Postal Life Insurance is one of the earliest insurance schemes to have been launched in India. The most striking feature of a PLI scheme is that it fetches high returns (with bonus) for its policyholders at extremely low-priced premiums.”we provide you more information regarding this scheme like which documents required for this scheme, how can you take benefit from this scheme, how can you apply, all details given under this article read this article till the end and share with your friends.
What is Postal Life Insurance?
- Postal Life Insurance Scheme offers life insurance coverage give you with high return coverage. The maximum money given from this scheme 50 lakh. this policy givenby indian government and State Public Sector Enterprises, Central, and State Governments, Government Aided Educational Institutions, Universities; Government aided Educational Institutions, Autonomous Bodies Local Bodies, Cooperatives Societies, Joint Ventures having a minimum of 10% Government/ PSU stake, etc. A group insurance scheme is also managed by Postal Life Insurance, which is for “Gramin Dak Sevaks,” i.e., Extra Departmental Employees of the Department of Posts. you will taken maximum 50 lakh from this scheme.
Features of Postal Life Insurance Policy
A policy holder can availe the below mention benefit.
- Nomination facility: The policyholder can nominate his/her beneficiary list, he also can make changes to the nomination.
- Loan facility: loan facility was avalible from this scheme. The policyholder can pledge his/her policy as a collateral to the Heads of the Region/ Circle on behalf of the President of India, once the policy has attained three years maturity in case of an Endowment Assurance policy and four years when policy period was has been complet then benificiary was taken whole life insurance from this scheme. Assignment facilities are also available under this scheme.
- Policy Revival: A policyholder can revive a lapsed policy. The policy can be revived when policy has lapsed under the following conditions
- Duplicate Policy Document: if policy holder was lost there original documents then he/she provide duplicate documents. This also applies to the case where the original policy document is mutilated, burned or torn and the insured wants a duplicate of the same.
- Conversion of Policy: this PLI policy also converted as a whole life insurance An Endowment Assurance Policy can be converted to another Endowment Assurance plan as per the regulations and guidelines laid down by the insurer. then benificiary was taken benefit from this scheme.
PLI Life Insurance Eligibility
PLI life insurance Eligiblity qutria was mention below
- Extra Departmental Agents in Department of Posts
- Those employed in educational institutes that are accredited by recognized bodies such as All India Council of Technical Education, National Assessment and Accreditation Council, Medical Council of India etc.
- Reserve Bank of India (RBI)
- Government-aided Educational Institutions
- Public Sector Undertakings
- Nationalized Banks
- Financial Institutions
- Autonomous Bodies
- Those appointed by the Central/ State Government on a contract basis, where the contract can be extended.
- Defense Services
- Para Military Forces
- Central Government
- Para Military forces
- Local Bodies
- Employees of all scheduled Commercial Banks
- Extra Departmental Agents in Department of Posts
- Those employed in educational institutes that are accredited by recognized bodies such as All India Council of Technical Education, National Assessment and Accreditation Council, Medical Council of India etc.
- Government-aided Educational Institutions
- Public Sector Undertakings
- Nationalized Banks
- Financial Institutions
- Autonomous Bodies
- Those employed in Credit Co-operative Societies and other Co-operative Societies registered with Government under the Co-operative Societies Act. These can be partly or fully funded by State Government, Central Government, Nationalized Banks, State Bank of India (SBI), RBI, National Bank for Agricultural and Rural Development (NABARD), etc.
Important Link
PLI Premium Table
PLI Life Insurance Advantages of Postal Life Insurance Policies:
- Type of Insurance Policy Rate of Bonus
- Endowment Assurance (EA) Rs. 50 per Rs. 1000 of the sum assured
- Whole Life Assurance (WLA) Rs. 65 per Rs. 1000 of the sum assured
- Convertible Whole Life Policies Whole life bonus rate is applicable. However, on conversion, the applicable rate will be equal to the endowment bonus rate. in this scheme.
- Anticipated Endowment Assurance Rs. 47 per Rs. 1000 of the sum assured
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