Benefits of Postal Life Insurance with India Post

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Take responsibility of your family just like they took yours back then. Redeem the benefits of Postal Life Insurance with India Post today!
Benefits of Postal Life Insurance with India Post
Benefits of Postal Life Insurance with India Post

Introduction of PLI :-

Postal Life Insurance (PLI) was introduced on 1st February 1884 with the express approval of the Secretary of State (for India) to Her Majesty the Queen Empress of India. It was essentially a scheme of State Insurance mooted by the then Director General of Post Offices Mr. F.R. Hogg in 1881 as  a welfare scheme for the benefit of Postal employees in 1884 and later extended to the employees of Telegraph department in 1888. In 1894, PLI extended insurance cover to female employees of P & T Department at a time when no other insurance company covered female lives. It is the oldest Life insurer in this country. Here we discussed about the Benefits of Postal Life Insurance.

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/

Read : Benefits Of Rural Postal Life Insurance

Benefits of PLI :-
PLI is the only insurer in the Indian Life Insurance market today, according to the official website of India Post Postal Life Insurance gives the highest return (bonus) with the lowest premium charged for any product in the market. For example, a person will pay about 26% to 36% less premium in comparison to the equivalent Whole Life policy of LIC, depending upon the age at entry. Similarly, for an Endowment policy customer has to pay about 6% less premium in comparison to LIC. The bonus earned by a PLI policy is about 7% or more high in comparison to a LIC policy.   It is pertinent to mention here that the private insurance companies which have started life insurance business 2 to 3 years ago, have not been able to declare bonus so far, whereas in RPLI, we have been paying bonus since its first year of operation.

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:

  1. Whole Life Assurance  (SURAKSHA)
  2. Convertible Whole Life Assurance (SUVIDHA)
  3. Endowment Assurance  (SANTOSH)
  4. Anticipated Endowment Assurance  (SUMANGAL)
  5. Joint Life Assurance  (YUGAL SURAKSHA)
  6. Scheme for Physically handicapped persons
  7. Children Policy

Read More :

  1. PLI & RPLI Service Request Form Downloadable Link
  2. How To Pay PLI And RPLI Premium Online?

  3. Postal Life Insurance Bonus Rate – Latest Order

  4. Procedure For Surrender Of “Lapsed” Policies Of PLI & RPLI

6 thoughts on “Benefits of Postal Life Insurance with India Post

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