Postal Life Insurance Plans

Postal Life Insurance is one of the oldest insurers in India and provides various welfare schemes to people working in various government, financial, and other types of institutes. There are various types of schemes which one can avail based on his/her requirements.
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Life Insurance
  • Premiums as low as Rs.18/day for sum assured of Rs.1 crore
  • Paperless process available
  • Choose between lump sum and monthly payout options

Introduction to Postal Life Insurance:

On February 1, 1884, Postal Life Insurance (PLI), the oldest insurer in the country was introduced under the Queen Empress of India with the express approval of the Secretary of State (for India) to Her Majesty. The scheme at the time was intended as welfare scheme to benefit Postal service employees. It was later extended to employees of Telegraph department in 1884. In its early initiation days the maximum insurance amount limit was Rs.4,000, currently at Rs. 50 lakhs.

The Postal Life Insurance schemes are some of the convenient and reasonably low-premium personal investment products in the country.

What is Postal Life Insurance?

Postal Life Insurance Scheme offers Life Insurance cover with high returns on premium. The maximum sum assured offered under this scheme is Rs. 50 Lakhs. This policy is offered by the Government of India, to employees of Central and State Public Sector Enterprises, Central and State Governments, Government Aided Educational Institutions, Universities, Government aided Educational Institutions, Autonomous Bodies, Local Bodies, Cooperative Societies, Joint Ventures having a minimum of 10% Government/ PSU stake, etc. A group insurance scheme is also managed by Postal Life Insurance, which is for “Gramin Dak Sevaks”, i.e., Extra Departmental Employees, of the Department of Posts.

PLI Statistics - A Detailed Report:

Year No. of Policies in force Sum Assured (in Rs. Crore) Corpus of Fund (in Rs. Crore)
2007-2008 35,50,084 31,459.00 12,081.71
2008-2009 38,41,539 38,403.00 14,152.59
2009-2010 42,83,302 51,209.91 16,656.02
2010-2011 46,86,245 64,077.00 19,801.91
2011-2012 50,06,060 76,591.33 23,010.55
2012-2013 52,19,326 88,896.96 26,131.34
2013-2014 54,06,093 1,02,276.05 32,716.26
2014-2015 64,61,413 1,30,745.00 37,571.77

Source: www.postallifeinsurance.gov.in

Features of Postal Life Insurance Policy

, a policyholder can avail the following benefits:

  • Nomination facility: The policyholder can nominate his/her beneficiary, and can also make changes to the nomination.
  • Loan facility: Loan facility is available against this policy. The policyholder can pledge his/her policy as a collateral to the Heads of the Region/ Circle on behalf of the President of India, once the policy has attained 3 years maturity in case of an Endownment Assurance policy and 4 years policy period has been completed in the case of a Whole Life Insurance policy. Assignment facility is also available under this scheme.
  • Policy Revival: A policyholder can revive a lapsed policy. The policy can be revived when policy has lapsed under the following conditions -
    • Policy has lapsed after 6 successive non-payment of premium with the policy being in effect for less than 3 years.
    • Policy has lapsed after 12 successive non-payment of premium where policy has been in effect for more than 3 years.
  • Duplicate Policy Document: A duplicate policy document will be issued to the policyholder if he/she has lost the original document. This also applies to the case where the original policy document is mutilated, burned or torn and the insured wants a duplicate of the same.
  • Conversion of Policy: This policy can be converted from a Whole Life Assurance policy to an Endowment Assurance Policy. An Endowment Assurance Policy can be converted to another Endowment Assurance plan as per the regulations and guidelines laid down by the insurer.

Benefits of Investing in PLI

Some of the other benefits and discounts offered under the Postal Life Insurance scheme are as follows:

  • The insured can avail income tax exemption as provided under Sec. 88 of the Income Tax Act.
  • The premium payable for the sum assured and coverage is much lower than that payable under any other .
  • Additional facilities offered under this policy are – Assignment, Loan, Conversion, Surrender and Paid Up Value options.
  • The policy can be transferred to any Circle within India, at no additional charges.
  • Passbook facility is available to track the payment of premium and in case of loan transactions, etc.
  • Premium can be paid on an annual, half-yearly and monthly basis. When the payment is due, the policyholder can make a payment on any working day.
  • If you make an advance premium payment for a policy period of 6 months, you can avail a discount on premium worth 1% of the value.
  • If you make an advance premium payment for a policy period of 12 months, you can avail a discount on premium worth 2% of the value.
  • Nomination facility is available.
  • Since this scheme has a centralized accounting facility, claims process is quick and easy.

