PLI BEST POLICY- PLI Endowment Assurance (Santosh)

Main Features of PLI Endowment Assurance (Santosh)

Endowment Assurance Life Insurance Policy Summary

If you are looking for the best PLI policy to buy, then Santosh -Endowment Assurance is one of the most popular plans in Postal Life Insurance. Here we will discuss in detail why Santosh-EA is the most popular policy in PLI in details with all ts key features, premium charts, etc.

The key feature of the Santosh Endowment Assurance Policy is the highest bonus rate. The plan is a with-profit plan, which is known as Endowment Assurance (Santosh)

The Santosh Endowment Assurance Policy stands as the preeminent insurance offering from Postal Life Insurance, India Post. It represents a non-linked, with-profit endowment plan, delivering a threefold benefit encompassing life cover, savings, and tax advantages.

This policy unfolds a lump sum (Sum assured accrued bonus) for the nominee in the event of the policyholder’s untimely demise during the policy term.

Conversely, should the policyholder endure the stipulated period, they are entitled to a maturity amount coupled with accrued bonuses.

The policy’s maturity terms are EA/35, EA/40, EA/45, EA50, EA/55, EA58, and EA/60 years, with premiums payable on an annual, semi-annual, quarterly, or monthly basis.

Notably, monthly premium payments exceeding 6 months attract a 1% rebate, escalating to a 2% rebate for a 12-month advance payment. This rebate mirrors the policy term’s duration.

During the policy term, life cover is assured, and in the unfortunate event of the policyholder’s demise, the sum assured is bequeathed to the nominee.

This setup allows policyholders to garner bonuses for their survival, declared annually by PLI, payable upon maturity or death.

Crucially, the maturity value of Santosh’s endowment assurance enjoys complete tax exemption. Moreover, policyholders possess the option to secure a loan against their policy after three years from inception, capped at 90% of its surrender value, featuring a 10% interest rate compounded semi-annually.

Another notable facet of Santosh Endowment Assurance is its provision for conversion and commutation.

A year into the policy, policyholders can curtail the policy maturity period, decrease the sum assured, alter maturity dates, or reduce the premium amount.

In summation, Santosh Endowment Assurance Policy emerges as a comprehensive insurance strategy amalgamating life cover and savings, distinguished by substantial bonuses and minimal premiums.

Its appeal extends to postal and government employees in India, thanks to its versatile premium payment options.

Furthermore, PLI has broadened the eligibility criteria, now encompassing professionals and graduates for the Santosh Endowment Assurance policy.

The policy’s premium can now be remitted through various channels, including online platforms, the customer portal, the IPPB Mobile app, and the expansive network of 1,55,000 post offices.

A comprehensive exploration of all features of the PLI Santosh policy, including premium calculation, awaits discussion.

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 the PLI Endowment Assurance-Santosh policy. Details of eligibility may be checked here.

#Age And Address Proof:-

We hPLI 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 the 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 up to 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 minimum Sum Assured is Rs 20,000 and the maximum Sum Assured is Rs50 lacs. Additional sum assured in multiple of Rs 10,000/-.

# Conversion & Commutation: –

The policy Term, Sum Assured, and the premium amount can be reduced after completion of one year/after payment of premia for an integral number of years.

# Loan On PLI Endowment Assurance -Santosh Policy: –

A loan facility is available after the completion of three years. More on Loan on PLI Policy

# Surrender On PLI Endowment Assurance Santosh Policy: –

The policy can also be surrendered after the completion of three years. The policy is not eligible for the bonus if surrendered or assigned for a loan before the completion of 5 years. A proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for a loan.

# Nomination And Assignment: –

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 may get the policy canceled within 15 days from the date of delivery at the given address. On such cancellation premium paid by the policyholder will be refunded after deducting medical charges, if any, and proportionate premium till the date of application of cancellation

# 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 be checked 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.

Endowment Assurance Life Insurance Policy Summary

Feature	Description
Type of policy	Endowment Assurance
Coverage:	– Sum assured & accrued bonus upon reaching maturity (35, 40, 45, 50, 55, 58, or 60 years)
	– Full sum assured & accrued bonus to beneficiary in case of death
Eligibility:	– Age: 19-55 years
	– Minimum sum assured: ₹20,000
	– Maximum sum assured: ₹50 lakhs
Benefits:	– Loan facility after 3 years
	– Surrender option after 3 years
	– Bonus eligibility after 5 years
	– Proportionate bonus on reduced sum assured after surrender (if after 5 years)
Latest declared bonus:	₹52 per ₹1,000 sum assured per year

Additional notes:

No bonus if surrendered before 5 years.
Policy details might vary depending on specific plan offered.

Benefits Of PLI Santosh Policy

1. Holistic Financial Shield: The Santosh Endowment Assurance Policy, a flagship offering by Postal Life Insurance, India Post, extends a comprehensive financial safeguard. Encompassing life cover, savings, and tax benefits, it provides a robust shield against unforeseen circumstances.

2. Lump Sum Assurance: In the unfortunate event of the policyholder’s untimely demise during the policy term, the nominee is entitled to a lump sum amount, inclusive of the sum assured and accrued bonuses. This ensures immediate financial support when it is needed the most.

3. Maturity Benefits: For policyholders who navigate the specified policy period successfully, the Santosh Policy offers a maturity amount along with accrued bonuses. This serves as a testament to the policy’s commitment to long-term financial planning and wealth accumulation.

4. Flexible Maturity Terms: Tailoring to individual preferences, the policy provides various maturity term options, ranging from EA/35 to EA/60 years. This flexibility empowers policyholders to align the
policy’s duration with their unique financial goals.

5. Diverse Premium Payment Options: The policy accommodates diverse premium payment frequencies, including annual, semi-annual, quarterly, and monthly. Notably, advantageous rebates are available for advanced premium payments, providing added financial incentives.

6. Life Cover Assurance: Throughout the policy term, Santosh Endowment Assurance guarantees life cover. In the event of the policyholder’s demise, the sum assured is disbursed to the nominee, ensuring financial security for the family.

7. Tax-Free Maturity Value: An attractive feature of the Santosh Policy is the complete tax exemption on its maturity value. This not only enhances the overall returns but also makes it a tax-efficient investment avenue.

8. Loan Facility: After three years from policy commencement, policyholders can avail themselves of a loan against the policy, up to 90% of its surrender value. The competitive 10% interest rate compounded
semi-annually ensures a reasonable borrowing option.

9. Conversion and Commutation Options: Introducing flexibility, policyholders can modify the policy after one year, adjusting maturity periods, sum assured, maturity dates, or premium amounts. This adaptability caters to changing financial circumstances.

10. Extended Eligibility: Beyond traditional beneficiaries, the PLI Santosh Policy now extends its coverage to professionals and graduates. This expansion of eligibility widens the accessibility of the policy, making it an inclusive financial solution.

11. Convenient Premium Payment Channels: Embracing modern convenience, policyholders can now remit premiums through various modes, including online platforms, the customer portal, IPPB Mobile app, and the extensive network of 1,55,000 post offices.

In essence, the PLI Santosh Policy emerges as a multifaceted financial instrument, seamlessly blending protection, savings, and tax advantages. Its array of benefits is tailored to meet the diverse needs of policyholders, making it a prudent choice for long-term financial planning.

PLI Premium tables – Endowment Assurance- Monthly, Quarterly, Half Yearly & Yearly in PDF ⇓

How to calculate PLI premium Online:-

Premium Calculation for PLI Endowment
Assurance (Santosh) Plan

Insulant’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

PLI BEST POLICY- PLI Endowment Assurance (Santosh)