How to Check PLI Status?

What exactly is Postal Life Insurance?

Postal Life Insurance is a scheme where you are offered Life Insurance cover with higher returns on the premium. Under this scheme, you can assure a maximum sum of Rs. 50 lakhs. The government of India offers this plan to the employees of State and Central Governments, State and Central Public Sector Enterprises, Universities, Government Aided Educational Institutions, Local Bodies, Autonomous Bodies, Joint ventures with a minimum of 10% of PSU/Government stake etc. Postal Life Insurance also manages a group life insurance scheme for the ‘Gramin Dak Sevaks’, that is, Extra Departmental Employees of Department of Posts.

Key Features of Postal Life Insurance Policy:

You can avail the benefits mentioned below by investing in PLI:

Nomination Facility: The insured has the right to nominate his or her beneficiary along with this; he can make any changes to the nomination.

Policy Revival: A lapsed policy can be revived by a policy holder. The insured can revive the policy when it has lapsed under the following circumstances:

Policy lapses if the policyholder does not make payments of 6 successive premiums with the policy being effective for not more than 3 years.

Policy lapses if the insured makes non-payment of 12 successive premiums with the policy being in effect for more than three years.

Conversion of Policy: A policy holder can convert this policy to Endowment Assurance Policy from Whole Life Assurance policy. Endowment Assurance Policy can be transformed to a new Endowment Assurance plan according to the guidelines and regulations laid down by the policyholder.

Loan Facility: The policy holder can take a loan against this policy. The insured can pledge his policy as a security to the Heads of Circle/Region on behalf of India’s President, once the policy attains 3 years maturity in the case of Endowment Assurance policy and 4 years period of policy in case of a Whole Life Insurance policy. The policy holder is provided with assignment facility under this scheme.

Duplicate Policy Document: The policy holder is issued with a duplicate policy document in case of misplacement or loss of the original document. Also, if the insured’s original document is burned, torn or mutilated and require a duplicate copy of the document then he can get it issued.

Type of Postal Life Insurance Schemes:

Postal Life Insurance (PLI) is available in 6 different types for those looking to make the maximum bangs for their bucks by investing in it.

Now that you know the different types of life insurance policy offered by Postal Life Insurance , let’s check out the key benefits of investing your hard-earned money in PLI.

Benefits Available Under PLI Scheme:

• Income Tax rebate under Section 88 of the Income Tax Act of India, 1961 is available for the insured under the PLI scheme.
• The premium that is payable for the coverage and the sum assured is much lower than that of any other insurance policy’s payable.
• Additional facilities that the scheme offers to its policy holder are Loan, Assignment, Paid-up value and Surrender options, and Conversion.
• The policy holder can get policy transferred to any region/circle within the country, without paying any additional charges.
• The insured is issued to passbook to keep a check on the premium payments and in the case of transactions for loan etc.
• The policyholder can make payment of the premium on the monthly, half-yearly and annual basis. He can pay the premium on any working day, in the case of due payment.
• The scheme comes with a Nomination facility
• Having a centralised accounting facility, Postal Life Insurance Scheme comes with the easy and quick claims process.

If you’re still wondering why PLI is so popular? Let us also introduce you to the key features of this amazing scheme.

Key Features of PLI Scheme:

• Postal Life Insurance offers its customers the dual benefits of endowment assurance and whole-life insurance.
•  Postal Life Insurance schemes care also available for those temporary employees working with the Indian postal department.
• Postal Life Insurance plans allow policy holders to extend the coverage to their spouses, even if they aren’t government employees.
• Coverage provided under Postal Life Insurance continues even after an employee quits the government job.
• Postal Life Insurance scheme provides comprehensive coverage to rural people, even if they are not employed by a governmental organization.

Over to You!

Now when you know how check your Postal Life Insurance policy status, and make PLI premium payments online, we would recommend you to consider investing in this policy if you are employees of Defence Services, State Governments, Central Government, Para Military Forces, Nationalized Banks and a host of other state owned departments. The different schemes available under PLI would help you ensure maximum savings and comprehensive financial protection for self and loved ones.

Helpful Resources: HDFC life insurance, ICICI Life insurance, SBI Life insurance