(Revised Rates vide PLI Directorate letter no. 29-9/2013-LI dated 11.05.2016)
Showing posts with label PLI. Show all posts
Showing posts with label PLI. Show all posts
Friday, May 27, 2016
Thursday, May 19, 2016
COUPON RE-SET OF POSTAL LIFE INSURANCE GOVERNMENT OF INDIA SPECIAL FLOATING RATE SECURITY, 2022
F.No.4(4)-W&M/2016
Ministry of Finance
Department of Economic Affairs
Budget Division
(W&M Section)
North Block, New Delhi-110001
Dated the April 13, 2016
NOTIFICATION
Coupon Re-set of Postal Life Insurance Government of India Special Floating Rate Security, 2022
F. No.4 (4)-W&M/2016: Government of India Postal Life Insurance Special Floating Rate Bonds, 2022 will bear interest at the rate of 7.78 per cent per annum for the financial year 2016-17. Interest rate on these bonds is in line with daily average yield of 10 years Government Securities in the preceding calendar year i.e. January 01, to December 31, 2015. Interest will be payable half yearly on September 30 and March 30.
By Order of the President of India
(Prashant Goyal)
Joint Secretary to the Government of India
Saturday, May 14, 2016
Saturday, January 18, 2014
Postal Life Insurance (PLI) Loan
- Loan is admissible on Whole Life Assurance (WLA), Endowment Assurance (EA) and Convertible Whole Life Assurance (CWLA) policies.
- Currency of policy should be minimum of 3 years in case of EA and CWLA.
- Currency of policy should be minimum of four years in case of WLA.
- Policy should be unencumbered/ unassigned.
- Loan Limit:
(a) Whole Life Assurance
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Currency of Policy
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Percentage of surrender value onwhich loan is admissible
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More than 4 years to 7 years
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60%
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More than 7 years to 12 years
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80%
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More than 12 years
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90%
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(b) Endowment Assurance and Convertible Whole Life Assurance
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Currency of Policy
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Percentage of surrender value onwhich loan is admissible
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More than 3 years to 5 years
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60%
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More than 5 years to 10 years
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80%
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More than 10 years
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90%
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- Insurant should apply on LI-35 (loan application) and send to DDM (PLI) alongwith policy document and premium receipt book.
- Second and subsequent loan is admissible after a year if the first loan is fully repaid.
- Loan interest @ 10% p.a is calculated on six monthly basis.
Sunday, December 15, 2013
Postal Life Insurance Policy
For the Rural populace of India the Department of Posts has an insurance scheme called Rural Postal Life Insurance (RPLI). Giving this information in written reply to a question in the Rajya Sabha today, Shri Kapil Sibal, Minister of Communications and Information Technology, said that following steps have been taken to promote and popularize postal life insurance policy in the rural areas:
(i) Rural PLI processing work has been decentralized to Divisional level:- Bringing decision making closer to the common man thereby expediting sanction of loans, revival of lapsed policies and maturity claims. This allows contingent needs of the people to be met easily.
(ii) Facilitating payment of premia through Post Offices anywhere in the country regardless of where the policy was issued without any transfer of policy being required.
(iii) Facility for payment of premium online through www.epostoffice.gov.in.
(iv) Opportunity to work as Rural PLI Agent:- Providing common man, especially Aanganwadi workers, un-employed youth, Self Help Groups, etc. with additional source of income by engaging them as Direct Agents under Rural Postal Life Insurance Scheme. Incentive structure for RPLI business has been made attractive i.e. 10% of premium in the first year and subsequently 2.5% of premium income till policy lasts.
Wednesday, November 13, 2013
To access the PLI Web on Windows Vista & Windows 7 O/S
To access the PLI Web on Windows Vista & Windows 7 O/S the following settings are needed
Setting for Oracle Application with ie8 on Windows Vista & Windows 7
Setting for Oracle Application with ie8 on Windows Vista & Windows 7
Step 1:-
Firstly take backup or rename jvm.dll on your PC in given folders and then
Copy or replace the jvm.dll in given both folders with the attached JVM.DLL file.