Postal Life Insurance Eligibility

Employees of the organizations listed below are eligible to obtain a Postal Life Insurance policy:

  • Defense Services
  • State Government
  • Central Government
  • Para Military forces
  • Local Bodies
  • Reserve Bank of India
  • Government-aided Educational Institutions
  • Public Sector Undertakings
  • Nationalized Banks
  • Financial Institutions
  • Autonomous Bodies
  • Those appointed in the Central/ State Government on a contract basis, where the contract can be extended.
  • Employees of all scheduled Commercial Banks
  • Extra Departmental Agents in Department of Posts
  • Those employed in educational institutes that are accredited by recognized bodies such as All India Council of Technical Education, National Assessment and Accreditation Council, Medical Council of India etc.
  • Those employed in Credit Co-operative Societies and other Co-operative Societies registered with Government under the Co-operative Societies Act. These can be and partly or fully funded by State Government, Central Government, RBI, Nationalized Banks, SBI, NABARD, etc.

Advantages of Postal Life Insurance Policies

  • PLI schemes have several benefits awarded to their applicants and is one of the most sought out insurance products in the country because of its flexibility:
  • Name of nomination can be changed by the insured at any given time.
  • Duplicate policy bond can be re issued to insured, in case the original Policy Bond is burnt, torn, lost or mutilated.
  • A lapsed postal insurance policy can be revived after 6 unpaid premiums if it remained in force for less than 3 years. It can also be revived after 12 unpaid premiums if it remained in force for more than 3 years.
  • The insured can avail loan by pledging his/her scheme to Heads of the Circle/Region on behalf of President of India, on the condition that the policy is 3 years old in case of Endowment Assurance and 4 years in case of Whole Life Assurance. Assignment facility can also be availed.
  • Policy can be assigned to taking a loan to any financial institution.
  • It is possible to convert a Whole Life Assurance to Endowment Assurance and from Endowment Assurance to other Endowment Assurance, based on certain conditions and rules.

Types of Postal Life Insurance Schemes

There 7 different life insurance policies under PLI:

1. Whole Life Insurance (Suraksha):

The whole life insurance scheme from Postal Life Insurance has the following features and requirements:

  • Scheme: Assured amount + accrued bonus is paid to nominee, assignee or legal heir, after the insured expires.
  • Age Eligibility: Minimum:19 years Maximum: 55 years
  • Policy Conversion: Policy can be converted to an Endowment Assurance policy after completion of a year and before the insured turns 57 years of age.
  • Minimum Sum assured: Rs. 20,000
  • Maximum Sum Assured: Rs. 50 lakhs
  • Loan Facility: Available after 4 years of completion
  • Policy Surrender: Policy can be surrendered after 3 years of completion. Policyholder will not be eligible for bonus if assigned or loaned before 5 years of completion, else proportionate bonus on the reduced amount assured can be accrued if the policy is assigned for loan or surrendered.
  • Medical Examination: Mandatory
  • Premiums Payable: The premiums are calculated based on factors such as age of maturity and age of entry and hence, variable for the applicant.

2. Endowment Assurance (Santosh):

The endowment assurance scheme from Postal Life Insurance has the following features and requirements:

  • Scheme: Assured amount + accrued bonus is paid to proponent when he or she attains the pre-decided age of maturity. The sum amount insured and bonus is payable to the assigned, nominee or legal heir in case of unprecedented death.
  • Age Eligibility: Minimum: 19 years Maximum: 55 years
  • Policy Conversion: Policy can be converted to any other Endowment Assurance policy under the rules and regulations of PLI.
  • Minimum Sum assured: Rs. 20,000
  • Maximum Sum Assured: Rs. 50 lakhs
  • Loan Facility: Available after 3 years of completion
  • Policy Surrender: Policy can be surrendered after 3 years of completion. Policy will not be eligible for bonus if assigned or loaned before 5 years of completion else proportionate bonus on the reduced amount assured can be accrued if the policy is assigned for loan or surrendered.
  • Medical Examination mandatory
  • Premiums Payable: The premiums are calculated based on factors such as age of maturity and age of entry and hence, variable for the applicant.

