Understanding Postal Life Insurance Online Payment
Published On Dec 03, 2021 10:00 AM By InsuranceDekho
Table of Contents
The Postal Life Insurance programmes are among the country's most convenient and low-cost personal investment solutions. The Postal Life Insurance Scheme provides life insurance with a high premium return. This scheme provides a maximum sum assured of Rs. 50 lakh. Employees of Central and State Public Sector Enterprises, Central and State Governments, Government Aided Educational Institutions, Universities, Autonomous Bodies, Local Bodies, Cooperative Societies, Joint Ventures with a minimum of 10% Government/ PSU stake, and others are eligible for this policy, which is provided by the Government of India. Postal Life Insurance also administers a group insurance programme for the Department of Posts' "Gramin Dak Sevaks," or Extra Departmental Employees.
With the backing of the Indian government, the Postal Life Insurance Policy (PLI) provides all of the above benefits. In India, it is one of the oldest types of insurance.
Features of Postal Life Insurance
- Under Section 88 of the Income Tax Act, the insured receive a tax exemption.
- You can save 1% on your premium if you pay it in advance for a 6-month insurance.
- You can save 2% on your premium if you pay it in advance for a 12-month insurance
- At no extra expense, the policy can be moved to any Circle in India.
- The passbook feature can be used to track premium payments and loan transactions, among other things.
- Annual, half-yearly, and monthly premiums are all available. The policyholder can pay on any working day when the payment is due.
Benefits Of Investing In Postal Life Insurance
Benefits available to policyholders include:
1. Policy Revival
A lapsed policy can be brought back to life by a policyholder. When a policy has lapsed, it can be revived if the following conditions are met: the policy has lapsed after six consecutive non-payments of premiums, and the policy has been in force for less than three years. When an insurance has been in force for more than 3 years and there have been 12 consecutive non-payments of premiums, the policy has lapsed
2. Nomination Benefits
The insured can nominate his or her beneficiary and amend the nomination at any time.
3. Duplicate Policy Document
If the policyholder loses his or her original policy document, a duplicate will be supplied to him or her. This is also true if the original policy paper has been disfigured, burned, or shredded and the insured requires a replica.
4. Loan Benefits
This policy has a loan option. Once the policy has reached 3 years maturity in the case of an Endowment Assurance policy and 4 years policy period in the event of a Whole Life Insurance On behalf of the President of India, the policyholder can pledge his or her insurance as collateral to the Heads of Region/Circle.This scheme also provides the option of assigning tasks.
5. Conversion of Policy
This policy can be switched from a whole life to an endowment insurance. As long as the insurer's regulations and criteria are followed, an Endowment Assurance Policy can be converted to another Endowment Assurance Plan.
PLI schemes provide a variety of benefits to applicants and are one of the most popular insurance products in the country due to their versatility. Therefore, it is important to understand the benefits and features of the policy before investing in it.
You may also like to read - Benefits of Checking PLI Policy Status Online
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.