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Postal Life Insurance

Written By Admin on August 10, 2010 | Tuesday, August 10, 2010

Postal Life Insurance


Postal Life Insurance is 121 years young. It was started in 1884 as a welfare measure for the employees of Posts & Telegraphs Department under Government of India dispatch No. 299 dated 18-10-1882 to the Secretary of State. Due to popularity of its schemes, various departments of Central and State Governments were extended its benefits. Now Postal Life Insurance is open for employees of all Central and State Government Departments, Nationalized Banks, Public Sector Undertakings, Financial Institutions, Local Bodies like Municipalities and Zila Parisads, Educational Institutions aided by the Government etc

Rural Postal Life Insurance

On 24th March, 1995, the benefits of Postal Life Insurance were extended to rural populace of the country under the banner of Rural Postal Life Insurance.

Postal Life Insurance Schemes

SANTOSH ( ENDOWMENT ASSURANCE )

SURAKSHA (WHOLE LIFE ASSURANCE )

SUVIDHA ( CONVERTIBLE WHOLE LIFE ASSURANCE )

SUMANGAL ( ANTICIPATED ENDOWMENT ASSURANCE )

YUGAL SURAKSHA ( JOINT LIFE ENDOWMENT ASSURANCE )

CHILDREN POLICY

Rural Postal Life Insurance Schemes
GRAM SANTOSH ( ENDOWMENT ASSURANCE )

GRAM SURAKSHA (WHOLE LIFE ASSURANCE )

GRAM SUVIDHA ( CONVERTIBLE WHOLE LIFE ASSURANCE )

GRAM SUMANGAL ( ANTICIPATED ENDOWMENT ASSURANCE )

GRAM PRIYA ( 10 YEARS RPLI )

CHILDREN POLICY

What are the salient features of the Postal Life Insurance?

* Age: Sholud be between 19 years and 55 years. For 'Sumangal' 15/20 years term maximum age is 45/40 years respectively & for yugal Suraksha age at entry for both spouses should be between 21 to 45 years and age at maturity of older spous should not be more than 60 years on the next birth day.

* Low Premium: Premium rates of PLI are lower as compared to those of insurance schemes of any other agencies.

* High Bonus: Bonus rates are higher as compared to those of insurance schemes of any other agencies.

Bonus rates (2005-06)

(per thousand sum assured per year)

Santosh (Endowment Assurance) Rs. 70/-

Suraksha (Whole Life Assurance) Rs. 90/-

Sumangal (Anticipated Endowment Assurance) Rs. 65/-

Children Policy Rs. 70/-

* Income Tax Rebate: PLI premium paid is eligible for Income tax rebate under section 80-C of Income Tax Act.

* Risk Cover: Risk is covered on the policy from the date of acceptance of the proposal

* Advance Deposit 1st Premium: The DEvelopment / Field Officers of PLI are authorised to collect from proponents advance deposit of amount equivalent to 1st premiums on their proposals and issue receipt thereof.

* Paid up policies also earn bonus.

* Facility for recovery of premium from salary is available.

* Maximum limt of Assurance: PLI offers policies up to a maximum sum assured of Rs. 10 lakhs. Physically handicapped persons are also eligible to take PLI up to a face value of Rs. 1lakh under special scheme, subject to certain conditions.

* Whole life policy can be converted into Endowment Assurance Schemes.

* Revival: Revival of policies lapsed due to non payment of premium is allowed after production of good health certificate and payment of arrears premium with 12% per annum subject to certain conditions.

* Loans can be obtained against the security of PLI policy which have been in force for atleast 3/4 years in case of Santosh/Suraksha respectively.

* Default fee: If the payment of premium is delayed, default fee at the rate of 12% simple for one year is charged. The method of calculation is:

Number of months of delay x amount of premium
_____________________________________________ = dedault fee
100


* Surrender:

Suaksha, Santosh & Suvidha policies which have been in force for at least 3 years can be surrendered for immediate cash payment. Surrender of policy is not admissible before completion of 36 months of the policy and the amount deposited shall be forfeited.

On surrender, the policy shall attract proportionate bonus on reduced sum assured upto the date for which premium has been paid. However no bonus shall be payable before completion of 5 yers of the policy.

The discontinued policy shall not attract bonus with effect from which the premium is discontinued.

The reduction sum assured shall be calculated by multiplying the sum assured with number of installments paid and dividing the same with total number of premiums to be paid.

The surrender value shall be calculated by multiplying the sum of reduced sum assured plus the proportionate bonus if any with surrender factor as applicable on the attained age as on the date of surrender of the policy.

* After Sales Service: The Policy details of all the insurants have been computersed and this enables us in giving an excellent after sales service to the insurants.

* Facility for nomination and assignment is available.

* Non - medical policies: Scheme of non-medical policies is available upto Rs. 1lakh sum assured only (age limit 35 years) under certain conditions.

* Reduction: A policy holder may apply for reduction of his monthly premium sum assured without altering the class of his policy.

* Lapsation of policy/ Discontinuance: A Policy becomes discontinued if the premiam due is not paid within the period mentioned below:

6 months if the policy is in operation within 3 years.

11 months if the policy is in operation for 3 years or more.

For revival the holder may write to PLI section of Assam Circle.

*Rebate @ 2% is allowed if annual premium is paid in advance and @ 1%allowed if six monthly premium is paid in advance.

What are the documents required to obtain loan (after 3 years)?

1. Application in the form or on a white paper

2. Original policy document with signature on backside of the policy is token of assignment.

3. Original premium receipt book or pay drawing officer's certificate for preceding one year.

What are the documents required for surrender value (after 3 years)?

1. Application in the prescribed proforma or on a white paper

2. Original policy document

3. Original premium receipt book or pay drawing officer's certificate for preceding one year.

What are the documents required to get maturity value ?
1. Application in the prescribed proforma or on a white paper
2. Original policy document
3. Original premium receipt book or pay drawing officer's certificate for preceding one year.

What are the documents required for death claim ?
1. Application in the prescribed proforma
2. Original policy document
3. Original premium receipt book or pay drawing officer's certificate for preceding one year.
4. Death certificate obtained from Municipality / Gram Panchayat etc.
5. Doctor's certificate if necessary.
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+ comments + 1 comments

September 25, 2010 at 11:31 PM

kindly let me know definition of Government employee for getting surety signature on Bond for death claim under PLI

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