3. Convertible Whole Life Insurance (Suvidha):

The convertible whole life insurance scheme from Postal Life Insurance has the following features and requirements:

  • Scheme: Assured amount + accrued bonus is paid to proponent when he or she attains the pre-decided age of maturity. The sum amount insured and bonus is payable to the assigned, nominee or legal heir in case of unprecedented death.
  • Age Eligibility: Minimum:19 years Maximum: 55 years
  • Policy Conversion: Policy can be converted to Endowment Assurance after 5 years but must not exceed 55 years. If option for conversion not used, the policy will automatically turn into a Whole Life Insurance by default.
  • Minimum Sum assured: Rs. 20,000
  • Maximum Sum Assured: Rs. 50 lakhs
  • Loan Facility: Available after 3 years of completion
  • Policy Surrender: Policy can be surrendered after 3 years of completion. Policy will not be eligible for bonus if assigned or loaned before 5 years of completion else proportionate bonus on the reduced amount assured can be accrued if the policy is assigned for loan or surrendered.
  • Medical Examination mandatory
  • Premiums Payable: The premium amount is calculated on factors that include age of maturity and age of entry and hence, variable for the applicant.

4. Anticipated Endowment Assurance (Sumangal):

The anticipated endowment assurance scheme from Postal Life Insurance is best suited for people who expect periodical returns, and has the following features and requirements:

  • Scheme:
  • 15 Years Term Policy: Benefits are paid post 6 years 20% of the assured sum, 9 years 20% of the assured sum, 12 years 20% of the assured sum and 15 years 40% of the assured sum + assured bonus.
  • 20 Years Term Policy: Benefits are paid post 8 years 20% of the assured sum, 12 years 20% of the assured sum, 16 years 20% of the assured sum and 20 years 40% of the assured sum + assured bonus
  • Maximum Sum Assured: Rs. 50 lakhs
  • Such payments, in the event of unexpected death of the insured, will not be taken into consideration and the full sum assured + accrued bonus is payable to the assignee or legal heir.
  • Medical Examination mandatory
  • Premiums Payable: The calculation premium are based on factors that include age of maturity and age of entry and hence, variable for the applicant.

5. Joint Life Endowment Assurance (Yugal Suraksha):

The joint life assurance from Postal Life Insurance requires any one of the spouses to be eligible for PLI policies. The scheme has the following features and requirements:

  • Scheme: Both spouses are covered to the extent of sum assured + accrued bonus with only one premium.
  • Age Eligibility: Minimum: 19 years Maximum: 55 years
  • Policy Conversion: Policy can be converted to any other Endowment Assurance policy under the rules and regulations of PLI.
  • Minimum Sum assured: Rs. 20,000
  • Maximum Sum Assured: Rs. 1 lakh
  • Loan Facility: Available after 3 years of completion
  • Policy Surrender: Policy can be surrendered after 3 years of completion. Policy will not be eligible for bonus if assigned or loaned before 5 years of completion else proportionate bonus on the reduced amount assured can be accrued if the policy is assigned for loan or surrendered.
  • Medical Examination mandatory
  • Premiums Payable: The premium amount is calculated on factors that include age of maturity and age of entry and hence, variable for the applicant.

6. Scheme for Physically Handicapped Person:

Any of the above mentioned life insurance policies can be availed by physically handicapped applicants, under this scheme. However, premium prices are dependable on the nature and extent of handicap which will be determined through the mandatory medical examination.

7. Children Policy (Bal Jeevan Bima):

There is a separate policy for the children of policyholders which can be taken. Maximum 2 children in a family are eligible for this scheme:

  • Main Policyholder Age Eligibility: Maximum: 45 years
  • Children Age Eligibility: Minimum: 5 years Maximum: 20 years
  • Maximum Sum Assured: Rs. 3 lakhs or equivalent to the sum assured of the main policy holder whichever is less
  • Loan Facility:Not available
  • No premium is payable, in case death of main policy holder and full sum assured + accrued bonus paid after the completion of the policy term.
  • Main policyholder is responsible for payments for the Children Policy.
  • No mandatory medical examination required for child.
  • Policy bonus calculated at the rate applicable to Endowment Policy. The POIF Rules applicable at the time, shall be applicable to Children Policy.

