Whole Life Assurance (Suraksha) Plan - PLI Premium Calculator

Whole Life Assurance (Suraksha) Plan - PLI Calculator

About the Whole Life Assurance (Suraksha) Plan

This is a scheme where the assured amount with accrued bonus is payable to the insured either on attaining the age of 80 years, or to his/her legal representatives or assignees on the death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim.

Minimum & Maximum age at entry: 19-55 years

Minimum Sum Assured: ₹20,000; Maximum ₹50 lakh

Loan facility: After 4 years

Surrender: After 3 years

Bonus Eligibility: Not eligible for bonus if surrendered before 5 years

Conversion: Can be converted into Endowment Assurance Policy up to 59 years of age

Premium paying age: Can opt for 55, 58, or 60 years

Proportionate bonus: Paid on reduced sum assured if policy is surrendered

Last declared Bonus: ₹76 per ₹1000 sum assured per year

Frequently Asked Questions (FAQ)

What is the Whole Life Assurance (Suraksha) Plan?

This is a life insurance policy that offers lifelong coverage, providing financial security to the policyholder and their family in case of the policyholder's death or upon reaching the age of 80 years.

How is the bonus paid?

Bonus is calculated annually at ₹76 per ₹1000 sum assured, and it is paid to the policyholder or their legal representatives at the time of claim.

Can I surrender the policy?

Yes, you can surrender the policy after 3 years, but the policy will not be eligible for bonus if surrendered before 5 years.

Can I convert this policy to an Endowment Assurance Policy?

Yes, the policy can be converted into an Endowment Assurance Policy until the age of 59 years, but the conversion cannot be made within one year of the cessation of premium payments or the maturity date.

What is the loan facility for this policy?

You can avail of a loan after 4 years of policy duration.