |
₹ 1,123 |
|
Quarterly |
₹ 3,225 |
₹ 145 |
₹ 3,370 |
|
Half-yearly |
₹ 6,360 |
₹ 286 |
₹ 6,646 |
|
Yearly |
₹ 12,510 |
₹ 563 |
₹ 13,073 |
Renewal Premium (with GST)
|
Mode |
Premium |
GST @2.25% |
Net Premium |
|
Monthly |
₹ 1,075 |
₹ 24 |
₹ 1,099 |
|
Quarterly |
₹ 3,225 |
₹ 73 |
₹ 3,298 |
|
Half-yearly |
₹ 6,360 |
₹ 143 |
₹ 6,503 |
|
Yearly |
₹ 12,510 |
₹ 281 |
₹ 12,791 |
Maturity Details
Policy Maturity Date :05/05/2057
Sum Assured:₹ 5,00,000
Bonus:₹ 8,84,000
Terminal Bonus:₹ 1,000
Maturity Value:₹ 13,85,000
Total Amount Paid (without GST/with GST)
|
Mode |
Total Premium |
Total GST |
Total Amount |
|
Monthly |
₹ 4,38,600 |
₹ 10,080 |
₹ 4,48,680 |
|
Quarterly |
₹ 4,38,600 |
₹ 10,216 |
₹ 4,48,816 |
|
Half-yearly |
₹ 4,32,480 |
₹ 10,010 |
₹ 490 |
|
Yearly |
₹ 4,25,340 |
₹ 9,836 |
₹ 4,35,176 |