Postal Life Insurance (PLI) Loan

• Loan is admissible on Whole Life Assurance (WLA), Endowment Assurance (EA) and Convertible Whole Life Assurance (CWLA) policies.
• Currency of policy should be minimum of 3 years in case of EA and CWLA.
• Currency of policy should be minimum of four years in case of WLA.
• Policy should be unencumbered/ unassigned.
• Loan Limit:

(a) Whole Life Assurance
Currency of Policy	Percentage of surrender value onwhich loan is admissible
More than 4 years to 7 years	60%
More than 7 years to 12 years	80%
More than 12 years	90%

(b) Endowment Assurance and Convertible Whole Life Assurance
Currency of Policy	Percentage of surrender value onwhich loan is admissible
More than 3 years to 5 years	60%
More than 5 years to 10 years	80%
More than 10 years	90%

•  Insurant should apply on LI-35 (loan application) and send to DDM (PLI) alongwith policy document and premium receipt book.
•  Second and subsequent loan is admissible after a year if the first loan is fully repaid.
•  Loan interest @ 10% p.a is calculated on six monthly basis.