Tamilnadu Postal Circle www.tamilnadupost.nic.in : Postal Life Insurance Schemes

[ijt.jency]

Name of the Organization : Tamilnadu Postal Circle(tamilnadupost.nic.in)
Type of Facility : Postal Life Insurance Schemes
Location : Tamilnadu

Website : http://www.tamilnadupost.nic.in/fsvc/pli.htm

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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.

Click here to get forms

[Guest]

How to Submit Claim? Please let me know.

Please take note of the due date of payment. In all such cases, please prefer the claim well in advance, after payment of last instalment due, submitting -
(1) Policy Bond;
(2) Premium Receipt Book in support of the premia paid;
(3) Loan Repayment Receipt Book, if you have availed the loan;
(4) A Pay Drawing Officer's certificate for having paid the premia upto last instalment including the last six months;
(5) Please prefer the claim without waiting for a notice or reminder from PLI office;
(6) Please also note that if claim is not preferred in time, no interest is paid on belated payment.

[Guest]

Please tell me the procedure to take a loan.

Loan facility is available only in Endowment Assurance and Whole Life Insurance (including Convertible Whole Life Insurance) provided it has not lapsed. In order to avail loan, an application should be sent to the PLI office along- with the policy document and a proof for having paid the premia up to date (Premium Receipt Book or Drawing Officer’s Certificate for last six months). It may be sent free of cost through the Post Office where your premia are being paid. It is mandatory to assign the policy bond in favour of the President of India and to furnish loan bond at the time of payment.

The prevailing rate of interest on loan is 10%, compounded half yearly. A loan repayment receipt book is given when loan is sanctioned wherein half yearly interest payable ,is indicated. Please ensure that the interest is paid on due date and avoid compounding of interest as also possible surrender.

The loan may be repaid in permissible number of installments of any amount not less than Rs.100/-.

When loan is completely repaid with interest, please write to the PLI office immediately for release of policy bond in your favour. Second and subsequent loans may be availed on certain conditions. However, at least one year should have lapsed after repayment of the first loan.

Loan may be repaid at any Post Office in your State.

[Unregistered]

Is premium recovered through salary?

Yes, recovery of the premia through salary is possible, in offices where it is remitted directly to PLI. In case where it is not, it is possible by appointing a Group Leader, who collects the premia from the insurants and deposits in a post office along with PR book. However, premia are to be deposited in any post office as per convenience i.e. monthly/half yearly/ yearly where there is no recovery through salary.

[Unregistered]

Can one revive a lapsed policy?

If the premia are not paid for 6 months in case policy is in currency for 3 years (or) 12 months in case policy is more than 3 years old, then the policy becomes void. This needs revival to make it active. Revival shall not be allowed on more than two occasions during the entire term of the policy. Policy can be revived any time one year before maturity.