1.1 C:\Program Files\Oracle\Jinitiator 1.3.xx\bin\hotspot
1.2 C:\Program Files\Java\Jre6\bin\client.
Step 2:-
2.1.1. Open Internet Explorer 8
2.1.2. Go to Tools, Internet Options
2.1.3. Click on the Advanced tab.
2.1.4. In the Security section and find “Enable memory protection to help mitigate online attacks”.
2.1.5. Uncheck “Enable memory protection to help mitigate online attacks”.
2.1.6. Click Ok and Ok again.
Step 3:-
Just reboot your computer.
Download : jvm.dll
Sunday, October 20, 2013
Postal Life Insurance (PLI) – Overview
WHY CHOOSE PLI ?
“ High Bonus Low Premium ”
PLI offers bonus rates higher than all types of policies as compared to that of other insurance agencies.
SALIENT FEATURES
Salient Features of Postal Life Insurance:
Pass book Facility:
Premium can be remitted in any departmental Post Offices in India.
Recovery of premium from Pay:-Facility of recovery of premium from salary is available to some selected Departments.
Loan Facility:
Loan can be obtained at the interest charge of 10% p .a Loan can be obtained from other financial institutions like nationalised bank, HDFC etc on the security of Policies.
Assurance upto 20 Lakhs:
PLI offers policies up to a maximum Sum Assured of Rs.10 lakh for Whole life and Endowment Assurance Policies.
Income Tax Savings:
PLI Premium paid is eligible for Income Tax Savings under section 80C of Income Tax Act.
Non Medical Scheme.
Scheme of Non Medical policies of Endowment Assurance available up to One Lakh Sum Assured ,subject to conditions.
BENEFITS
Benefits of Postal Life Insurance.- 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.
Download Forms for PLI / RPLI
SL NO
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NAME
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DOWNLOAD
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1
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Change of Nomination
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2
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Notice of change of Nomination
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3
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Loan Assignment
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4
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Maturity Value of Endowment Assurance
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5
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PLI Loan
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6
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Revival of PLI Policy
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7
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RPLI Surrender
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8
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RPLI Maturity Value Claim
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9
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Declaration of Policies above 5 Lakhs
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10
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PLI / RPLI Credit Certificate
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11
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Death Claim
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JOIN PLI
Take a wise decision now. Earn this year bonus.
7000 per one lakhs for endowment and 9000 per one lakh for Whole Life.
NEED HELP ?
Contact your nearest post office to get more details about Postal Life Insurance.
Phone: 91-11-24674794 , 24671317
Ask your queries in the comments section of this blog post.
Postal Life Insurance (PLI) – Customer Guide
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Welcome to the PLI family. This guide has been designed for your comfort.
A Postal life insurance policy is a long term relationship. During this long period you will have number of interactions with PLI. A life insurance contract has several features which need explanation. While the Policy bond given to you covers the contractual issues, you need a guide, written in simple language, that highlights some important facts about your PLI Policy.
(i). Policy Bond and its safety:
The policy bond is the most important document during the life of a policy. This is a document which will be called for in connection with various servicing events including the settlement of claims. The first thing you should do after receiving the bond is to keep the same in a safe place and please do not forget to inform your near and dear ones about where this bond has been kept.
(ii). Policy Number:
Please look at the Policy Bond again. There is a 6 digit number called Policy number. This is a unique number that identifies the policy. In any correspondence related to servicing of the policy you have to quote this number. So we would advise you to note down this number in your diary. While paying premium through cheque, Policy number must be quoted on the back of the cheque.
(iii). Payment of premium:
The premium payment is the most important and most frequent event in the life time of a Policy and you must not forget to pay premium in time. Failure to pay premium in time results into lapsation of policy which means the life cover will not be available to you.
* There are concessions on this under certain conditions. However, generally, the life risk is not covered during lapsation period. Also, delay in payment of premium invites late fee.
