The scheme is run by the Government of India and exclusively for the employee of Central Govt., PSUs, Local Bodies, Autonomous Bodies, Defence, Paramilitary forces, Nationalised and Centralised Banks, Credit Co-operative Societies, Joint Ventures, Institutions accredited by AICTE/CBSE etc. and their Children.
Professionals such as Doctors (including Doctors pursuing Post Graduate degree courses through any Govt/Private Hospitals, Residents Doctors employed on contract/permanent basis in any Govt/Private Hospitals etc), Engineers (including Engineers pursuing Master’s/Post Graduate degree after having passed GATE entrance test), Management Consultants, Charted Accountants registered with Institute of Charted Accountants of India, Architects, Lawyers registered with Bar Council of India/States, Bankers working in Nationalised Banks and its Associate Banks, Foreign Banks, Regional Rural Banks, Scheduled Commercial Banks including Private Sector Banks etc.
Employees of listed companies of NSE (National Stock Exchange) and Bombay Stock Exchange (BSE) in IT, Banking & Finance, Healthcare/Pharma, Energy/Power, Telecom, Infrastructure Sector etc, where employees are covered for Provident Fund/Gratuity and/or their leave records are maintained by the establishment.
Above all are eligible for doing Postal Life Insurance. PLI, Low Premium High Bonus Compare to any other Insurance Company. Click here to know the present bonus rate of PLI.
Types of Policies :-
Presently PLI offers six types of Policies.
i) Whole Life Assurance – Suraksha
ii) Endowment Assurance – Santosh
iii) Convertible Whole Life Assurance – Suvidha
iv) Anticipated Endowment Assurance – Sumangal
v) Joint Life Assurance – Yugal Suraksha
vi) Children Policy – Bal Jeevan Bima
Eligibility of Age :-
An individual can buy a PLI policy between 19 years to 55 years of age. Individual can calculate their premium at next birthday. Here, Plan wise eligibility of age. has given below.
i) Whole Life Assurance – Suraksha, 19 years to 55 years
ii) Endowment Assurance – Santosh, 19 years to 55 years
iii) Convertible Whole Life Assurance – Suvidha, 19 years to 50 years
iv) Anticipated Endowment Assurance – Sumangal, 19 years to 40 years
v) Joint Life Assurance – Yugal Suraksha, 21 years to 45 years
vi) Children Policy – Bal Jeevan Bima, 05 years to 20 years
Minimum Assurance Rs. 20,000/- (Rupees Twenty Thousand)
Maximum Assurance Rs. 50,00,000/- (Rupees Fifty Lack)
Benefits of Postal Life Insurance:-
PLI is the only insurer in the Indian Life Insurance market today which gives the higher return (bonus) with the low premium charged for any product in the market.
A PLI/RPLI policy holder may also get following facilities :-
i) Pay lower premium and earn higher return (Bonus).
ii) Risk is covered from the date of acceptance.
iii) Change of nomination in any time.
iv) The insurant can take a loan by pledging his/her policy to Head Post Master 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
v) Assignment of Policy to any Financial Institution for taking loan.
vi) Revival of his/her lapsed policy. Policy lapses after 6 unpaid premia if it remained in force for less than 3 years and after 12 unpaid premia if it remained in force for more than 3 years.
vii) Issue of Duplicate Policy Bond in case the original Policy Bond is lost, burnt or torn/mutilated.
viii) Conversion from Whole Life Assurance -Gram Suraksha to Endowment -Gram Santosh Assurance and from Endowment Assurance -Gram Santosh to other Endowment Assurance-Gram Santosh with reduced sum assured or reduced term as per rules.
ix) Pay advanced premium and get rebate like 0.5% for three month, 1% for six month and 2% for 1 year advanced premium.
x) You are allowed to Pay your Premium from any post office in India, no need to transfer your policy.
xi) The customer can Pay their Premium through online by following the link. https://pli.indiapost.gov.in/CustomerPortal/PSLogin.action
Click Here to know How to Pay Premium Online?
xii) Take your income tax certificate from any sub or head post office’s counter in India, no need to apply to get Income Tax Certificate.
Goods & Service Tax (GST):-
GST@4.5% on the gross premium during the first year premium and 2.25% on subsequent years i.e seconds years and on wards has been introduced in both PLI & RPLI Policy w.e.f 01.07.2017 .