Postal Life Insurance (PLI)

Postal Life Insurance (PLI) or Postal Life Insurance (Dak Jeevan Bima) was started on 1 February 1884. It was launched as a welfare scheme with the objective of providing benefits to the postal employees. Later it was extended to the employees of the Telegraph Department in 1888.

Postal Life Insurance cover was extended to women employees in 1894. At that time Postal Life Insurance was the only insurance which covered female life. Till that time no other insurance company provided life insurance cover to women.

Postal Life Insurance is also known as the oldest life insurer in the country. It also provides the benefit of life insurance cover to officers and employees of defense services and paramilitary forces.

Postal Life Insurance Plan (Dak Jeevan Bima Policy) offers life insurance cover to the customer with high returns at low premiums. Under this insurance scheme, the maximum sum insured of up to Rs50 lakh is provided to the policy holder.

This insurance policy is offered by the Government of India to the employees of Central and State Public Sector Enterprises, Central and State Governments, Government aided educational institutions, Universities, Government aided educational institutions, Autonomous bodies, Local bodies, Co-operative societies, Joint ventures. Is performed.

Features Of Postal Life Insurance Policy

Following are the features of a Postal Life Insurance policies-

1. Nomination Facility :

In a Postal Life Insurance Policy (Dak Jeevan Bima Policy), the policyholder can easily nominate his beneficiary or change the nomination whenever he wants. A beneficiary is the person to whom the benefits of a life insurance policy are provided upon the death of the policyholder.

2. Credit facility :

A Postal Life Insurance Policy also provides the benefit of loan facility to the policyholder. After a period of three years of taking the policy, you can easily avail loan benefits as per your requirement by pledging your policy.

3. Policy Revival :

The policyholder can easily revive the policy on its lapse. Policy termination means that if the policyholder does not pay the policy premium then his policy is terminated in that case. But if the policyholder wishes, he can revive his policy.

He can revive his policy under the following circumstances-

1. If the policy is in force for less than 3 years and the policy has lapsed after six consecutive non-payment of premiums.
2. If the policy is in force for more than 3 years and the policyholder does not pay the premium for 12 consecutive times due to which the policy is terminated.

4. Duplicate Policy Documents :

If for some reason the policyholder loses the original document of his policy, then the policyholder can easily get the duplicate military document.

5. Conversion of Policy :

If the policyholder wishes, he can convert the policy as per his wish. He can easily convert his whole life insurance policy into an endowment insurance policy. Also he can convert an endowment insurance policy into any other type of endowment insurance plan as per his need and benefit as per the prescribed rules and guidelines.

• Read Also Benefits Of Life Insurance

Benefits Of Investing In Postal Life Insurance Policy ( PLI )

The benefits offered under Postal Life Insurance Scheme (Dak Jeevan Bima) are as follows:

1. Under the Postal Life Insurance Scheme (Dak Jeevan Bima), the benefit of income tax exemption is provided to the insured.
2. The premium payable for the sum assured and coverage under Postal Life Insurance Scheme (Dak Jeevan Bima) is very less as compared to the premium payable under any other policy.
3. Additional facilities like assignment, loan, conversion, surrender and paid up value options are provided under Postal Life Insurance Policy.
4. Postal Life Insurance Policy can be transferred within India to any Postal Circle without any additional charges.
5. Passbook facility is provided to track the payment of premium and in case of loan transactions etc. in Postal Life Insurance Scheme (Dak Jeevan Bima).
6. The premium for Postal Life Insurance Policy (Dak Jeevan Bima Policy) can be paid on yearly, half-yearly and monthly basis.
7. If you pay advance premium for a policy term of 6 months in a Postal Life Insurance Policy, you can get a rebate on premium worth 1% of the policy value.
8. If you pay advance premium for a policy term of 12 months in a Postal Life Insurance Policy, you can get a rebate on premium worth 2% of the policy value.
9. Nomination facility is given in Postal Life Insurance Policy (Dak Jeevan Bima Policy).
10. Due to the centralized accounting facility in the Postal Life Insurance Policy, the claim process is quick and easy.

