Postal Life Insurance: In an era where private insurance companies often charge steep premiums for limited benefits, Postal Life Insurance (PLI) stands out as a government-backed scheme offering exceptional value. Known for its generous bonus rates and reliable features, PLI continues to be a preferred option for those seeking robust financial protection without breaking the bank.
As India’s oldest life insurance programme, PLI was launched on February 1, 1884, initially as a welfare measure for postal employees. It was later extended to Telegraph Department staff in 1888 and, notably, became the first insurer to cover female employees in 1894 — at a time when no private company offered such protection.
Over the decades, eligibility has broadened significantly. Today, PLI covers central and state government employees, defence and paramilitary personnel, public sector undertaking staff, professionals from recognised bodies, and employees of scheduled commercial banks. Administered by the Department of Posts under the Ministry of Communications, the scheme now offers coverage up to ₹50 lakh, starting from as early as age 19.
One of the standout plans is the Yugal Suraksha (Joint Life Assurance) policy, tailored for married couples. This joint-life endowment plan provides coverage for both spouses under a single policy, ensuring financial security for the family.
Key Features of Yugal Suraksha Policy:
– Age Eligibility: The couple must be between 21 and 45 years.
– The primary policyholder (senior in terms of eligibility) should not exceed 45 years.
– Policy Term: Minimum 5 years, maximum 20 years.
– Eligibility Requirement: At least one spouse must qualify for standard PLI policies.
– Sum Assured: Minimum ₹20,000, maximum ₹50 lakh.
– Premium and Benefits: Offers lower premiums compared to individual policies, with attractive bonuses accrued. The full sum assured plus bonus is payable on maturity or upon the death of either spouse (premium payments cease after one spouse’s demise).
– Additional Perks: Loan facility available after three years.
PLI’s appeal lies in its combination of low premiums, high bonus declarations (among the best in the industry), and tax benefits under Section 80C. For those prioritising trust, affordability, and long-term returns, this century-old scheme remains a compelling alternative in today’s competitive insurance landscape.
