DISCLAIMER
This video is for educational purposes only and should not be considered as financial advice or an endorsement of specific investments. It is essential to conduct thorough research before making any investment decisions
Postal Life Insurance:
The Queen Empress of India approved the introduction of Postal Life Insurance (PLI), the nation's first insurer, on February 1, 1884, with the explicit consent of Her Majesty's Secretary of State (for India). The program was designed as a wellness initiative for Postal Service workers. In 1884, it was later expanded to include staff members of the Telegraph Department. The maximum insurance amount limit was Rs. 4,000 during its early inception; it is today Rs.50 lakhs.
The Postal Life Insurance schemes are some of the country's most suitable and reasonably low-premium personal investment products.
What is Postal Life Insurance (PLI)?
The Postal Life Insurance Plan provides significant premium returns on life insurance. The maximum cash assured granted under this policy is Rs. 50 lakhs.
The Central and State Governments, Universities, Government Aided Educational Institutions, Autonomous Bodies Local Bodies, Cooperative Societies, Joint Ventures with a minimum of 10% Government/PSU stake, and Employees of Central and State Public Sector Enterprises are all eligible for this policy, which is provided by the Government of India.
A group insurance policy is also maintained by Postal Life Insurance, which is for “Gramin Dak Sevaks,” i.e., Extra Departmental Employees of the Department of Posts.
Features of Postal Life Insurance Policy:
A policyholder can avail the following benefits:
Nomination facility: The policyholder can nominate his/her beneficiary, and can also make changes to the nomination.
Loan facility: A Loan facility is offered in accordance with this policy. When an Endowment Assurance policy reaches three years of maturity, or when a Whole Life Insurance policy reaches four years of policy period, the policyholder can pledge the policy as collateral to the Heads of the Region or Circle on behalf of the President of India. Under this plan, assignment facilities are also offered.
Policy Revival: A policyholder can revive a lapsed policy. The policy can be revived when policy has lapsed under the following conditions -
Policy has lapsed after six successive non-payments of premium with the policy being in effect for less than three years.
Policy has lapsed after 12 successive non-payments of premium where policy has been in effect for more than three years.
Duplicate Policy Document: If the policyholder misplaces the original policy paper, a duplicate will be sent to them. This also holds true if the insured requests a duplicate policy document because the original has been destroyed by fire, destruction, or mutilation.
Advantages of Postal Life Insurance Policies:
PLI schemes have several benefits awarded to their applicants and are the most sought out insurance products in the country because of their flexibility.
The name of nomination can be changed by the insured at any given time.
Duplicate policy bonds can be re-issued to the insured, in case the original Policy Bond is burnt, torn, lost, or mutilated.
A lapsed postal insurance policy can be revived after six unpaid premiums if it remains in force for less than three years. It can also be revived after 12 unpaid premiums if it remains in force for more than three years.
The insured can obtain loan by pledging his/her scheme to Heads of the Circle/Region on behalf of the President of India, under the condition that the policy is three years old in case of Endowment Assurance and four years in case of Whole Life Assurance. It is also possible to use assignment facilities.
Policy can be assigned to taking a loan to any financial institution.
It is possible to convert a Whole Life Assurance to Endowment Assurance and from Endowment Assurance to other Endowment Assurance, based on certain conditions and rules.
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