Santosh Endowment Assurance (EA) plan is main insurance scheme available under Postal Life Insurance (PLI). Santosh Endowment assurance is a good option for the purpose of insurance, saving and tax planning. It is a bonus based plan where maturity is Sum Assured + accumulated bonus during policy term and death claim amount is Sum Assured + Accumulated bonus up to year of death and these benefits have been explained with help of an example. Before explanation with help of the example, eligibility plan parameter and features are given below.
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Related Link: PLI Premium & Maturity Calculator
Plans of Postal Life Insurance (PLI) is restricted to employees of Central & state Government, Public Sector Undertakings (PSUs) etc.
| Age of Entry | 19 to 50 years |
| Possible Maturity age | 35, 40, 45, 50, 55, 58, 60 |
| Premium Payment Mode | Monthly, Quarterly, Half yearly or yearly |
| Sum Assured | 20,000 and above |
| Availability of Loan & Surrender | After 3 years |
Related Link: PLI vs LIC
On completion of Policy term, maturity will be Sum Assured + Bonus accumulated during policy term.
In case of Death before maturity, death claim will be sum of Sum Assured and Bonus accumulated up to year of death.
For explanation purpose let's suppose, a person purchases this plan in year 2017 with following details.
| Age | 30 Year |
| Maturity Age | 50 Year |
| Sum Assured | 10,00,000 (10 Lakh) |
| Yearly Premium (Exclusive of Service Tax) | Rs.46453 |
The Maturity and policy year-wise death claims have been calculated as per Bonus rate Rs 58 per thousand of Sum Assured per year, which latest bonus rate for this plan. The calculation assumes that above bonus rate to be constant throughout the policy term.
| Year | Age | Sum Assured | Premium Deposited | Bonus (Approx) | Death Claim (Approx) | Maturity |
|---|---|---|---|---|---|---|
| 2017 | 30 | 1000000 | 46453 | 0 | 1000000 | -- |
| 2018 | 31 | 1000000 | 92906 | 58000 | 1058000 | -- |
| 2019 | 32 | 1000000 | 139359 | 116000 | 1116000 | -- |
| 2020 | 33 | 1000000 | 185812 | 174000 | 1174000 | -- |
| 2021 | 34 | 1000000 | 232265 | 232000 | 1232000 | -- |
| 2022 | 35 | 1000000 | 278718 | 290000 | 1290000 | -- |
| 2023 | 36 | 1000000 | 325171 | 348000 | 1348000 | -- |
| 2024 | 37 | 1000000 | 371624 | 406000 | 1406000 | -- |
| 2025 | 38 | 1000000 | 418077 | 464000 | 1464000 | -- |
| 2026 | 39 | 1000000 | 464530 | 522000 | 1522000 | -- |
| 2027 | 40 | 1000000 | 510983 | 580000 | 1580000 | -- |
| 2028 | 41 | 1000000 | 557436 | 638000 | 1638000 | -- |
| 2029 | 42 | 1000000 | 603889 | 696000 | 1696000 | -- |
| 2030 | 43 | 1000000 | 650342 | 754000 | 1754000 | -- |
| 2031 | 44 | 1000000 | 696795 | 812000 | 1812000 | -- |
| 2032 | 45 | 1000000 | 743248 | 870000 | 1870000 | -- |
| 2033 | 46 | 1000000 | 789701 | 928000 | 1928000 | -- |
| 2034 | 47 | 1000000 | 836154 | 986000 | 1986000 | -- |
| 2035 | 48 | 1000000 | 882607 | 1044000 | 2044000 | -- |
| 2036 | 49 | 1000000 | 929060 | 1102000 | 2102000 | -- |
| 2037 | 50 | 1160000 | 2160000 |
Above illustration is a general information to exlain the plan.
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