PLI Santosh Endowment Plan: Benefits, Eligibility & How to Apply

Postal Life Insurance's Endowment Assurance (Santosh) Plan is a comprehensive life insurance policy designed to provide financial security and savings benefits. This endowment-based life assurance ensures coverage in case of the policyholder’s demise while also serving as a long-term savings tool. The policy allows flexibility in choosing the maturity age, ranging from 35 to 60 years, enabling individuals to align their financial goals effectively.

Additionally, policyholders have the option to extend the maturity age to another predetermined period, making this a customizable life insurance solution that adapts to changing financial needs. Read on to discover the key features, benefits, eligibility criteria, and the step-by-step process to purchase this policy.

Eligibility Criteria for Endowment Assurance (Santosh) Plan

Before opting for this policy, check the eligibility criteria:

Parameter	Details
Minimum Entry Age	19 years
Maximum Entry Age	55 years
Minimum Sum Assured	₹20,000
Maximum Sum Assured	₹50 lakh
Last Declared Bonus	₹52 per ₹1,000 sum assured per year
Loan Facility	Available after 3 years
Surrender Option	Allowed after 3 years

Key Features & Benefits of Endowment Assurance (Santosh)

1. Death Benefit

In case of the policyholder's unfortunate demise, the entire sum assured along with any accrued bonuses is paid to the nominee(s) or legal heirs, ensuring financial stability for the family.

2. Declared Bonus

This Postal Life Insurance (PLI) endowment policy offers a bonus rate of ₹52 per ₹1,000 sum assured per year.
Bonuses accumulate over time, enhancing the policy's overall value and providing an additional financial cushion.

3. Surrender Option

The policyholder can surrender the policy after 3 years if required.
This feature provides financial flexibility in case of emergencies.

4. Loan Facility

Policyholders can avail of a loan against the policy after 3 years, using the acquired surrender value as collateral.
This makes the plan a liquidity-friendly option for long-term savings.

5. Maturity Benefit

Upon maturity, the policyholder receives the sum assured plus accumulated bonuses.
The policyholder can choose from maturity age options: 35, 40, 45, 50, 55, 58, or 60 years.

6. Proportionate Bonus on Surrender

If the policy is surrendered after 5 years, a proportionate bonus on the reduced sum assured is paid.
This ensures that even if the policyholder exits early, they still benefit from some accumulated returns.

How to Purchase Endowment Assurance (Santosh) Policy?

You can buy this PLI Endowment Assurance (Santosh) policy using both online and offline methods. Here’s how:

Online Process

Visit the official website: https://pli.indiapost.gov.in
Generate a quote: Go to the “Purchase a Policy” dropdown, select Quote menu, and enter details like phone number, email, and PIN code.
Fill out the Proposal Form: After generating the quote, submit the proposal form online.
Make the premium payment: Use the provided link in your email or pay via the 'Initial Payment' menu.
Upload necessary documents: Submit the required documents via the Document Upload menu.
Policy issuance: The selected Head Post Office processes your application, and the Policy Bond is sent via Registered Post.

Offline Process

Visit the nearest post office to apply.
You can also buy the policy from postal agents, field officers, or registered direct agents of India Post.
Engage with post office staff, inspectors, and clerical staff to complete the process.

Frequently Asked Questions (FAQs)

1. Can I take a loan against my Endowment Assurance (Santosh) policy?

Yes, you can avail of a loan after 3 years using the surrender value as collateral.

2. Can I surrender my policy before maturity?

Yes, policy surrender is allowed after 3 years, subject to terms and conditions.

3. Are there charges for surrendering the policy after 3 years?

Yes, surrendering before maturity may result in a lower payout, as it depends on the surrender value calculation.

4. Will I receive a bonus if I surrender my policy early?

If surrendered after 5 years, you will receive a proportionate bonus on the reduced sum assured.

Conclusion

The Endowment Assurance (Santosh) policy by Postal Life Insurance (PLI) is an excellent choice for individuals looking for a secure life insurance plan with long-term savings benefits. With flexible maturity ages, loan options, surrender benefits, and declared bonuses, this plan ensures financial stability and acts as a reliable investment tool.

If you’re looking for a safe and profitable insurance plan, the PLI Endowment Assurance (Santosh) policy is worth considering. Secure your financial future today!

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