The premium must be paid in advance on the first day of the each month. However, grace period is allowed upto the last working day of the month.
Please note from the Policy Bond, the date of commencement of the policy, due date and mode of payment of premium. Mode of payment means the frequency i.e. yearly, half-yearly, quarterly, monthly etc. Based on these information, you can draw a chart of due dates for premium payment in your diary. For example, if the date of commencement is 20 June, 2008 and mode is Qly, the due dates will be 1st June, 1st September, 1st December, 1st March.
Please note these dates and the premium amount against the Policy number in your diary.
You are a responsible person and surely you will not forget to pay your premia in time. However, just to help you remember this most important information, we shall be sending a premium notice. Please note that you need not wait for the notice as it is not mandatory to produce the premium notice in the counter. Primarily, it will be your responsibility to remember to pay premium in time.
(iv)A. For Payment of Premium through deduction from pay:
Please check from time to time that your employer is regularly remitting the premium deducted from your salary to PLI. Any lapse or delay in remittance will be against your interest, as this may result in loss of Insurance cover. One should not miss the Insurance cover even for a brief period. Please check your salary slip regularly to ensure that the PLI premium has been deducted.
If your services are transferred, please find out from your new office, the location of the PLI office where your PLI Premium will be sent. Please inform the old PLI office that now onwards your premium will be remitted to xxx office of PLI. [ xxx is the new PLI office]. This is important.
Your permanent address/e-mail id / mobile no helps us to contact you, even when your services are frequently transferred.(v) How and where to pay the premium: We all know that different individuals have different choices. Some love to come to PLI/ nearest post office and some others would not like to stand in a queue. Keeping this in mind, we have tried to provide facilities for all types of customers. If you are one of those who would feel comfortable to pay across the counter, let us inform you that you can do so in any post office. (vi)A. Transfer of Policy Your policy can be transferred to any where in India on account of your job transfer. The premium payment can be made in cash, local cheque or Demand Draft. One can send Demand Draft/Cheque/Money Order also.
(vii) Your address:
Next important thing to remember is that your address and telephone no. is the most important information about you. Our policy is to send the claim cheque on or before the due date of maturity. Often, despite our best efforts we fail to send a claim cheque before the maturity date just because the policyholder has forgotten to inform the change of address. Would you please remember to inform the post office about the change of address whenever that happens? Please check up whether your address has been correctly printed in the policy schedule.
(viii) Nomination:
We all know the ultimate purpose of buying a life insurance policy and it is extremely important that your policy should have a nominee. We are sad to see at times unfortunate delay in death claim settlement just because the nomination was not made. As a responsible person you will surely nominate someone, preferably a near and dear one from your family, if not already done. Please check up whether your nominee’s name is appearing correctly in the policy schedule. Nomination can be done/changed at any point of time. However, if you assign your Policy [say, to a bank, to get loan], the nomination gets automatically cancelled. On reassignment, ownership of the Policy comes back to you, but the old nomination does not automatically get revived. You have to, in such cases, nominate afresh.
The insurant is advised to nominate the person to whom the claim amount shall be payable in the event of his/her death. In the case of minor nominee, name and consert of the appointee (guardian) who may receive the said amount of behalf the minor must be given. In the event of the death of the nominee before the death of the insurant, change in nomination must be registered with the office of Chief Postmaster General (PLI).
(ix) Lapsing of Policy: The policy shall be treated as lapsed in case you fail to pay the premium/premia that has/have become due. Incase of policies of less than three years duration, if more than six premia are not paid, the policy lapses. In case of policies of more than three years duration, if more than twelve premia are not paid, the policy lapses.
