Planning Your Future Together? Try Our Joint Life Assurance Calculator!
Are you and your spouse looking for a way to safeguard your family’s financial future? Look no further! Our Joint Life Assurance calculator is designed to help couples like you explore a unique insurance policy that provides comprehensive coverage at an affordable cost.
This PLI Calculator-Joint Life Assurance is designed specifically for couples where one spouse qualifies for Postal Life Insurance (PLI) schemes. It takes into account your individual needs and helps you determine the most suitable coverage amount (sum assured) within the allowed range of ₹20,000 to ₹50 lakh.
With this calculator, you can explore various policy term lengths (from 5 to 20 years) to find the perfect fit for your financial goals. The calculator also considers your age (between 21 and 45 years) to ensure you get the most accurate results.
Here’s what you can achieve with our calculator:
- Estimate premiums: Get a preliminary idea of the one-time premium you might need to pay to activate the policy.
- Death benefit visibility: See how much your surviving spouse would receive in case of your or your partner’s passing.
- Plan for the future: Explore how accumulated bonuses can potentially increase the payout amount over time.
PLI Calculator-Joint Life Assurance (Yugal Surksha)
Joint Life Endowment Assurance (Yugal Surksha) with PLI Eligibility
A Joint Life Endowment Assurance plan provides life coverage for two spouses under a single policy. It’s specifically designed for couples where at least one spouse qualifies for Postal Life Insurance (PLI) schemes. Here’s a breakdown of the key features:
Death Benefit:
- Coverage for Both Spouses: In the unfortunate event of either spouse’s passing, the surviving partner receives the full “sum assured” amount along with any accumulated bonuses. This ensures financial security for the surviving spouse.
- Single Premium: You only need to pay a one-time premium to activate the policy for both spouses, making it a convenient and cost-effective option.
Eligibility and Coverage:
- Minimum and Maximum Sum Assured: The minimum amount of life insurance coverage (sum assured) is ₹20,000, while the maximum is a substantial ₹50 lakh. This allows you to choose a coverage level that aligns with your financial needs.
- Age Restrictions: Both spouses must be between 21 and 45 years old at the time of policy purchase. Additionally, the older spouse cannot be older than 45 years old to ensure coverage validity throughout the policy term.
Policy Term and Flexibility:
- Term Length: You can choose a policy term that suits your planning horizon. The minimum term is 5 years, and the maximum extends to 20 years, offering flexibility to match your financial goals.
- Loan Facility: After 3 years from policy initiation, you can avail of a loan against the policy’s surrender value. This provides access to emergency funds if needed.
- Surrender Option: Provision to surrender the policy after 3 years. However, surrendering before 5 years disqualifies you from receiving any bonus benefits. In case of surrender after 5 years, a proportionate bonus based on the reduced sum assured is provided.
Bonus and Benefits:
- Declared Bonus: As of now, the plan offers a bonus of ₹52 per ₹1,000 sum assured per year. This bonus amount is subject to change based on the company’s performance. The accumulated bonus is added to the sum assured payout in case of death or policy maturity.
This plan is best suited for couples where at least one spouse qualifies for Postal Life Insurance (PLI) schemes.
By opting for this Joint Life Endowment Assurance, you and your spouse can secure your financial future together. The plan offers comprehensive life coverage, flexibility in terms, and the potential to grow your savings with accumulated bonuses.
This calculator is based on the premium table available on the Indiapost Website. All other Calculators
1. What is Postal Life Insurance (PLI)’s Joint Life Assurance Policy?
PLI’s Yugal Suraksha is a life insurance policy that covers two lives (typically spouses) under a single premium. This means the policy pays out a sum assured upon the death of either spouse or on survival to the main policyholder.
2. Who is eligible for a Yugal Suraksha policy?
At least one spouse needs to be eligible for the PLI scheme (government employees, specific organizations, Professional).
3. What is the minimum and maximum sum assured for this policy?
The minimum sum assured is ₹20,000 and the maximum is ₹50,00,000.
4. What happens if one spouse dies under this policy?
The surviving spouse receives the sum assured amount.
5. Are there any maturity benefits with this policy?
Yes, on completion of the policy period, a maturity benefit to the main policyholder will be provided.
6. When do the bonuses start accruing on this policy?
Bonuses are declared yearly, but on surrender the bonus benefit is only available after five policy years. The last exit year bonuses are not payable normally in insurance policies.
7. Can I take a loan against my Yugal Suraksha policy?
Yes, loan facilities are available after three policy years.
8. What are the premium payment options for this policy?
You can choose to pay premiums monthly mode only, however, you can pay advance premiums for half a year or annual basis to get be 1% and 2% rebate respectively.
9. Where can I get more information on Yugal Suraksha?
You can visit your local post office or check the India Post website for details and brochures.
10. How does Yugal Suraksha compare to similar joint life insurance policies offered by other companies?
PLI is known for offering competitive premiums and potentially higher bonuses compared to some private insurance companies. However, it’s advisable to compare plans and features before making a decision.
11. Can I convert my Yugal Surksha policy in some circumstances?
Yes, in case of divorce, you can convert your Yugal Surksha policy into endowment assurance.