Well, you may have heard of insurance from LIC and a host of other private sector insurers. But, do you know that the our very own India Post also offers life insurance.
Postal Life Insurances(PLI) is a welfare scheme for the benefit of government and semi- government employees. PLI was the first one to cover female employees, when no other insurance company covered female lives. It is the oldest Life insurer in this country.
PLI offers 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
What are the benefits of PLI?
PLI is the only insurer in the Indian Life Insurance market today which gives the highest return (bonus) with the lowest premium charged for any product in the market.
A PLI policy holder may also get following facilities :-
- Change of nomination.
- The insurant can take loan by pledging his/her policy to Heads of the Circle 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 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.
- Issue of Duplicate Policy Bond in case the original Policy Bond is lost, burnt or torn/mutilated.
- Conversion from Whole Life Assurance to Endowment Assurance and from Endowment Assurance to other Endowment Assurance as per rules.
What is the eligibility to obtain PLI policy?
- Employees of the following Organizations are eligible.
- Central Government
- Defence Services
- Para Military forces
- State Government
- Local Bodies
- Government-aided Educational Institutions
- Reserve Bank of India
- Public Sector Undertakings
- Financial Institutions
- Nationalized Banks
- Autonomous Bodies
- Extra Departmental Agents in Department of Posts