(x) Reinstatement of Policy:
We would like that in the unfortunate event of your policy lapsing, you should immediately get the same reinstated. For automatic reinstatement of your policy within a period not later than six months or a period not later than 12 months from the date the first unpaid premium had become due in respect of such policies that have not completed 3 years, or in respect of such policies that have already completed 3 years from the date of acceptance respectively, he/she may deposit all the arrears of premium/premia till that date of such payment along with interest thereon at the rates prescribed by Director General of Posts in the specified Post Office. You should inform the Chief Postmaster General to this effect through the said Post Office along with certificate of continued good health in the prescribed proforma to be signed by you and a certificate from your employer certifying that you had not taken any leave on medical grounds during said period.
(xi) Revival of discontinued Policy:
In the case of such policies which have lapsed and are time barred for automatic reinstatement, you may apply for revival of policy to the Chief Postmaster General before the policy has matured subject to payment of all the arrears of premia with interest thereon and further subject to production of a certificate from an authorised Medical Examiner certifying that the life assured is insurable having regard to your health and habits and of evidence to show that there has been no change in your personal or family history or your occupation as also a certificate from your employer, if employed; certifying that you had not taken any leave on medical grounds during the last one year, or during the entire period of service or from the date the first unpaid premium had become due whichever is the least. The policy shall not be treated as revived unless the Chief Postmaster General has satisfied himself and has permitted such revival in writing.
(xii) Loan:
Loan will be granted on the security of Endowment Assurance Policy if the Policy has been in force for at least 3 years, and is otherwise unencumbered and has acquired a minimum surrender value of Rs. 1000/- Subsequent loans are also permissible subject to fulfilling conditions prescribed.
(xiii) Insurance on minor lives:
If the life assured is a minor, important thing to remember is that nomination should be effected on attaining majority (18 years). (xiv) Enquiries: Enquiries can be specific to your policy or of a general nature. Information of the general nature is available in any Post Office. They are also available on our websitewww.indiapost.gov.in.
We have Info centres in many cities [list given] which operate from 8 a.m. to 8 p.m. Monday to Friday and from 09.30 a.m. to 6.00 p.m. on Monday to Friday.
(xv). Grievances:
We shall be trying our best to keep you satisfied but if unfortunately at any point of time you are unhappy about our services you must let us know. The best place again is the post office which services the policy. You can contact them through telephone or write to them or even visit them. However, you can also use the internet by visiting www.indiapost.gov.in. / e-mail pli.dte@gmail.comwhere we have a facility to register your complaints. Wherever you are, if the complaint is registered through internet, the same will be reaching the PLI office immediately.
(xvi) Contact:
We shall be happy to note your telephone number and email id as they supplement your postal address, if you have no reservation about sharing the same with us. We would request you to inform the same to the servicing post office so that they can take a note of it. This will help in serving you better.
(xvii) Survival Benfits:
Please check your Policy schedule [1st page] to see whether periodic Claim payments are due to you. If so, please note down the due dates. In case you have not received the payment by the due date, get in touch with the Post Office.
Thank you. We look forward to a long and pleasant relationship. Source : http://www.postallifeinsurance.gov.in/ |
Q. What is PLI?
A. A contract entered into by the Government to pay a given sum of money on the death of an individual to his nominee or himself, if he survives that period.
Q. When did PLI start?
A. PLI as a scheme is available since 01.02.1884.
Q. What is the difference between PLI and other Insurance?
A. PLI is only for Government and Semi-Government employees. Moreover PLI is the only Insurer that offers
low premium and high bonus.
Q. Is PLI guaranteed? If so, by whom?
A. PLI is guaranteed by Government of India.
Q. Is there any limit to the number of policies one can take for children?
A. One can take policies for two children.
Q. What is the necessity of sending the PLI Policy Bond to office address of the Insurant? Why can this not be sent to the residence of Policy holder?
A. PLI policy is issued to people who are employed under Government/Semi-Government sector etc. That
is why the policy bond is sent to the Office address of the Insurant.
Q. How can a policy be transferred from one PO to other?
A. The system of transfer of PLI policy is very simple. The policy holder can apply to the Chief Post Master General through the Post Office where the policy stands or the PO in which he desires to pay the premium. The PO will accept the application and send to the CPMG (PLI).
