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PLI Santosh policy was introduced in 1884 as part of Postal Life Insurance policies. It is an endowment assurance scheme available for purchase in Post Offices across the country. Life cover under this policy is offered till the time the policyholder reaches the pre-determined age of maturity.
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PLI Santosh Plan is an endowment-based life assurance offering by Postal Life Insurance. The policy offers insurance cover against the death of the life assured till she/he attains the age pre-determined at the time of policy inception. The life assured can choose for the policy to mature at the age of 35, 40, 45, 50, 55, 58, or 60 years. The maturity age of the policy chosen upon policy issuance can be extended to mature at another age.
The entire sum assured on death is payable to the nominees/legal heirs along with accrued bonuses.
Policyholders are entitled to bonuses at a rate of Rs. 52 per Rs. 1000 sum assured.
The policy can be surrendered after a period of 3 years.
The bonus amount shall not ply if the policy is surrendered before 5 policy years.
The loan facility can be availed against the acquired surrender value after 3 years.
The maximum loan that can be availed of is 90% of the surrender value.
PLI Santosh interest rate against the loan availed has to be paid half-yearly. The interest rate charged is 10%.
For a sum assured above Rs. 1 Lakh, a medical examination is compulsory.
| Criteria | Minimum | Maximum |
| Entry Age | 19 years | 55 years |
| Maturity Age | 35, 40, 45, 50, 55, 58, or 60 years | |
| Loan Facility | NA | 90% of the Surrender Value |
| Sum Assured | Rs. 20,000 | Rs. 50 Lakhs |
| Who can buy? | Employees belonging to the following organizations/services:
|
|
Death Benefit - On the death of the life assured the policy offers the entire death benefit amount to the assigned nominees. The nominees are required to intimate the insurer about the death within a stipulated time with proper documentation to claim the benefit. The amount is payable along with accrued bonuses at the rate described above.
Maturity Benefit - The sum assured on maturity is payable to the policyholder if she/he survives till the pre-determined age of maturity. The maturity benefit is payable along with the accrued bonus amount.
Nomination / Assignment - The policyholder should assign a member at the time of policy inception to claim the benefit amount. If the assignee is a minor, a guardian must be appointed to claim the benefit in the name of the child.
Policy Lapse - The policy shall lapse on the failure of due premium payments within the grace period. However, the policyholder may reinstate the policy within 6-12 months from the date of the first unpaid premium by paying all the due premiums along with interest. PLI Santosh can be reinstated as many times as the policyholder wishes within the policy term.
Policy Revival - The policy can still be revived before maturity if it crosses the reinstatement period. This can be done on the submission of the following:
An application to the Postmaster General / Head of Division / Postmaster of the nearest Central Processing Centre (GPO / Head Post Office).
Payment of all arrears of outstanding premiums plus interest
Proof of insurability from an authorized medical examiner
Certificate from the employer as proof that the policyholder was not on medical leave
Free look Period - The policyholder may choose to cancel the policy within 15 days from the date of policy issuance. In such cases, the premiums paid are returned back to the policyholder.
You can either use the India Post Payments Bank’s (IPPB) mobile application called Postinfo or the official website of India Post. There is a PLI Santosh premium calculator tool on these platforms that allow you to estimate premium quotes prior to purchase. Here is a step-by-step guide on calculating the premiums using the PLI Santosh premium calculator. And similarly, term policy calculator can be used to calculate the term insurance premium rates.
Visit the website of India Post and click on Postal Life Insurance.
You shall be redirected to an external page; click on OK to proceed.
Scroll to ‘Purchase a Policy’ and click on ‘Quote’ from the available functions.
Enter the requested fields, including contact details, date of birth, gender, residence, sum assured, etc.
Under Product Type, select PLI.
Under Product Name, select Santosh.
Select the Age at Maturity from the options per your convenience. This is the age at which the policy will mature.
Enter the letters as shown in the captcha below.
This will give you the monthly, quarterly, half-yearly, and yearly premium quotes against the sum assured opted for.
If you are comfortable with the premiums, you can proceed to buy the cover by clicking on Select.
If not, you can scroll down and click on Recalculate to calculate and compare quotes of other policies or change the features, sum assured, etc.
The following is the PLI Santosh premium chart displaying half-yearly premium quotes for a sum assured of Rs. 20,000 across different maturity ages.
| Entry Age | Maturity Age | ||||||
| 35 years | 40 years | 45 years | 50 years | 55 years | 58 years | 60 years | |
| 25 years | Rs. 1105 | Rs. 1338 | Rs. 966 | Rs. 372 | Rs. 302 | Rs. 278 | Rs. 254 |
| 30 years | NA | Rs. 1105 | Rs. 704 | Rs. 491 | Rs. 396 | Rs. 349 | Rs. 325 |
| 35 years | NA | NA | Rs. 1105 | Rs. 704 | Rs. 514 | Rs. 443 | Rs. 396 |
| 40 years | NA | NA | NA | Rs. 1129 | Rs. 704 | Rs. 585 | Rs. 514 |
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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