Postal Life Insurance

Postal Life Insurance: If you have taken life insurance from the post office then there is good news. Now you can pay multiple policy premiums at once. Postal Life Insurance has said through a tweet that now customers can pay multiple premiums of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) policies simultaneously from the portal of India Post.

What is postal life insurance and how old is it?

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. Earlier this insurance was available only to government and semi-government employees, including public sector undertakings (PSUs), financial institutions and nationalized banks. Life insurance policies covered under PLI from the year 2017 for professionals like doctors, engineers, management consultants, chartered accountants, architects, lawyers, bankers and employees etc. and listed on NSE (National Stock Exchange) and BSE (Bombay Stock Exchange) made available to the employees of the companies. Life insurance up to Rs 10 lakh can be taken under PLI. Talking about RPLI, it is for the people of the village.

Different policies of PLI and RPLI schemes
There are 6 policies under PLI scheme – Whole Life Assurance (Suraksha), Convertible Whole Life Assurance (Suvidha), Endowment Assurance (Santosh), Joint Life Assurance (Couple Suraksha), Anticipated Endowment Assurance (Sumangal) and Children Policy (Bal Jeevan) Insurance). Similarly, RPLI includes Whole Life Assurance (Gram Suraksha), Convertible Whole Life Assurance (Gram Suvidha), Endowment Assurance (Gram Santosh), 10 Years Rural PLI (Gram Priya), Anticipated Endowment Assurance (Gram Sumangal) and Children Policy (Bal life insurance).

Features of post office insurance

As mentioned there are many different policies in PLI and RPLI schemes, which have different benefits. Although their common features are as follows…

One can take life insurance up to Rs 10 lakh. People up to the age of 55 years can buy a life insurance policy.
If the policyholder does not choose to change the policy for six years, the policy will be treated as life insurance.
Loan can also be taken against this insurance policy if needed.
The policy can be surrendered after three years.
However, if the customer takes a loan on the policy or surrenders the policy before the completion of five years, then he will not get the bonus on the PLI.
There is a facility to change the nominee in the 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.
Postal life insurance can be availed of exemption under the Income Tax Act. The policy can be transferred to any circle in the country.
The premiums for this India Post Life Insurance Policy can be paid on an annual, half yearly or even monthly basis. Premium can be paid on any working day.

Benefits of Investing in PLI:

A portion of different advantages and limits offered under the Postal Life Insurance plot are as per the following:

The protected can benefit annual duty exception as given under Sec. 88 of the Income Tax Act.

The superior payable for the entirety guaranteed and inclusion is a lot of lower than that payable under some other .

Extra offices offered under this arrangement are Assignment, Loan, Conversion, Surrender and Paid Up Value choices.

The arrangement can be moved to any Circle inside India, at no extra charges.

Passbook office is accessible to follow the installment of premium and in the event of advance exchanges, and so forth

Premium can be paid on a yearly, half-yearly and month to month premise. At the point when the installment is expected, the policyholder can make an installment on any functioning day.

In the event that you make a development premium installment for an approach time of a half year, you can benefit a rebate on premium worth 1% of the worth.

In the event that you make a development premium installment for a strategy time of a year, you can profit a markdown on premium worth 2% of the worth.

Designation office is accessible.

Since this plan has a brought together bookkeeping office, claims measure is speedy and simple.

Advantages of Postal Life Insurance Policies:

PLI plans have a few advantages granted to their candidates and is perhaps the most searched out protection items in the country in light of its adaptability:

Name of designation can be changed by the safeguarded at some random time.

Copy strategy security can be re given to safeguarded, on the off chance that the first Policy Bond is scorched, torn, lost or damaged.

A slipped by postal protection strategy can be resuscitated after 6 neglected expenses on the off chance that it stayed in power for under 3 years. It can likewise be restored after 12 neglected expenses on the off chance that it stayed in power for over 3 years.

The guaranteed can profit advance by vowing his/her plan to Heads of the Circle/Region in the interest of President of India, relying on the prerequisite that the strategy is 3 years of age if there should be an occurrence of Endowment Assurance and 4 years in the event of Whole Life Assurance. Task office can likewise be benefited.

Strategy can be relegated to taking an advance to any monetary establishment.

It is feasible to change a Whole Life Assurance over to Endowment Assurance and from Endowment Assurance to other Endowment Assurance, in view of specific conditions and rules.

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