Q. Which type of PLI policy among your scheme is more beneficial to opt for without hesitation?
A. All policies in PLI are beneficial. Every scheme has some unique features. In EA policy, you will get your savings along with bonus after the prescribed number of years.
Eligibility
Q. Who are eligible for obtaining a PLI Policy?
The employees of following are eligible for PLI policy:
- Central Government
- Defense Services
- Para Military Forces
- State Government
- Local Bodies
- Educational Institutions/ Government-aided
- Reserve Bank of India
- Public Sector Undertakings
- Financial Institutions
- Nationalized Banks
- Autonomous Bodies
- Extra Departmental Agents in Department of Posts
A. Such categories are not eligible but they can have RPLI policies subject to fulfilling other conditions.
Q. If one spouse is working in a Government Organization but the other is not, is there any scheme in PLI for both?
A. We have 'Yugal Suraksha' scheme under which both can jointly get a policy. After paying a little more premium, both can be covered under this assurance scheme.
Q. Can one continue the policy if one quits the Government service?
A. One can continue by making payment at any one of the 1, 55,000 post offices throughout the country, even after quitting service..
PREMIA PAYMENT
Q. What is the mode of premium deposit?
A. The Premium Receipt Book is issued to the Insurants for the deposit of Premium in any departmental PO, and there is a facility of recovery from pay for all employees belonging to the Central Government.
Q. Is there any other mode of payment?
A. The premium can be paid through Cheque.
Q. Is premium recovered through salary?
A. 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.
Q. Why is the premia for children’s policy higher?
A. As both children’s and parent’s risk is covered.
Q. Can one revive a lapsed policy?
A. 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.
Q. What happens if one forgets to pay one’s premium in a month?
A. One can pay the premium in the subsequent month, by paying a minimum fine of Re. 1/- per hundred of sum assured.
LOAN
Q. Is loan facility available in PLI?
A. Loan can be taken from EA policy after completion of 3 years and in respect of Whole Life after completion of 4 years. Loan facility is available in AEA policies.
Q. Is Home loan available?
A. No
Q. What are the terms on which loan can be availed?
- EA policies after 3 years from date of issue of policy.
- WLA policies after 4 years.
- Interest 10% p.a. Calculated on six monthly basis
- Loan entitlement is calculated on a prefixed proportion of these surrender value
- Interest should be paid on(or) before 21st of due month (i.e. 6 monthly once)
Q. What is surrender value of a policy?
A.” Surrender value” of a policy, means the amount that is payable to an assured, when he foregoes the contingent benefit of his policy and surrenders it for an immediate cash payment.
Q. What will be the surrender value of the policy?
A. Surrender value depends on the surrender factor and type and term of policy.
Q. Can one get the full amount paid with accrued bonus, if policy is surrendered prematurely?
Endowment Assurance policy can be surrendered after 36 months.
WLA policy can be surrendered after 48 months.
Children policy can be surrendered after 60 months.
No surrender for AEA policy.
Bonus will be taken into account after 5 years for surrender value calculation on the paid up value. But surrendering any policy prematurely is always a loss to the insurant. Hence, it is suggested not to go for surrender.
It is not a simple saving scheme but it aims to give risk coverage also.
It provides immediate Insurance coverage from the date of acceptance. Full policy amount with accrued bonus will be given even if death occurs on the very next day of acceptance of the proposals for all bonafide cases.
Postal Life Insurance (PLI) – FAQs
Q. What is PLI?
A. A contract entered into by the Government to pay a given sum of money on the death of an individual to his nominee or himself, if he survives that period.
Q. When did PLI start?
A. PLI as a scheme is available since 01.02.1884.
Q. What is the difference between PLI and other Insurance?
A. PLI is only for Government and Semi-Government employees. Moreover PLI is the only Insurer that offers
low premium and high bonus.
