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Postal Life Insurance

Postal Life Insurance (PLI) is the oldest insurance company in India which was formed on 1st February, 1884 under British India. The insurance company was initially set for the welfare of postal employees.

It is the first insurance company to cover female employees of P & T Department in 1894.

The company has grown substantially from a few hundred policies in 1884 to 6.4 million policies as on 31.03.2015. The company enjoys a vast network spread across the country with around 1,55,669 branches making it India’s largest and also the most trusted retail and financial services provider.

Interesting facts about Postal Life Insurance

  • The company was formed under British era on approval from Her Majesty, the Queen of England
  • After 4 years of formation the welfare scheme was extended to Telegraph department in 1888
  • PLI also covers officers and staff of the Defence services and Para-Military forces.
  • Postal Life Insurance manages a Group Insurance scheme for the Extra Departmental Employees (Gramin Dak Sevaks) of the Postal department services

Benefits of Postal Life Insurance

  • PLI is the only insurer which gives highest return (bonus) and charges lowest premium for any product in Indian Life Insurance market
  • You can avail loan facility for immediate liquidity requirements on PLI policies
  • Flexibility in terms of converting any whole life insurance to endowment insurance and endowment assurance to any other endowment assurance, as per the terms and conditions
  • In case original policy bond certificate is lost or destroyed, the company has the facility to issue duplicate bond certificate.

Life Insurance Plans Offered by Postal Life Insurance

Whole Life Assurance (Suraksha)

  • The plan covers the policy holder till the time he attains the age of 80
  • If the policyholder survives the term then the assured amount and accrued bonus is payable to him/her
  • If the policyholder dies before the age of 80 years, then the amount is given to his/her nominee or legal heir.
  • The minimum entry age is 19 years and maximum entry age is 55 years.
  • Minimum sum assured is INR 20,000 and maximum sum assured is 50 lakhs
  • Policy can be converted into endowment plan after one year of policy term and before 57 years of age of the policy holder
  • Loan facility is also available in this policy

Endowment Assurance (Santosh)

  • Traditional endowment policy which provides guaranteed sum assured and accrued bonus on maturity
  • The plan covers the life of the insured and in an event of unfortunate death, the sum assured along with accrued bonus is given to the nominee or the legal heir
  • The minimum entry age is 19 years and maximum entry age is 55 years
  • Minimum sum assured is INR 20,000 and maximum sum assured is INR 50 lakhs
  • Loan facility is available in the policy after a period of 3 years in the policy

Convertible Whole Life Assurance (Suvidha)

  • The plan is similar to whole life insurance except in this you can convert your whole life insurance into an endowment plan
  • Life cover and entry and maximum age is same as the whole life insurance plan
  • The option to convert the policy is available after 5 years and below 6 years of policy term.
  • Policyholder age needs to be below 55 years to be eligible for conversion feature.
  • The plan attains a surrender value after 3 years
  • Loan facility is available in the policy once it gains the surrender value

Anticipated Endowment Assurance (Sumangal)

  • This is a money back plan with maximum sum assured of INR 50 lakhs
  • Entry age is 19 years and maximum entry age is 55 years
  • Best suited for people who wants periodical returns
  • Option of two policy term 15 years and 20 years
  • The plan provides full sum assured as death cover to nominee and periodical returns are not taken into consideration
  • No loan facility is available in this policy

Joint Life Assurance (Yugal Suraksha)

  • This is a joint life endowment in which at least one of the spouse is eligible for PLI policy
  • The plan covers both the spouses under one premium
  • All features are exactly the same as endowment policy
  • Medical checks are necessary for sum assured over 1 lakh

Children Policy (Bal Jeevan Bima)

  • This plan is offered to the children of people who already have Postal Life Insurance Plan
  • The plan covers two children per family
  • The children need to be between the age of 5 years and 20 years and the parent age needs to be less than 45 years
  • The maximum sum assured is INR 3 lakhs or equivalent to the sum assured of the parent whichever is less
  • It waives off premium in the policy if the parent (main policy holder) dies, the policy will payout guaranteed sum assured to the child on completion of the term
  • No loan facility is available on children policy

Postal Life Insurance Settlement Process

To claim the Postal Life Insurance policy you can download the form available on the company website http://postallifeinsurance.gov.in/static/DownloadForm.aspx

Fill the form and take it to the Post Office along with necessary documents for the claim process. The processing time for death and maturity claim is 30 days and for those needing investigation, the process time is maximum of 90 days.

Review of Postal Life Insurance Company

Postal Life Insurance has been in existence from the 18th century. The plans are exclusive to public sector employees. The offerings from the company are simple to understand and offer the best returns in the market. The company has a wide network throughout the country and is amongst the most trusted Life Insurance companies in India.

Postal Life Insurance Contact Details

The Headquarter of Postal Life Insurance

Directorate of Postal Life Insurance

Chanakyapuri P.O. Complex, 1st Floor,

New Delhi – 110 021.

Toll Free Number: 18001805232

Ph: 011-24673177

FAX: 011-24100358, 26876809

Email ID: pli.dte@gmail.com

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