Postal Assistant Induction Training Part III

Postal Life Insurance (PLI)

• PLI provides various schemes, including Endowment Assurance, Whole Life Assurance, Convertible Whole Life Assurance, Anticipated Endowment Assurance, and Rural PLI (Grama Priya).

Endowment Assurance (EA)

• Maturity at ages 35, 40, 45, 50, 55, 58, and 60 years.
• Sum assured with Bonus payable at maturity or on death, whichever is earlier.

Whole Life Assurance (WLA)

• Surrender of a policy is not admissible before completion of thirty-six months of the policy, and the amount deposited shall be forfeited if the policy is surrendered within thirty-six months.
• On surrender, the policy shall attract proportionate bonus on reduced sum assured up to the date for which premium has been paid.
• No bonus shall be payable before completion of 5 years of the policy.

Convertible Whole Life Assurance (CWA)

• Twin benefits – Pay less premium initially under Whole Life Plan and get the policy converted into Endowment Assurance after 5 years.

Anticipated Endowment Assurance (AEA)

• 20 years/15 years terms.
• Survival benefits if the insurant survives the specified period reckoned from the date of commencement of risk.
• Instalment payable: 20% of Sum Assured Amount at 6, 9, 12, and 15 years for 20 years term, and 8, 12, 16, and 20 years for 15 years term.
• Full sum assured payable on death occurs before the date of maturity, notwithstanding the survival benefits already paid.

Rural PLI (Grama Priya)

• A short-term AEA plan specifically designed for rural insurants.
• Guaranteed money back periodically for productive purposes or to meet social obligations.
• Multiples of Rs 5,000/- admissible.
• Special relief in case of natural calamities affecting the insurant directly: no interest will be charged up to one year, and the policy does not lapse on account of non-payment of premia for one year.

Marketing Staff

• Includes IPOs, ASPOs, ASRMs, Ex- D.O (PLI), PRI (P), Postmasters, Selected Postal Assistant, Postman, Retired GDS BPM, D.O (PLI), Field Officer (PLI), SPM (Rural S.O), GDS staff, and Direct Agents.
• Direct Agents can directly report to CPC.

Incentive to Sales Force

• Procurement incentive is payable to all policies, i.e., Cash, Pay policy, and Online policies.
• Renewal premium incentive is payable to cash and online payment policies.

This quiz is based on the Postal Assistant Induction Training Part III guide, covering topics related to postal services, life insurance, and postal training. It's an essential resource for trainees at the Postal Training Centre, Mysuru. Test your knowledge and understanding of the material with this quiz!