Postal Life Insurance Plans

Currently the following Postal Life Insurance policies are available-

1. Whole Life Assurance (Suraksha)
2. Convertible Whole Life Assurance (Suvidha)
3. Endowment Assurance (Santosh)
4. Joint Life Assurance (Yugal Suraksha)
5. Anticipated Endowment Assurance (Sumangal)
6. Children Policy (Bal Jeevan Bima)

Whole Life Assurance (Suraksha):

In this, along with the assured sum assured at the maturity of the policy, accrued bonus is also provided to the policyholder.

age at entry

• Minimum-19 Years
• Maximum Age: 55 Years

insurance coverage

• Minimum Sum Assured – ₹ 20,000;
• Maximum Sum Assured – ₹ 50 Lakh

loan facility

• Loan facility after completion of 4 policy years

Policy Surrender

• 3 years later

2. Convertible Whole Life Assurance (Suvidha):

On maturity of the policy, the sum assured along with accrued bonuses is paid.

age at entry

• Minimum Age – 19 Years
• Maximum Age: 50 Years

some assured

• Minimum Sum Assured ₹ 20,000;
• Maximum ₹ 50 Lakh

loan facility

• Loan facility after 4 years

Dedication

• 3 years later

3. Endowment Assurance (Santosh):

Under this plan, the Sum Assured and accrued bonuses are given on attaining the pre-determined age of maturity i.e. 35, 40, 45, 50, 55, 58 and 60 years. Accrued Bonuses to the nominee in case of death of the insured Along with the full amount of sum assured is paid.

age at entry

• Minimum at the time of admission- 19 years
• Maximum Age: 55 Years

some assured

• Minimum Sum Assured – ₹ 20,000;
• Maximum – ₹ 50 lakh

loan facility

• Loan facility after 3 years

Dedication

• Surrender after 3 years

4. Joint Life Assurance (Yugal Suraksha):

This is a joint life endowment insurance in which one of the spouses should be eligible for the Dak Jeevan Bima Policy. It provides life cover for both the spouses to the extent of the sum assured along with accrued bonuses along with a single premium.

some assured

• Minimum Sum Assured – ₹ 20,000;
• Maximum – ₹ 50 lakh

entry age

• Minimum Age – 21 Years
• Maximum Age: 45 Years

policy term

• Minimum policy term – 5 years
• Maximum- 20 Years

loan facility

• Loan facility after 3 years

Policy Surrender

• Surrender after 3 years

5. Anticipated Endowment Assurance (Sumangal):

This is a type of money back policy with a maximum sum assured of ₹ 50 lakhs. It is best suited for people who require periodic returns.

• Policy term: 15 years and 20 years
• Minimum age 19 years;

6. Children Policy (Bal Jeevan Bima):

The scheme provides life insurance cover to the children of the policyholders. A maximum of two children of the policyholder (parent) are eligible.

• The age of the children should be between 5- 20 years of age.
• In this, the sum insured is maximum Rs.3 lakh or equal to the sum insured of the parents, whichever is less.
• The age of the policy holder (parent) should not exceed 45 years.
• On the death of the policyholder (parent), no premium is to be paid on the children’s policy.
• Surrender facility is not available in this policy.
• No medical examination of the child is necessary in this policy.

Postal Life Insurance Eligibility

Employees of the organizations listed below are eligible for the Postal Life Insurance Policy:

• defense services
• State Govt
• central government
• paramilitary forces
• local body
• Reserve Bank of India
• Government Aided Educational Institutions _
• Public Sector Undertakings _
• nationalized bank
• financial institutions
• Autonomous Bodies
• Persons appointed on contract basis in Central / State Government , where contract can be extended . _
• Employees of all Scheduled Commercial Banks
• Additional Departmental Agent in the Postal Department
• He is employed in educational institutions recognized by recognized bodies like All India Council of Technical Education , National Council for Assessment and Accreditation , Medical Council of India etc.
• Working in credit co-operative societies and other co-operative societies registered with the Government under the Co- operative Societies Act . These may be partially or fully funded by State Government , Central Government , RBI , Nationalized Banks , SBI , NABARD , etc.