NMMS EXAM Pramanpatr
NMMS EXAM Pramanpatr
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NMMS EXAM Pramanpatr
A policy under this scheme will be available in two plans, one of 15 years and the other of 20 years term. The minimum age at entry for both the plans shall be 19 years on the next birthday whereas the upper age limit shall be 45 years and 40 years for 15 years and 20 years term respectively.
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The sum assured under both the plans shall be paid in four installments as given below Table IV & Table X. In case of death of insured at any time during the term of the policy, the full sum assured will be paid along with the accrued bonus without making any adjustment of the periodical survival benefit payments already made.
Neither any surrender value nor any loan shall be granted for the policy issued under this scheme. No conversion from/to this policy is permissible. In the event of cessation of premium before maturity age, the reduced paid-up assurance will be granted, provided premiums have been paid for not less than three years, only at the date of maturity, that is at the end of stipulated plan term or on the death of the life assured, and no further periodical payments on account of survival benefit will be paid.
Rural Postal Life Insurance scheme-1995” called ‘Rural scheme’20,21 is envisaged to provide insurance cover to the rural public in general and benefit weaker sections and women workers of rural areas in particular. Post Office Life Insurance Rules-2011 as amended from time to time shall be applicable to the “Rural Scheme” mutatis-mutandis except where special provisions have been made and notified under this scheme.
The scheme shall cover all persons, male or female, who permanently reside in rural areas and ordinarily residents in India to the exclusion of Foreigners and Non-Resident Indians. Persons fulfilling such eligibility conditions should be between 19 years and 5522 years of age on next birth day, except for Convertible Whole Life Assurance Ten Year Rural PLI and Anticipated Endowment Assurance plan for which upper age limit is prescribed separately.
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A policy holder who subsequently shifts his/her residence outside India shall make arrangements to make payments of due premia within India in the specified Post Office in Indian currency. The claims in respect of policies of such persons shall be settled in Indian currency in accordance with Post Office Life Insurance Rules 2011. The existing plans of PLI viz.
Whole Life Insurance, Convertible Whole Life Insurance, Endowment Assurance and Anticipated Endowment Assurance are available under “Rural Scheme”.