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INTRODUCTION
Postal Life Insurance was started in 1884 as a welfare measure for the employees of Posts & Telegraphs Department under Government of India. Due to popularity of its schemes, various departments of Central and State Governments were extended its benefits. Now Postal Life Insurance is open for employees of all Central and State Government Departments, Nationalized Banks, Public Sector Undertakings, Financial Institutions, Local Bodies like Municipalities and Zila Parisads, Educational Institutions aided by the Government etc.
WHY CHOOSE PLI ?
PLI offers bonus rates higher than all types of policies as compared to that of other insurance agencies.
SALIENT FEATURES
Pass book Facility:
Premium can be remitted in any departmental Post Offices in India.
Recovery of premium from Pay:-Facility of recovery of premium from salary is available to some selected Departments.
Loan Facility:
Loan can be obtained at the interest charge of 10% p .a Loan can be obtained from other financial institutions like nationalised bank, HDFC etc on the security of Policies.
Assurance upto 10 Lakhs:
PLI offers policies up to a maximum Sum Assured of Rs.10 lakh for Whole life and Endowment Assurance Policies.
Income Tax Savings:
PLI Premium paid is eligible for Income Tax Savings under section 80C of Income Tax Act.
Non Medical Scheme.
Scheme of Non Medical policies of Endowment Assurance available up to One Lakh Sum Assured ,subject to conditions.
BENEFITS
1. 100% security by Government of India
2. Income Tax Rebate under Sec. 88.
3. Low Premium.
4. High Bonus.
5. Options for Loan, Assignment, Surrender, Conversion and Paid Up Value.
6. Repayment of Loan is optional. However interest is payable every 6 months.
7. Easy transfer to any place in India free of cost.
8. Pass book facility for payment of premia & other payments like loan, interest through any Departmental Post Office.
9. Pay recovery facility for Institutions and Organizations having more than 20 policies.
10. Facility for payment of premia monthly, half yearly and annually on any working day of the month for which it is due.
11. Rebate @ 1% for payment of 6 months premia in advance.
12. Rebate @ 2% for payment of 12 months premia in advance.
13. Nomination facility.
14. Facility for revival of policies lapsed due to non-payment of premium.
15. Payment of policy money through any Post Office, anywhere in India.
16. Centralized accounting for quick and easy settlement of claims through fully computerized office management.
Author: Najiya M Ali
Postal Assistant, Department of Posts. Source: http://www.imyideas.com/
Posted in PLI
Bangalore Time