Postal Life Insurance Scheme Bonus

Here are the Postal Life Insurance Bonus rates

Type of Insurance Policy Rate of Bonus
Endowment Assurance (EA) Rs. 50 per Rs. 1000 of the sum assured
Whole Life Assurance (WLA) Rs. 65 per Rs. 1000 of the sum assured
Convertible Whole Life Policies Whole life bonus rate is applicable. However, on conversion, the applicable rate will be equal to the endowment bonus rate.
Anticipated Endowment Assurance Rs. 47 per Rs. 1000 of the sum assured

Postal Life Insurance Customer Guidelines

Here are a few guidelines to those who invest in a Postal Life Insurance policy:

  • The policy number will be available on the policy document. This will be needed for your future reference, to identify your policy and to make transactions such as payment of premium, servicing the policy, etc.
  • The Policy Bond is very important and the original has to be maintained safely. This would be needed at the time of claim settlement. If you have lost your policy bond or if it is damaged, the insurance provider will provide you a duplicate copy of the same upon request.
  • Premium has to be paid regularly, in order for the policy cover to be in effect. If the policy lapses due to non-payment, the cover will not be available. Thus, the policyholder will not be able to place a valid claim. The premium has to be paid in advance, on the 1st day of each calendar month. A late payment penalty will be levied if there is a delay in payment. A grace period is available, which extends to the last working day of the concerned month.
  • Deduction from pay – Premium can be paid via deduction from pay. This facility can be initiated only with the consent of the employer. The premium amount will be regularly deducted from the policyholder’s salary. This will be reflected in the salary slip.
  • Transfer of Policy – The Postal Life Insurance policy can be transferred to another Circle within India, if the policyholder has received a job transfer.
  • Payment modes – The premium for the Postal Life Insurance policy can be paid via Cheque or Cash. Payment facilities include online payment, over the counter payment at post offices, Electronic Clearance System (ECS), etc.
  • Contact Details – The policyholder has to make sure that he/she provides accurate information with regards to address and phone number. This is critical especially because in the event of a claim, the Claim Cheque will be sent to the address specified. Hence, it is important that any change is updated immediately.
  • Lapse of Policy – In case of 6 successive non-payment of premium and if the policy has been in effect for less than 3 years, then the policy lapses. In case of 12 successive non-payment of premium where policy has been in effect for more than 3 years, the policy will lapse.
  • Revival of discontinued policy – If the policy has been discontinued once it has not been reinstated during the revival period, the policyholder can place a request to the Chief Postmaster General for revival of the policy. This is subject to payment of all pending premium with interest. The policyholder must also submit a report from a Medical Examiner certifying that the life assured is in good health and his/her background remains unchanged.
  • Loan against policy – If the policy has been in effect for 3 years or more, the policyholder can avail a loan against the policy. Loan facility is also available if the policy has accrued a surrender value of at least Rs. 1000.

Postal Life Insurance Forms

The following proposal forms are available online at the Postal Life Insurance website, for download:

  • RPLI (Rural Postal Life Insurance) Form
  • RPLI Medical Form
  • Child Proposal Form
  • Yugal Suraksha Form
  • WLA (Whole Life Assurance), CWLA (Convertible Whole Life Assurance), EA (Endowment Assurance) and AEA Form
  • Loan Application Form
  • Claims Form
  • Form for Revival of Lapsed Policy
  • Maturity Claim Form
  • Personal Bond of Indemnity
  • Survival Benefit Claim Form

PLI Citizen's Charter

Service Turnaround Time
Issue of acceptance letter 15 days
Inter-Circle transfer of policies 10 days
Issue of policy bonds 15 days
Settlement of claims on maturity 30 days
Settlement of death claim involving investigation 90 days
Settlement of claims on death with nomination 30 days
Payment of paid-up value 30 days
Changes of address 10 days
Loan for policies 10 days
Change of nomination 10 days
Issue of duplicate policy document 10 days
Assignment 10 days

Postal Life Insurance Premium Calculator

You can calculate the amount of premium payable on your Postal Life Insurance policy, by using the online calculator tool. By entering a few relevant details, the premium calculator tool will reflect the estimated premium amount that the policyholder will have to pay for the cover he/she requires. Factors affecting the premium are – age of the policyholder, type of policy, sum assured required, etc. The details to be filled include policyholder details such as age as on the date of application/ entry, type of policy, sum assured, date of birth, spouse’s date of birth in case you are applying for the “Yugal Suraksha” scheme, age of insured at the maturity of the policy, etc. The minimum sum assured available is Rs. 10,000 and the maximum sum assured available is Rs. 5, 00,000. The available Postal Life Insurance policy types are – Endowment Assurance Plan, Anticipated Endowment Assurance Plan, Whole Life Assurance Plan and Convertible Whole Life Assurance Plan. Once you provide all the relevant details and click on the “submit” tab, you will receive details regarding your monthly premium.

