Postal Life Insurance: The post office not only gives you the additional facility of savings schemes, but it also has the facility of getting life insurance.
It is known as Postal Life Insurance. Post office life insurance is divided into two categories PLI and RPLI. PLI is the oldest government insurance policy. It was started on 1 February 1884 during the British rule. There are 6 policies run under the PLI scheme, out of which one is a Whole Life Assurance (Suraksha) policy. Let us know about it in detail…
Benefits of Whole Life Assurance Policy
In Whole Life Assurance Policy, the sum assured along with the balance is received by the person insured after reaching the age of 80 years.
If the insured dies in the meantime, then the sum assured is received by his legal representative/nominee. The minimum age of entry under PLI Whole Life Assurance Policy is 19 years and maximum age is 55 years.
Minimum and maximum insurance cover
Under the Whole Life Assurance Policy of Postal Life Insurance, the minimum sum assured is Rs 20000 and the maximum sum assured is Rs 50 lakh. Loan can be taken against the policy after the completion of 4 years. The policy can be surrendered after completion of 3 years. Proportionate bonus is paid on the reduced Sum Assured on surrender of the policy. But keep in mind that if the policy is surrendered before the completion of 5 years, then the bonus will not be paid.
Facility to convert to Endowment Assurance Policy
Postal life insurance Whole Life Assurance Policy can be converted into Endowment Assurance Policy till the insured reaches the age of 59 years. Provided that the date of conversion should not be within one year from the date of expiry of premium payment or the date of maturity.
These facilities are also available
- Nominee change facility
- Facility to revive the lapse policy. If 3 years have not been completed for the policy and the policyholder has defaulted the premium for six consecutive times i.e. has not been paid, then the insurance policy goes in the category of lapse. Similarly, if the policy is active for more than three years and the premium is not paid 12 times after that, then it is considered as lapsed.
- The premium paid in postal life insurance can be availed of exemption under section 80C of the Income Tax Act.
- The policy can be transferred to any circle in the country.
- Premiums for India Post Life Insurance policies can be paid on an annual, half yearly or even monthly basis.
- A duplicate policy bond is issued in case the original policy bond is lost or burnt or torn.
Postal Life Insurance now online
Postal Life Insurance is now available online. Your convenience policy can be searched online by visiting https://pli.indiapost.gov.in. It can be bought online, premium paid online, receipt and income tax certificate can be obtained digitally and multiple policies can be managed online.
