The following is the list of key features of Postal Life Insurance:
PLI is the only insurer in the Indian Life Insurance market today, giving the higher return (bonus) with the low premium charged for any product in the market.
The premium payable for the amount assured and coverage is much lower and is therefore affordable by the rural masses.
Premium can be deposited on an annual, half-yearly and monthly basis. When the payment is callable, the holder can deposit it on any working day.
Passbook facility is available to track the transactions of premium. This facility is available in loan transactions also.
There are many benefits provided by the company which a policyholder can avail:
Nomination: One can make a person his nominate or recipient of the benefit. He is also able to make changes in the process of nomination.
Duplicate Policy document: A duplicate policy document will be provided to the person holding the policy in case the original policy is damaged or misplaced by the policyholder.
Conversion of Policy: There is a provision in the whole life assurance policy that it can be converted into an Endowment assurance policy as per the standards and guidelines provided by the Insurer.
Policy revival: If policy lapses due to non-payment of premiums, the policyholder can revive it. Various policies can be revived under the listing conditions as mentioned in their policy document. The revival will depend on the number of premiums paid so far and the number of unpaid due payments.