FAQs on Postal Life Insurance:

  1. What is the main differentiation between Postal Life Insurance and other Insurance?

    A. PLI can be availed only by Government and Semi-Government employees. PLI is also the only insurer that offers the insurer high bonuses with low premiums paid.

  2. Who are all the people, eligible to use this insurance?

    A. People who hold employment under the following types of bodies and organizations are eligible for PLI policy:

    • Central Government
    • Defense Services
    • Reserve Bank of India
    • Public Sector Undertakings
    • Financial Institutions
    • Para Military Forces
    • State Government
    • Local Bodies
    • Educational Institutions/ Government-aided
    • Nationalized Banks
    • Autonomous Bodies
    • Extra Departmental Agents in Department of Post
  3. Does Postal Life Insurance have any guarantor?

    A. Yes, Government of India, guarantees Postal Life Insurance

  4. Does both spouse need to be Government employees to avail Postal Life insurance?

    A. No, the 'Yugal Suraksha' scheme allows husband and wife to avail the scheme as long as either of them is a Government employee. Premiums initially are slightly high but both are covered under the scheme.

  5. If the insured quits Government service, can they continue using the scheme?

    A. Yes, he or she can, as long the insured keeps paying the premiums in any of post office around the country.

  6. Can an insured, revive a lapsed policy?

    A. Yes, under the following conditions: A lapsed postal insurance policy can be revived after 6 unpaid premiums if it remained in force for less than 3 years. It can also be revived after 12 unpaid premiums if it remained in force for more than 3 years.

  7. Can one surrender their life insurance from PLI?

    A. Yes one can do that. However, the surrender value is subjective to the surrender factor, type and term of policy.

  8. Can an insured avail loan facility from PI?

    A. Yes, it can do so depending upon the type of insurance scheme and the tenure of the insurance, when the insured wishes to avail the loan.

  9. How many child policies in a family, can a main policyholder take?

    A. The family of the main policy holder can have up to 2 children insured under this policy.

  10. What is the maximum insurance amount for a policy from Postal Life Insurance?

    A. The maximum amount that can be assured under a policy from Postal Life Insurance is Rs. 5 lakhs.

  11. Is PLI a tax exempted insurance provider?

    A. Yes, PLI is a tax exempted insurance provider as stipulated under Section 118 C of the Insurance Act, 1938 and also under Section 44 D of LIC Act of 1956.

  12. When was the Postal Life Insurance Scheme introduced?

    A.The Postal Life Insurance (PLI) scheme was introduced in India in 1884, under the British rule. This makes it the oldest insurance provider in India

  13. I am an employee in a private sector enterprise. Can I avail this policy?

    A. No, salaried individuals in the private sector are not eligible to avail the Postal Life Insurance policy.

  14. work in a government aided organization and my husband works in the private sector. Can be both jointly avail the PLI scheme?

    A.Yes. A government employee and spouse can jointly get a PLI policy under the “Yugal Suraksha” scheme. An additional premium will have to be paid in order to cover the two individuals under this assurance policy.

  15. What is the minimum age limit for entry?

    The minimum age limit for entry is 19 years.

  16. What is the maximum age limit for entry?

    A.The maximum age limit for entry is 55 years.

  17. Where can I find my PLI policy number?

    A.Your PLI policy number will be available in the policy document/ bond. This is a 6 digit number which is required for all future transactions, including payment of premium.

  18. Can I pay the Postal life insurance premium online?

    A.Yes, you can pay the Postal Life Insurance policy premium online or via ECS (Electronic Clearance System).

