Postal Life Insurance policy status, online premium payment, Plans

 Postal life insurance premium calculator, policy status, online premium payment, premium table,  bonus, Service tax nad postal insurance policies

Postal Life Insurance

Introduction

Postal Life Insurance (PLI) foundation dates back to British Raj. It was first founded on 1stFebruary, 1884, as a scheme to provide benefits to Postal employees. Later its operations were extended as it started to provide insurance policies to the employees of Telegraph Department and female employees of P&T Department in the year 1888 and 1894 respectively.
As for the present date, PLI has further extended its operations and now it offers policies to central and state government departments, for example, Universities, Government aided Educational institutions, Nationalized Banks, Local bodies, officers and staff of the Defense services and Para-Military forces are the few to name.

Postal Life Insurance Benefits

PLI claims that it offers the lowest premium charged polices as compared to any other insurance companies in India, which yields highest returns. If it’s true then it is, undoubtedly, one of the biggest benefits that PLI offers to its policy holders. 
Besides this, PLI, certainly, provide other benefits to its customers, few of which are mentioned below:
·         PLI policy holders can use their policies as a surety bond to obtain loan by requesting Heads of the Circle/Region on behalf of President of India. Provided the policy is, at least, three and four years old for Endowment Assurance and Whole Life Assurance respectively.
·         The policy of PLI helps the policy holders to obtain loan from any financial institute.
·         If a policy holder, due to any reason, fails to pay the premium amount which in result lapses the policy, he can restore its policy by paying the unpaid premiums.
·         PLI issues Duplicate Policy Bond if the original is lost or burnt.
·         The last, but not the least, benefit that PLI policy holders can avail is the transfer of Whole Life Assurance to Endowment Assurance or vice versa.

Postal Life Insurance Policies

Following are the six plans that PLI offers:
1.       Whole Life Assurance  (Suraksha)
2.       Convertible Whole Life Assurance (Suvidha)
3.       Endowment Assurance  (Santosh)
4.       Anticipated Endowment Assurance  (Sumangal)
5.       Joint Life Assurance  (YugalSuraksha)
6.       Children Policy(BalJeevanBima)

Postal Life Insurance Premium

In order to know how much premium a person is liable to pay for a plan, please see the table below. Data are given with minimum and maximum range. Please note that data are from the Premium Table, dated: 14th July, 2010, released by Postal Life Insurance India.

S.No

Policy Type

Age at Entry

Age at Maturity

Premium

1
Anticipated Endowment Assurance 
18– 45
15 –20*
25 –35
2
Convertible Whole Life Assurance
19 –50
50 – 60
7 – 364
3
Endowment Assurance 
19–55
23 – 60
9 – 90
4
Whole Life Assurance 
19 – 55
55 – 70
7 – 70
5
Joint Life Assurance 
21 – 46
27 – 60
42 – 193
*Term Years

Bonus Status

According to Bonus sheet announced by PLI on 25th April 2012, these are the bonus of the financial year 1st April 2011 – 31st March 2012

S.No

Policy Type

Bonus Rate

1
Anticipated Endowment Assurance 
53
2
Convertible Whole Life Assurance
85
3
Endowment Assurance 
58
4
Whole Life Assurance 
85
5
Joint Life Assurance 
58

References

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  3. service tax on postal life insurance
  4. postal life insurance policies