Q. Is PLI guaranteed? If so, by whom?
A. PLI is guaranteed by Government of India.
Q. Is there any limit to the number of policies one can take for children?
A. One can take policies for two children.
Q. What is the necessity of sending the PLI Policy Bond to office address of the Insurant? Why can this not be sent to the residence of Policy holder?
A. PLI policy is issued to people who are employed under Government/Semi-Government sector etc. That
is why the policy bond is sent to the Office address of the Insurant.
Q. How can a policy be transferred from one PO to other?
A. The system of transfer of PLI policy is very simple. The policy holder can apply to the Chief Post Master General through the Post Office where the policy stands or the PO in which he desires to pay the premium. The PO will accept the application and send to the CPMG (PLI).
Q. Which type of PLI policy among your scheme is more beneficial to opt for without hesitation?
A. All policies in PLI are beneficial. Every scheme has some unique features. In EA policy, you will get your savings along with bonus after the prescribed number of years.
Eligibility
Q. Who are eligible for obtaining a PLI Policy?
The employees of following are eligible for PLI policy:
- Central Government
- Defense Services
- Para Military Forces
- State Government
- Local Bodies
- Educational Institutions/ Government-aided
- Reserve Bank of India
- Public Sector Undertakings
- Financial Institutions
- Nationalized Banks
- Autonomous Bodies
- Extra Departmental Agents in Department of Posts
A. Such categories are not eligible but they can have RPLI policies subject to fulfilling other conditions.
Q. If one spouse is working in a Government Organization but the other is not, is there any scheme in PLI for both?
A. We have 'Yugal Suraksha' scheme under which both can jointly get a policy. After paying a little more premium, both can be covered under this assurance scheme.
Q. Can one continue the policy if one quits the Government service?
A. One can continue by making payment at any one of the 1, 55,000 post offices throughout the country, even after quitting service..
PREMIA PAYMENT
Q. What is the mode of premium deposit?
A. The Premium Receipt Book is issued to the Insurants for the deposit of Premium in any departmental PO, and there is a facility of recovery from pay for all employees belonging to the Central Government.
Q. Is there any other mode of payment?
A. The premium can be paid through Cheque.
Q. Is premium recovered through salary?
A. 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.
Q. Why is the premia for children’s policy higher?
A. As both children’s and parent’s risk is covered.
Q. Can one revive a lapsed policy?
A. 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.
Q. What happens if one forgets to pay one’s premium in a month?
A. One can pay the premium in the subsequent month, by paying a minimum fine of Re. 1/- per hundred of sum assured.
LOAN
Q. Is loan facility available in PLI?
A. Loan can be taken from EA policy after completion of 3 years and in respect of Whole Life after completion of 4 years. Loan facility is available in AEA policies.
Q. Is Home loan available?
A. No
Q. What are the terms on which loan can be availed?
- EA policies after 3 years from date of issue of policy.
- WLA policies after 4 years.
- Interest 10% p.a. Calculated on six monthly basis
- Loan entitlement is calculated on a prefixed proportion of these surrender value
- Interest should be paid on(or) before 21st of due month (i.e. 6 monthly once)
Q. What is surrender value of a policy?
A.” Surrender value” of a policy, means the amount that is payable to an assured, when he foregoes the contingent benefit of his policy and surrenders it for an immediate cash payment.
Q. What will be the surrender value of the policy?
A. Surrender value depends on the surrender factor and type and term of policy.
Q. Can one get the full amount paid with accrued bonus, if policy is surrendered prematurely?
Endowment Assurance policy can be surrendered after 36 months.
WLA policy can be surrendered after 48 months.
Children policy can be surrendered after 60 months.
No surrender for AEA policy.
Bonus will be taken into account after 5 years for surrender value calculation on the paid up value. But surrendering any policy prematurely is always a loss to the insurant. Hence, it is suggested not to go for surrender.
It is not a simple saving scheme but it aims to give risk coverage also.
It provides immediate Insurance coverage from the date of acceptance. Full policy amount with accrued bonus will be given even if death occurs on the very next day of acceptance of the proposals for all bonafide cases.
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