Clue- It has been in existence for more than 130 years.
It was on 1st February 1884, when India was still a British colony, that Postal Life Insurance (PLI) was established. It was initially introduced as a welfare scheme only for the postal employees but was then extended to the Telegraph Department as well.
Fast forward it to the present, and PLI is still in existence and now covers an extensive range of Central and State Government employees. If you are a government employee and searching for life insurance, here are five things you should know about PLI-
1. What is Postal Life Insurance?PLI is an insurance company with an extensive network of more than 1,50,000 branches all over the country. From selling only a few hundred life insurance policies in the 19th century, PLI is now a top insurance provider in India with millions of customers.
Currently, the PLI offers six different life insurance products-
- Suraksha (Whole Life Insurance)
- Suvidha (Convertible Whole Life Insurance)
- Sumangal (Anticipated Endowment Assurance)
- Santosh (Endowment Assurance)
- Bal Jeevan Bima (Children Policy)
- Yugal Suraksha (Joint Life Assurance)
2. PLI StatisticsHere is a detailed statistic of how PLI has grown over the years-
|Year||Policies Sold in the Financial Year||Premium Income (Rs. Crores)||Fund Balance (Rs. Crores)|
3. Features of PLISome of the top features and benefits of life insurance products offered by PLI are as follows-
- Life insurance products offered by the PLI come with the lowest premium and highest life cover for such premium
- As compared to other life insurance products available in India, PLI offers higher bonus
- The policyholder can pledge the policy for taking a loan
- Option to revive policy in case if it lapses
- PLI plans are eligible for tax deduction under Section 88 of the IT Act
- Policyholders are free to select a nominee for their policy and even change the nominee if required
- The centralized accounting facility of PLI ensures that the claims are processed in an easy and quick manner
- Separate rural PLI plans for individuals who live outside the municipal boundaries of any town or city
4. Eligibility for PLIHere are the eligibility requirements for purchasing a life insurance plan offered by the Postal Life Insurance-
|Eligible Persons||Any Central or State Government employee, Para Military Forces, Defense Services, RBI, Deemed Universities, Nationalized Banks, Local Bodies, Autonomous Bodies, etc.|
|Non-Eligible Persons||Private sector employees|
|Entry Age||Between 19 to 55 years for all plans except Bal Jeevan Bima. For this Children Policy, the entry age of the child should be between 5 to 20 years|
|Sum Assured||Rs. 20,000 to Rs. 50 lakhs|
5. How to Purchase a PLI Policy?You can purchase any of the life insurance products offered by PLI by visiting the nearest branch office of India Post. Alternatively, you can also apply for a policy by visiting the official website of the India Post.
But before purchasing, ensure that you thoroughly understand the policy, its benefits, terms and conditions, etc. so that you select one that best meets your life insurance requirements.
Learn more about online life insurance plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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