  19. What is the loan limit available on a Whole Life Assurance?

    A.Based on how long the policy has been held, the surrender value of the loan is set. This is explained in the table below:

    Completed Policy Period Surrender Value (in %) on which the loan will be admissible
    Above 4 years and up to 7 years 60.00%
    Above 7 years and up to 12 years 80%
    Above 12 years 90.00%
  20. What is the loan limit available on Endowment Assurance and Convertible Whole Life Assurance?

    A. Based on how long the policy has been held, the surrender value of the loan is set. This is explained in the table below:

    Period for which the Policy has been held Surrender Value (in %) on which the loan will be admissible
    Above 3 years and up to 5 years 60%
    Above 5 years and up to 10 years 80%
    Above 10 years 90%
  21. What is the interest on loan availed against the policy?

    A. The interest on loan availed against the PLI policy is 10% per annum. This is calculated based on a 6 month period.

Read More about Postal Life Insurance

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News About Postal Life Insurance

  • Postal department to create a separate unit for life insurance

    The postal department plans to create a separate unit for life insurance and rural life insurance. A cabinet note has been circulated to turn the functions into a separate business unit (SBU).

    Communications minister Manoj Sinha stated that the cabinet note has been moved regarding the decision. He added that the first phase will involve the formation of an SBU, and a full-fledged insurance company will be formed in the second phase. The announcement was made during India Post Payments Bank's (IPPB) second-anniversary celebration.

    The cabinet approval is expected to come by the next fortnight according to the communications minister. He stated that around 1.26 lakh access points have been rolled out by IPPB in the last 5 months and the number is expected to rise to 1.36 lakh in the next week.

    Currently, the postal department offers one of the oldest life insurance policies which was introduced in 1884. The rural life insurance scheme was introduced in 1995.

    5 February 2019

  • All About Postal Life Insurance

    The concept of a postal life insurance (PLI) policy is very similar to a typical life insurance company providing a comprehensive life cover with death and maturity benefits. The only difference in this case is that in PLI the post offices are the ones that handle purchase of policies, settlement of claims, and so on.

    The eligibility for postal life insurance policies was gravely restricted in the earlier days, however, in order to stay at par with other insurers, this law has been modified. The law was changed to provide this sector with a certain competitive edge that they earlier lacked. In addition to this, post offices offer traditional life insurance policies only, and not ULIPs or term insurance policies. Apart from single life covers, Postal Life Insurance is also controlling and managing a Group Insurance scheme for the Extra Departmental Employees (Gramin Dak Sevaks) belonging to the Department of Posts.

    At present, India has six multiple kinds of postal life insurance policies:

    Suraksha (Whole Life Assurance)

    Santosh (Endowment Assurance)

    Suvidha (Convertible Whole Life Assurance)

    Sumangal (Anticipated Endowment Assurance)

    Yugal Suraksha (Joint Life Assurance)

    Bal Jeevan Bima (Children Policy)

    Eligibility Criteria for Postal Life Insurance - The following employees will be eligible for the PLI policies:

    Central Government employees

    Paramilitary forces

    Defense services

    Local bodies

    State Government employees

    Financial institutions

    Public sector undertakings (PSUs)

    Autonomous bodies

    Local bodies

    Reserve Bank of India

    Nationalised banks

    Extra departmental agents in departmental posts

    All scheduled commercial banks’ employees

    Employees of credit co-operative societies, SBI, RBI, NABARD, and so on.

    25 October 2018

  • Things you need to know about postal life insurance

    Postal Life Insurance (PLI) is one of the oldest life insurance plans that were made available to Indian citizens. This covers the employees of the state and central governments, public sector undertakings, educational institutions that are aided by the government, local bodies, universities, autonomous bodies, nationalised banks, and joint ventures that have 10% government/PSU stake. Life insurance is also extended to personnel of the para-military forces and staff of the defence services.

    PLI consists of 6 endowment insurance policies. This includes a whole life insurance plan, a convertible whole life plan, a money-back policy, an endowment plan, a child plan, and a joint life plan. However, there are no term insurance plans or pension plans offered under PLI.

    17 October 2018

  • Deficiencies in Postal Insurance Management Flagged by CAG

    The Comptroller and Auditor General of India (CAG) recently pointed out deficiencies which are present in the management of Rural PLI funds and postal life insurance (PLI). The CAG identified problems such as wrong assessment of investable assets and investment delays which, it claims, have resulted in losses worth Rs 984 crore under returns.

