POSTAL LIFE INSURANCE

Postal Life Insurance is 124 years young. It was started on February 1, 1884 as a welfare measure for the employees of Posts & Telegraphs Department under Government of India dispatch No. 299 dated 18-10-1882 to the Secretary of State. Due to popularity of its schemes, various departments of Central and State Governments were extended its benefits. Now Postal Life Insurance is open for employees of all Central and State Government Departments, Nationalized Banks, Public Sector Undertakings, Financial Institutions, Local Bodies like Municipalities and Zila Parishads, Educational Institutions aided by the Government etc.

Rural Postal Life Insurance

On 24th March, 1995, the benefits of Postal Life Insurance were extended to rural populace of the country under the banner of Rural Postal Life Insurance.

Schemes

Postal Life Insurance Schemes      SANTOSH ( ENDOWMENT ASSURANCE )      SURAKSHA ( WHOLE LIFE ASSURANCE )      SUVIDHA ( CONVERTIBLE WHOLE LIFE ASSURANCE )      SUMANGAL ( ANTICIPATED ENDOWMENT ASSURANCE)      YUGALSURAKSHA ( JOINTLIFE ENDOWMENTASSURANCE )      CHILDREN POLICY
Rural Postal Life Insurance Schemes      GRAM SANTOSH ( ENDOWMENT ASSURANCE )      GRAM SURAKSHA ( WHOLE LIFE ASSURANCE )      GRAM SUVIDHA ( CONVERTIBLE WHOLELIFE ASSURANCE )      GRAM SUMANGAL ( ANTICIPATED WHOLE LIFE ASSURANCE )       GRAM PRIYA ( 10 YEARS RPLI )      CHILDREN POLICY

Eligibility

a. Age between 19 and 50 years as on next birth date of the proponent
b. Employees of :
      Central and State Governments, Defence Services
       Government aided Educational Institutions
       Universities established by Government Local bodies like Municipalities
       All nationalized banks, RBI and SBI Subsidiaries
       State and Central Government Undertakings, Corporations, Boards
       Financial institutions like UTI, IDBI, etc.
       Railway Employees
       Employees State Insurance Corporation
       Provident Fund Organisation  

Benefits

  100% security by Government of India
  Income Tax Rebate under Sec. 88.
  Low Premium.
  High Bonus.
  Options for Loan, Assignment, Surrender, Conversion and Paid Up Value.
  Repayment of  Loan is optional.  However interest is payable every 6 months.
  Easy transfer to any place in India free of cost.
  Pass book facility for payment of premia & other payments like loan, interest
     through any Departmental Post Office.
  Pay recovery facility for Institutions and Organizations having more than 20 policies.
  Facility for payment of premia monthly, half   yearly and annually on any working day
     of  the month for which it is due.
  Rebate @ 1% for payment of  6 months premia in advance.
  Rebate @ 2% for payment of 12 months premia in advance.
  Nomination facility.
  Facility for revival of  policies lapsed due to non-payment of premium.
  Payment of policy money through any Post Office, anywhere in India.
  Centralized   accounting for quick and easy settlement of claims through fully
     computerized office management.
  Facility of payment of premium by cheque when the amount is Rs.20/- or more.