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What is Postal Life Insurance?
What is Postal Life Insurance (PLI)?
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Postal Life Insurance (PLI) was introduced on 1st February 1884.It started as a welfare scheme for the benefit of postal employees and was later extended to the employees of the Telegraph Department in 1888. In 1894, PLI extended insurance cover to female employees of the erstwhile P & T Department at a time when no other insurance company ...
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Feb 15, 2024 · Introduced in 1884, the Postal Life Insurance (PLI) is one of the oldest life insurance plans in India. Still boasting extremely low and affordable premiums, PLI is known for its high returns. Managed by the Department of Posts under the Government of India, it offers a dependable and cost-effective medium of financial protection through life ...
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- What Is Postal Life Insurance (Pli)?
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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 ...
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/...
A policyholder can avail the following benefits: 1. Nomination facility:The policyholder can nominate his/her beneficiary, and can also make changes to the nomination. 2. 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 ...
Employees of the organizations listed below are eligible to obtain a Postal Life Insurance policy: 1. Defense Services 2. Para Military Forces 3. Central Government 4. Para Military forces 5. Local Bodies 6. Reserve Bank of India (RBI) 7. Government-aided Educational Institutions 8. Public Sector Undertakings 9. Nationalized Banks 10. Financial Ins...
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 fo...Here are a few guidelines to those who invest in a Postal Life Insurance policy: 1. The policy number will be available on the policy document. This will be needed for your future reference, to identify your policy and to make transactions such as payment of premium, servicing the policy, etc. 2. The Policy Bond holds great significance, and the or...
With the help of the online calculator, you can determine how much premium you will need to pay for your postal life insurance policy. The premium calculator tool allows the policyholder to enter a few pertinent facts to get an approximate premium amount for the coverage they need. The age of the policyholder, the type of policy, the required sum a...
What is the main differentiation between Postal Life Insurance and other Insurance? PLI can be used only by Government and Semi-Government employees. PLI is also the only insurer that offers policy...Who are all the people, eligible to use this insurance? The PLI policy is applicable to individuals who work for the Central Government, Defence Services, Reserve Bank of India, Public Sector Under...Does Postal Life Insurance have any guarantor? Yes, Government of India, guarantees Postal Life InsuranceDo both spouses need to be Government employees to avail Postal Life insurance? No, husband and wife can participate in the "Yugal Suraksha" plan if one works for the government. Although the initi...Jun 6, 2024 · Postal Life Insurance (PLI) scheme by India Post provides life insurance for various government employees and professionals. It offers different policy options with high returns and low premiums. Features include loan facility, bonus eligibility, and easy policy conversion.
Jun 2, 2023 · Postal Life Insurance (PLI) is a government-backed plan from India Post, offering affordable coverage for government employees, defence and paramilitary personnel, and rural residents. As of 2024, graduates and diploma holders can also apply. Premiums are paid at post offices, and the policy includes loan options.
Here’s a guide on postal life insurance plans which talks in detail about these schemes separately, their key features, benefits, and the eligibility to apply for the PLI scheme.
The post life insurance policies (PLI) are one of the oldest and most reliable life insurance plans which are available at very economical rates.