    The report which was submitted in the Parliament mentioned that ‘’audit of Management of Investment of Insurance Fund of PLI and RPLI was conducted during January and February 2016 covering the period from 2009-10 to 2014-15. Eleven postal circles, comprising of 56 head post offices were selected for scrutiny." The audit has been carried out by CAG with the purpose of ensuring that there is no discrepancy in the collection, accounting and investment of Insurance funds.

    29 November 2016

  • Postal life insurance to be updated

    The Kozhikode Postal Division has requested the policy holders in Kozhikode and Wayanad to update their policies before 10th March, 2016. This is being done as the life insurance has been made online across India. The press release said that the policyholders must approach the nearest post office along with their premium pass books to update their accounts.

    22 February 2016

  • Post offices to provide efficient services

    The Post Master-General office at Kurnool has constituted a special monitoring committee to effectively monitor and ensure hassle free operations of various wings of post office. The committee would contain teams that keep a track of how various department in post office work. This would include speed post, mail delivery done via head post offices, Railway Mail Service (RMS) offices, McCamish system used for rural postal life insurance and post life insurance etc.

    As per the announcement, an amount of Rs. 50 lakh has been sanctioned for maintaining civil and electrical works at post offices and post office buildings. Besides, there is also a plan to upgrade all offices by providing required infrastructure and computers. The main purpose of this is to give these building a modern look. Also, priority will be given to keep these post offices clean along with providing efficient services. So far, delivery via speed post has improved by 93%.

    18 December 2015

  • Department of post aims to leverage the e-commerce boom

    Cashing in on the boom of the e-commerce industry, the postal department of the country has a host of new technologically advanced products to be rolled soon. Aggressive promotion of mobile money orders, savings bank accounts, postal life insurance and speed delivery of posts are some of the main focuses of the Department of Posts.

    In the Kurnool region, all maturity and death claims related to postal life insurance and rural postal life insurance have been settled and there are no more pending claims. Right now Kurnool and Tirupati sorting hubs are being utilized to route speed post and articles booked and the efficiency of the same is to be improved to 95% by January 2016.

    23 November 2015

  • Mela conducted in Imphal for Rural Postal Life Insurance

    In Namdilong Church at Kanglatombi a team of post offices conducted a mela to provide benefits of Rural Postal Life Insurance to the people. The chief guest for the mela was the Director (Posts) Vinod Kumar and he said that insurance should be treated as an investment to take care of financial needs of the future even in the absence of the bread winner.

    The post office offers different schemes for the public including the Pradhan Mantri Suraksha Bima Yojna, Pradahan Mantri Jeewan Jyoti Yojna, Sukanya Samridhi Yojna, etc.

    5 October 2015

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Postal Life Insurance Plans Reviews

