Post office guide part i - India Post

(a) Industrial Development Bank of India
(b) Industrial Finance Corporation of India.
(c) Industrial Credit and Investment Corporation of India.
(d) Industrial Reconstruction Corporation of India.
(e) Unit Trust of India.
(xxiv) Employees State Insurance Corporation.
(xxv) Khadi and Village Industries Commission.
262. The following types of policies are issued by the P.D.I.F. :
(i) Whole Life Assurance
Premium has to be paid monthly until the person reaches the age of
50, 55, 58, 60 or 70 years. The full value with the bonus accrued will
be paid to the nominee assigns/successor on the death of the insurant
(See Table –I)
(ii) Endowment Assurance Premium has to be paid monthly until the person attains the age of 30,
33, 35, 40, 45, 50, 55, 58 or 60. the full value with the bonus accrued
will be paid to the insurant when the policy matures. In case of
earlier death the full value with bonus accrued till the time of death
will be paid to the nominee/assignee successor. (See Table – II).
(iii) Convertible whole life
assurance
(iv) Anticipated endowment
assurance.
Premium is required to be paid monthly at the rate applicable to
whole life policy with premium ceasing at the age of 70. For the first
five years, there will be an option to convert it into Endowment
policy maturing at the age of 50, 55, 58 or 60, by agreeing to pay
appropriate enhanced premium, at the end of 5 year from the
commencement (See Table –III).
This plan has two terms viz. 15 year term and 20-year term. In the
case of policy for 15 years 20% of the sum assured is paid to the
insurant at the end of 6 th , 9 th & 12 th years and the remaining 40% with
bonus accrued at the end of 15 years. In the case of 20 year policy,
20% of the sum assured is paid to the insurant at the end of 8 th 12 th
and 16 th year and the remaining 40% of the sum assured with bonus
accrued at the end of 20 th year. In the event of death of the insurant
during the currency of these policies, the full amount assured with the
bonus accrued will be paid to the nominee/assignee/successor
irrespective of the amounts already paid as survival benefits. (See
Tables IV). The maximum age limit for a 15-year policy is 45 years
and 40 years for 20-year policy.