Question: Is loan facility available in PLI (Postal Life Insurance) ?
Answer Loan can be taken from EA policy after completion of 3 years and in respect of Whole Life after completion of 4 years. Loan facility is available in AEA policies.
Question: Is Home loan available?
Answer No
Question:. What are the terms on which loan can be availed?
EA policies after 3 years from date of issue of policy.
WLA policies after 4 years.
Interest 10% p.a. Calculated on six monthly basis
Loan entitlement is calculated on a prefixed proportion of these surrender value
Interest should be paid on(or) before 21st of due month (i.e. 6 monthly once)
Question:. What is surrender value of a policy?
Answer.” Surrender value” of a policy, means the amount that is payable to an assured, when he foregoes the contingent benefit of his policy and surrenders it for an immediate cash payment.
Question: What will be the surrender value of the policy?
Answer Surrender value depends on the surrender factor and type and term of policy.
Question: Can one get the full amount paid with accrued bonus, if policy is surrendered prematurely?
Answer : Endowment Assurance policy can be surrendered after 36 months.
WLA policy can be surrendered after 48 months.
Children policy can be surrendered after 60 months.
No surrender for AEA policy.
Bonus will be taken into account after 5 years for surrender value calculation on the paid up value. But surrendering any policy prematurely is always a loss to the insurant. Hence, it is suggested not to go for surrender.
It is not a simple saving scheme but it aims to give risk coverage also.
It provides immediate Insurance coverage from the date of acceptance. Full policy amount with accrued bonus will be given even if death occurs on the very next day of acceptance of the proposals for all bonafide cases.
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