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Postal Life Insurance

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Postal Life Insurance

Postal Life Insurance is the oldest life insurer in the country, having started operations in 1884 when the Secretary of State for India under the British Government (representing the then British Monarch, Queen Victoria) gave an express approval for its set up on February 1, 1884.

Postal Life Insurance has grown significantly from a few hundred policies in the 19th century to over than 6.4 million policies in the 21st (figure as of March 31, 2015). In its initial days, the upper limit of life insurance was Rs. 4,000. This figure now stands at Rs 50 lakh due to the erosion in the real value of money over the years. you must know whole life insurance pli

Postal Life Insurance Statistics

Year Policies in Force (Units) Sum Assured (Rs. Crore) Fund Corpus (Rs. Crore)
2007-2008 35,50,084 31,459.00 12,081.71
2008-2009 38,41,539 38,403.00 14,152.59
2009-2010 42,83,302 51,209.91 16,656.02
2010-2011 46,86,245 64,077.00 19,801.91
2011-2012 50,06,060 76,591.33 23,010.55
2012-2013 52,19,326 88,896.96 26,131.34
2013-2014 54,06,093 1,02,276.05 32,716.26
2014-2015 64,61,413 1,30,745.00 37,571.77
2015-2016 19,80,606 1,09,982.09 46,302.72
2016-2017 2,13,323 1,13,084.81 55,058.61

 

Postal Life Insurance Plans – Eligibility and Features

Postal Life Insurance now covers a wide range of Central and State Government employees, and other people working in public sector institutions and organisations. As of now, Postal Life Insurance covers-

 

Postal Life Insurance
Eligible Persons All employees of:
  • Central / State Governments (including people engaged / appointed on contract basis)
  • Defence Services and Para Military Forces
  • Local Bodies
  • Autonomous Bodies
  • Reserve Bank of India
  • Financial Institutions
  • Nationalized Banks
  • Scheduled Commercial Banks
  • Public Sector Undertakings
  • Department of Posts (Gramin Dak Sevaks)
  • Government-aided Educational Institutions
  • Deemed Universities
  • Credit Co-operative Societies and other Co-operative Societies registered with the Government under the Co-operative Societies Act
Non-eligible Persons Employees in the private sector
Entry Age of Person
  • 19-55 years for all plans except the Child Plan
  • Maximum age of insured under Children Policy (Bal Jeevan Bima)
  • is 45 years; the child’s age should be between 5 and 20 years
Sum Assured Rs. 20,000 (min) to Rs. 50 lakh (max)
No. of Plans There are six plans:
  • Whole Life Assurance (Suraksha)
  • Convertible Whole Life Assurance (Suvidha)
  • Endowment Assurance (Santosh)
  • Anticipated Endowment Assurance (Sumangal)
  • Joint Life Assurance (Yugal Suraksha)
  • Children Policy (Bal Jeevan Bima)
Premium Payment Frequency Monthly

 

Read Also: Child Insurance Plan : Are you also going to take a child insurance plan, Know what things should be kept in mind?

 

Benefits of Postal Life Insurance

Superlative Returns: Postal Life Insurance (PLI) offers the highest coverage for policy and right bonus amount, by paying the lowest premium rates, as compared to any other insurance company in India.

Modification and Appointment of Nominee: PLI allows the appointment of a nominee for the policy. Also, the policyholder can make changes to the nominee during the policy term.

Loan facility: The facility: The policyholder is permitted to avail of a loan by assigning his/her policy to any financial institution.

Policy’s pledging: The policyholder has the option to pledge the policy to circle heads to avail a loan. The endowment assurance life assured can avail the loan facility on the completion of 3 years of the policy. This duration for the policyholder of the whole life assurance plan is of four years.

Recovery of lapsed policy: A lapsed PLI policy can be revived after six unpaid 6 consecutive premium amounts if it remained active for less than three years. If the policy is more than 3 years, the non-payment of 12 consecutive premium amounts will result in the policy loss.

Policy Conversion: The policyholder has the option to convert his/her whole life assurance policy to an endowment assurance policy. This switch can be made between different endowment assurance plans as per the pre-defined rules and regulations.

Issuance of duplicate policy papers: If the documents of the policy either get destroyed or misplaced or get damaged, then in such cases, duplicate policy documents can also be re-issued.

Multiple Policies: Policyholders can take more than one policy offered by Postal Life Insurance provided the total sum assured for each class of policies is not less than Rs. 20,000 and not more than Rs. 10 lakh

Income tax Benefits: The Postal Life Insurance plans offer tax benefits under section 80C of the Income Tax Act.

Read Also: Term insurance : Take special care of these things while taking term insurance, after this there will be no problem

 

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