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  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using from last 1 year the life insurance with the MAX LIFE INSURANCE documentation process was done through the online. The customer support explained the policy details. The maturity period is for 25 years and paying the premium yearly once, coverage for self. It has the coverage of little premium higher with disability.
    Was this review helpful? 0
    , kolkata
    Reviewed on May 19, 2019
  • Bajaj Allianz Life Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I am using the life insurance policy with the BAJAJ ALLIANZ LIFE INSURANCE where the customer support and responsiveness is good also the maturity period of this policy is for long term added on that the coverage is for self with this insurance policy.
    Was this review helpful? 0
    , chennai
    Reviewed on May 19, 2019
  • LIC Life Insurance
    "GOOD POLICY"
    0.5 3.0/5 "Satisfactory"
    I am not sure about the name of the policy with the LIFE INSURANCE CORPORATION OF INDIA where i am using it since from last few year and the policy maturity period is for long term also it gives the self coverage. The customer support and responsiveness is good with this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on May 19, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    The agent came to home and collected the documents, i got the hard copy too. The maturity period is for 20-25 years, it gives the coverage for self. They provide with the no benefits after the maturity. Premium paying for monthly once. It is a trusted company so taken with LIC.
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    , thane
    Reviewed on May 19, 2019
  • SBI Life Life Insurance
    "Need to improve the benefits"
    0.5 4.0/5 "Great!"
    I have a term insurance with SBI Life and it was purchased 3 years ago. I am doing payment half yearly around 8K through online. The payment mode is so much easy. I got the insurance paper. I need to pay the premium for 22 years. The benefits are average.
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    , pune
    Reviewed on May 19, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I took Sukanya Samriddhi for my daughter and am paying the premium for last 5 years which was around 96 to 97K in a year. When she turns 25 years, I get lump some amount and for a certain years like 18,21 which matches for education and marriage. I think its 12% claim value. I would say its a very good plan. The customer service needs improvement.
    Was this review helpful? 0
    , silvassa
    Reviewed on May 19, 2019
  • SBI Life Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    The premium has been debited by my account, SBI is contacting me for the payment which was already made. Also have received the documents very late and they need to improve the benefits. I have a life plan and it was taken before 4 years. They need lot of improvements.
    Was this review helpful? 0
    , silvassa
    Reviewed on May 19, 2019
  • ICICI Prudential Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am most happy with ICICI Prudential, they are very transparent and the allocation value is less, they have explained everything clearly on their app. I can customized the products according to my needs. I have taken a normal policy and term plan, totally 3 policies. I got the insurance paper on time.
    Was this review helpful? 0
    , silvassa
    Reviewed on May 19, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    LIC have app but the navigation is not user friendly and they are not flexible, they are offering only standard policies where customer can't customize. I have taken 4 long term policies with the tenure like 25years. The policies are Jeevan anand, Sukanya Samriddhi, Jeevan Sathi. The benefits are average and the claim ratio is comparatively high on the volume they serve compared to private insurer.
    Was this review helpful? 0
    , silvassa
    Reviewed on May 19, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am using from last 18-19 years. The name of the policy is ENDOWMENT POLICY, maturity period is for 20 years. Coverage is for self where the premium paying for 6 months once. The customer service is good also i got the hard copy on time with this policy.
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    , new delhi
    Reviewed on May 19, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in LIC. The policy is for 20 years. Now I am paying premium in the quarterly package the amount is sufficient as per my expectation. While getting a policy my agent has given an information about the policy details. I use to give the premium amount to an agent. The coverage is for myself and also family members.
    Was this review helpful? 0
    , chennai
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance Policy through LIC agent .The agent gave all the relevant information related to the policy .The premium is paid online and iam paying through Quarterly basis .This policy is very useful and so far not faced any issues .I have got the policy documents on time .The policy is still active as well.
    Was this review helpful? 0
    , chennai
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent .This policy tenure is for 21years .policy premium is paid on 6month once only .The premium is nominal and paying the premium through online so far.The policy is still active ,I have received the policy documents on time .The service is god to me so far .
    Was this review helpful? 0
    , new delhi
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC. The policy is for more than 10 years. Now I am paying premium amount is sufficient. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. The service is good.
    Was this review helpful? 0
    , coimbatore
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC. The policy is for 15 years. Now I am paying premium in the yearly package for the amount of rupees 10 thousands. While getting a policy I came to know all information about the policy details. The coverage up to myself. I use to payment through an online.
    Was this review helpful? 0
    , gurgaon
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life insurance policy through LIC agent ,This is for the tenure of 20years policy ,The name of the policy is Jeevan Saral and paying premium through online ,If make the payment on delay basis there was no extra charges.I have received the policy documents on time .The service is good to me so far.
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    , hyderabad
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "BETTER"
    0.5 3.5/5 "Pretty good"
    I have purchased the JEEVAN ANAND policy with the LIFE INSURANCE CORPORATION OF INDIA where i am using from last 1.5 years. The maturity period is for long term of 16 years and gives the self coverage with this policy. The returns are lesser also there is no proper customer support.
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    , chennai
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken life insurance policy through LIC agent ,The agent gave all the details about the policy ,it is a 15years policy this is a policy completely based on children policy it is a child plan ,premium ism paid on yearly basis ,policy documents received on time .Still the policy is active so far.The service is average according to me.
    Was this review helpful? 0
    , chandigarh
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC. The policy is for 25 years. Now I am paying premium in the quarterly package with sufficient amount. While getting a policy my agent has given an information about the policy details and provided hard copy documents. It is a money back plan. I use to do payments through an online.
    Was this review helpful? 0
    , new delhi
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC. The policy is for 25 years. Now I am paying premium in the half yearly package. While getting a policy my agent has given an information about the policy details. This insurance covers my whole family.The service is good.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on May 18, 2019
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