Introduction of PLI :-
In the beginning, the upper limit of life insurance was only Rs 4000/- which has now been increased to Rs 50 lacs (Rupees fifty Lacs) for all schemes combined – Endowment Assurance and Whole Life Assurance. Over the years, PLI has grown substantially from a few hundred policies in 1884 to more than 43 lacs policies as on date. It now covers employees of Central and State Governments, Central and State Public Sector Undertakings, Universities, Government aided Educational institutions, Nationalized Banks, Local bodies etc. PLI also extends the facility of insurance to the officers and staff of the Defense services and Para-Military forces. Apart from single insurance policies, Postal Life Insurance also manages a Group Insurance scheme for the Extra Departmental Employees (Gramin Dak Sevaks) of the Department of Posts. See below the Benefits of Postal Life Insurance, it’s a Life with cheapest Premium and Maximum bonus rate.
PLI is an exempted insurer under Section 118 (c) of the Insurance Act of 1938. It is also exempted under Section 44 (d) of LIC Act, 1956.
To know more, visit: http://www.postallifeinsurance.gov.in/
A PLI/RPLI policy holder may also get also following facilities :
- Change of nomination.
- The insurant can take loan by pledging his/her policy to Heads of the Circle/Region on behalf of President of India, provided the policy has completed 3 years in case of Endowment Assurance and 4 years in case of Whole Life Assurance. The facility of assignment is also available.
- Assignment of Policy to any Financial Institution for taking loan.
- Revival of his/her lapsed policy. Policy lapses after 6 unpaid premiums if it remained in force for less than 3 years and after 12 unpaid premiums if it remained in force for more than 3 years.
- Issue of Duplicate Policy Bond in case of the original Policy Bond is lost, burnt or torn/mutilation.
- Conversion for Whole Life Assurance to Endowment Assurance and from Endowment Assurance to other Endowment Assurance as per rules.
PLI Plans :-
PLI offers 7 (Seven) types of plans:
- Whole Life Assurance (SURAKSHA)
- Convertible Whole Life Assurance (SUVIDHA)
- Endowment Assurance (SANTOSH)
- Anticipated Endowment Assurance (SUMANGAL)
- Joint Life Assurance (YUGAL SURAKSHA)
- Scheme for Physically handicapped persons
- Children Policy
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