About Postal Life Insurance
The facility of Postal Life Insurance (PLI) has been in existence in India since the pre-Independence era, specifically 1884. The scheme, which was introduced to Her Majesty, the Queen Empress of India following approval from the Secretary of State (for India), was initially a state-run welfare scheme provided to benefit Postal employees, but by 1888, was also offered to those employed with the Telegraph department. By 1894, the Postal Insurance Scheme began providing cover to women employed with the Postal and Telegraph department. This was especially significant as at that time, there were no insurance schemes in existence which offered to provide insurance cover to lives of women. Postal Life Insurance is, hence, the oldest life insurance provider in India.
Since its inception back in 1884 when it started with only a handful of policies, Postal Life Insurance currently has over 6.4 million policies which provide cover to individuals and their families. As of now, PLI covers a wide range of people, including those employed with the Central and State Government, government-financed educational institutions, Central and State Public Sector Undertakings, government-run universities, local government bodies, joint ventures with a min. 10% Govt./PSU stake, autonomous bodies, nationalized banks, credit co-operative societies etc. the scheme also provides coverage to the staff and officers employed with the Defence and Paramilitary forces.
Types of Policies Offered Under Postal Life Insurance
Currently, there are 7 types of life insurance plans offered under the Postal Life Insurance Scheme. These include:
- Children Policy
- Whole Life Assurance (Suraksha)
- Scheme for Physically handicapped persons
- Endowment Assurance (Santosh)
- Convertible Whole Life Assurance (Suvidha)
- Joint Life Assurance (Yugal Suraksha)
- Anticipated Endowment Assurance (Sumangal)
Features & Benefits Offered Under Postal Life Insurance Schemes
- Policyholders can avail the facility to nominate a beneficiary under a PLI policy.
- Compared to all other types of life insurance policies, PLI policies feature the lowest premiums for providing life insurance coverage and a sum assured.
- PLI policyholders are eligible to avail exemptions on income tax under the provisions of the Income Tax Act, 1961.
- Policyholders can transfer their policy to any Circle within India, free of cost.
- Postal Life Insurance schemes come with Passbook facility to help policyholders track their premium payments or for use in loan transactions.
- Policyholders can avail a 1%/2% discount on their premium amount if they make an advance payment of premium for 6/12 months of the policy term respectively.
- Premium payment can be done as per the policyholder’s convenience. They can choose from multiple payment modes like monthly, half-yearly, and yearly.
- The process of claim settlement is very swift and hassle-free due to PLI’s centralized accounting facility.
- Besides providing life insurance cover, PLI schemes also offer some added facilities such as policy loan, assignment facility, an option to convert the policy to a paid-up one, and also policy surrender.
How To Check Your Postal Life Insurance Policy Status Online
Those who have a Postal Life Insurance policy would, some time or the other, require to check their policy status. However, in earlier times, people would typically have to queue up outside the post office and wait for their turn to speak to an officer regarding their query or even to pay their policy premiums. Times have now changed and the internet has made life much simpler. PLI policyholders can now carry out a number of policy related requests online and save not only time, but also money that is spent in making a trip to the post office. Here are some of the options one can use to check their PLI policy status online.
- Using Your PLI Account – Individuals who hold a Postal Life Insurance policy can go and create an account for themselves on the Postal Life Insurance website. After creating an account, they simply have to login to their account using their username and password, and request to know the status of their PLI policy.
- Via Email – Policyholders can also find out their policy status via email. For this, they will be required to send an email to email@example.com, or firstname.lastname@example.org, and will receive the latest update regarding their PLI policy.
- India Post website – In addition to all the above options, customers can also check the status of their PLI policy from the India Post website.