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Postal Life Insurance (PLI), introduced on 1 Feb 1884, is one of the oldest life insurance schemes in India and is currently managed by the Department of Posts under the Indian Government. This scheme offers various benefits to government employees. Here are some of them:
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Postal Life Insurance, a government-backed insurance plan, started as a welfare scheme providing benefits to postal employees and the oldest life insurance scheme. It later extended its cover to the Telegraph Department employees of the P&T Department. PLI also extended insurance coverage to female employees in 1894. Now, it covers employees of Defense & Para-military services, Central & State Government Employees, Banks, Public sector Undertakings, Local bodies, Educational institutes and professionals like engineers, doctors, chartered accountants, lawyers, MBA, etc. and the company’s employees listed with Bombay Stock Exchange (BSE)/ National Stock Exchange (NSE).
The main objective of this PLI scheme is to make sure the well-being of Indian government employees through sufficient life insurance coverage. With this scheme, they can easily avail of life insurance at a lower premium rate than plans available in the insurance industry.
Similar to Postal Life Insurance (PLI), there is an RPLI i.e., Rural Postal Life Insurance scheme to provide financial benefits to the rural people.
Term Plans
The Postal Department of India introduced the Rural Postal Life Insurance (RPLI) Scheme in 1995 for rural people of India. In 1993, the Malhotra Committee recommended that about 22% of the Indian population had insurance coverage and funds related to life insurance only accounted for 10% of households’ savings. The Indian Government accepted the observations presented by the committee, and then PLI extended its coverage to the rural regions. This is due to the large network of Post Offices in the rural populated area. In addition to this, the operational cost was also low because of this reason. This plan mainly focuses on providing insurance coverage to the weaker sections of society and women working in rural areas. The other objective is to spread awareness regarding insurance among the rural population.
| Postal Life Insurance | Rural Postal Life Insurance | |
| Eligible Individuals | · Defense Services · Central and state governments · Para-military forces · Government-aided educational universities and institutions · Local Bodies · Reserve Bank of India · Banks employees · Contract-based employees in State/Central Govt. Employees |
Individuals living out of the municipal boundaries of a city. Weaker sections of the society |
| Not eligible individuals | Employees who are working in the private industry | Individuals living within the municipal limits of a city |
| Plans offered | · Whole Life Assurance - Suraksha Plan · Endowment Assurance- Santosh Plan · Convertible Whole Life Assurance- Suvidha Plan · Joint Life Assurance- Yugal Suraksha Plan · Anticipated Endowment Assurance - Sumangal Plan · Children Policy- Bal Jeevan Bima Plan |
· Whole Life Assurance - Gram Suraksha Plan · Endowment Assurance- Gram Santosh Plan · Convertible Whole Life Assurance- Gram Suvidha Plan · Anticipated Endowment Assurance - Gram Sumangal Plan · 10 years Rural PLI- Gram Priya Plan · Children Policy- Bal Jeevan Bima Plan |
| Entry Age | Min: 19 years Max: 55 years For children’s policy : 5-20 years |
|
| Sum Assured | Min: Rs. 20,000 Max: Rs. 50 Lakhs |
Min: Rs. 10,000 Max: Rs. 10 Lakhs |
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PLI schemes offer the highest life insurance coverage with a bonus facility that is more than the other insurance.
Under postal life insurance plans, the primary policyholder can appoint his/her beneficiaries as nominees. These schemes also allow changing the PLI’s nominee during the policy term when needed.
Policyholders can also take a loan against the PLI Scheme. However, he/she has to wait for 3 policy years to get a loan in case of an endowment assurance plan and 4 years if you have purchased a whole life assurance plan.
Policyholders can easily switch from the whole life assurance plan to the Endowment assurance plan. One can also change the endowment assurance policy to another endowment policy.
Policyholders can revive a lapsed Postal Life Insurance Plan for Government Employees under the below-mentioned scenarios:
A policy that is less than 3 years and lapsed after the 6 successive non-payment of premiums.
A policy that is more than 3 years old and is lapsed after 6 successive non-payment of premiums.
Policyholders can get duplicate documents if they misplace/lose/damage the original documents.
The policyholder can get tax benefits under section 80C of the ITA of up to Rs. 1.5 Lacs on the premium amount paid.
You have the option to buy more than one plan. However, the total life cover should not be less than Rs. 20,000 and more than Rs. 10 Lakhs.
Policyholders can easily track the premium payments for loan transactions with the passbook facility.
With PLI, you can pay premium amounts at any post office across India through cheque/cash. Premium payment can also be made through POSB accounts through mbanking, ebanking and POSB debit cards.
Following are a few points to consider before buying Postal and Rural Life Insurance Plans:
Government employees can continue with the PLI scheme even after leaving their job.
Premium amounts can be payable annually, half-yearly or monthly.
You have the option to surrender the plan at any time. Whole life insurance plans can be easily surrendered after completing 4 years, and 3 years are required for surrendering endowment plans.
Postal life insurance is specifically designed for government employees are the most common and preferred insurance plan that gives you financial protection in case of a policyholder’s death. However, before buying any life insurance plan, you should always assess your life insurance objectives, compute the coverage you need for your family and choose a comprehensive plan
You may also like to read about : Term Insurance
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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