The Postal Life Insurance was incorporated in 1884 and has been providing employees of central government, state government, semi-governmental bodies, defence personnel and employees of deemed universities with insurance solutions. The policies offered are traditional plans and do not include unit linked plans, term insurance plans or online insurance plans.
These traditional plans have an age entry limit of 18 years to 55 years of age and each policy offered has its own maturity period upon which the policyholder assured sum with accrued bonuses or the nominee receives the same upon death of the policyholder.
PLI Policies offer the facility of taking out loans at the cost of lowering the bonus received or forfeiting it altogether. The EA policy offers policyholders the option of taking out loans on the completion of 3 policy years. If the loan is taken out before the completion of 5 years, the bonus offered will be null and void and if the loan is taken out after 5 years the bonus received will be low.
Whole Life Assurance policies offer the loans only after the completion of 4 policy years. However, PLI does not offer the option of taking out home loans.
Once the policy taken out has completed the required number of years, the loan facility will be opened and policyholders can take out a loan at an interest rate of 10% p.a.This interest rate is calculated on a six month basis. The loan entitlement or available loan limit will be calculated on a predetermined proportion of the acquired surrender value of the policy
Interest should be paid once in 6 months on or before the 21st of the due month.
Read More about Postal Life Insurance
|Postal Life Insurance for Central Government Employees|
|Postal Life Insurance Bonus Rates|
|Postal Life Insurance for the Physically Handicapped|
|Postal Life Insurance Tax Rebate|
|Rural Postal Life Insurance|
GST of 18% is applicable on life insurance effective from the 1st of July, 2017