Blog

Postal Life Insurance (PLI) is a life insurance scheme that was introduced by the Department of Posts under the Government of India in 1884. It started as a welfare scheme for the benefit of postal employees. Now,  any graduate and diploma holder can enjoy the benefits of the scheme. PLI offers various types of policies to suit the needs and preferences of the customers, such as:

• Whole Life Assurance (Suraksha): This policy provides coverage for the whole life of the insured, and the sum assured is paid to the nominee or legal heir upon the death of the insured.
• Convertible Whole Life Assurance (Suvidha): This policy is similar to Suraksha, but it can be converted into an Endowment Assurance policy after five years of taking the policy.
• Endowment Assurance (Santosh): This policy provides coverage for a specified period of time, and the sum assured is paid to the insured upon survival at the end of the term or to the nominee or legal heir upon the death of the insured within the term.
• Joint Life Assurance (Yugal Suraksha): This policy covers two lives, usually spouses, under a single policy. The sum assured is paid to the surviving spouse upon the death of either of the spouses or to the nominee or legal heir upon the death of both the spouses.
• Anticipated Endowment Assurance (Sumangal): This policy is a money-back policy that provides periodic payments of a fixed percentage of the sum assured during the term of the policy, and the balance sum assured is paid to the insured upon survival at the end of the term or to the nominee or legal heir upon the death of the insured within the term.
• Children Policy (Bal Jeevan Bima): This policy covers the life of a child from 5 to 20 years of age, and the sum assured is paid to the child upon attaining 21 years of age or to the parent or guardian upon the death of the child within the term.

Sum assured under this scheme is :

• Minimum – Rs 20,000
• Maximum – Rs 50,00,000
• For Children policy minimum sum assured is Rs 20,000 and maximum sum assured is Rs 3,00,000 or Sum assured of Parents whichever is less

Some of the benefits of PLI are:

• It offers low premium rates and high bonus rates compared to other insurance companies.
• It provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
• It has a simple and hassle-free claim settlement process.
• It has a wide network of post offices across the country where the customers can pay their premiums and avail other services.

To buy a PLI policy, the customer needs to fill an application form and submit it along with the required documents, such as identity proof, address proof, age proof, income proof, medical certificate, etc. The customer also needs to undergo a medical examination by an authorized medical officer. The policy will be issued after the verification of the documents and the medical report.The customer can also register online on the PLI website¹ and access various features, such as checking the policy status, paying the premium, downloading the premium receipt, updating the personal details, etc.

“Postal Life Insurance: Delivering Security at Your Doorstep.”