Newly designed PLI brochure

Codes for new categories of clientele of PLI

Codes for new categories of clientele of PLI

Some new categories of clientele under PLI have been added in Rule 6 of Post Office Life Insurance Rules-2011 vide Notification of even No. dated 18.10.2012 published in the Gazette of India No. 240 dated 18.10.2012 circulated vide this office letter of even No. dated 29.10.2012.

2.       Rule 16 of Manual for Circle Offices provides for suffixing letter(s) to the PLI policy number as per the organization to which the insured is belonging. As such, following codes may be assigned (sufficed) to policy numbers of PLI issued to the insured belonging to new categories added vide Notification ibid:

SI. No.	Category	Code
i	Employees on contract basis by Central Govt.	CC
ii	Employees on contract basis by State Govt.	CS
iii	Employees of Joint Ventures: Central State Bank	CC CS B
iv	Members of credit cooperative societies	CS
v	Employees of Universities: Central State	CC CS
vi	Employees of Scheduled Commercial Bank	B

Source:-Directorate of Postal Life Insurance Letter No. 25-l/2011-L1 (Vol-II) 03.12.2012

PLI clintele eligibility extended

As a positive development and an appropriate strategy for publicity and securing business Department of Post has approved expension of the clientele eligible for PLI. Henceforth, the PLI can be extended to the following group:

• Employee engaged/appointed on contract basis by Central/State Goverment, where the contract is extendable.
• Employees of Joint Venture in which Central/State Government/Public Sector Undertaking/ Nationalised Banks have minimum holding of 10 percent.
• Members/employees of credit Cooperative Socities and other cooperative socities registered with Goverment under the Cooperative Socities Act and partly or fully funded from the Central /State Govt./RBI /SBI/ NABARD Nationalised Banks and other such institute notified by Government.
• Employees of Deemed Universities and Educational Institutes accredited by recognised bodies such as National Assessment and Accreditation Council, All India Council of Technical Education, Medical Council of India, etc.and or affiliated to Universities/ Boards etc.
• Employees of all Scheduled Commercial Banks.

Source : Punjab Circle blog.

प्रीमियम और रिटर्न के नजरिये से आकर्षक है डाक जीवन बीमा

 
ग्रामीण जनता के साथ-साथ
छोटे सरकारी कर्मचारियों के लिए डाक जीवन बीमा एक अच्छा विकल्प हो सकता है क्योंकि इसकी एंडोमेंट पॉलिसियां कम प्रीमियम पर अधिक रिटर्न उपलब्ध कराती हैं।

वैसे लोग जो लाइफ इंश्योरेंस पॉलिसी लेने के लिए निजी सरकारी बीमा कंपनियों के पीछे भागते हैं वह जरा मुंबई के एक सार्वजनिक उपक्रम में कार्यरत गौरी मीणा का निजी अनुभव जान लें।

गौरी का कहना है कि मैंने जब इस साल फरवरी में एक और पॉलिसी लेने की सोची तो सभी इंश्योरेंस कंपनियों की वेबसाइट खंगाल डाली। कई एजेंटों, एडवाइजरों से बातचीत भी की। पर मुझे असली समाधान मेरे एक मित्र के सुझाव के बाद डाक जीवन बीमा (पीएलआई) पॉलिसी के रूप में मिला।

कम प्रीमियम और अच्छा रिटर्न
अगर आप गंभीरता से विचार क रें तो गौरी मीणा का कहना एकदम सही है। डाक जीवन बीमा सचमुच में अन्य लाइफ इंश्योरेंस कंपनियों की पॉलिसियों की तुलना में कम प्रीमियम पर बेहतर रिटर्न उपलब्ध कराता है। बस इसमें एक ही शर्त है कि इसकी पॉलिसियां सभी केंद्रीय और राज्य सरकार के कर्मचारियों, राष्ट्रीयकृत बैंकों, सार्वजनिक उपक्रमों, वित्तीय संस्थानों, नगर पालिका, महानगर पालिका, जिला परिषद, जिला पंचायत, नगर पंचायत सरीखे स्थानीय निकायों व सरकारी मदद प्राप्त शिक्षा संस्थानों के कर्मचारियों को ही दी जाती हैं। इसके अलावा ग्रामीण डाक जीवन बीमा (आरपीएलआई) पॉलिसियां गांवों में रहने वाले आर्थिक रूप से कमजोर लोगों के लिए भी उपलब्ध हैं।

आरपीएलआई के तहत ग्राम सुरक्षा (व्होल लाइफ एश्योरेंस), ग्राम सुविधा (कन्वर्टिबल व्होल लाइफ एश्योरेंस), ग्राम संतोष (एंडोमेंट एश्योरेंस), ग्राम सुमंगल (एंटिसिपेटेड एंडोमेंट एश्योरेंस) और ग्राम प्रिय (विकलांगों के लिए) पॉलिसियों की पेशकश की जाती है। डाक जीवन बीमा यानी पोस्टल लाइफ इंश्योरेंस पीएलआई बढिय़ा रिटर्न देती हैं। इसकी एंडोमेंट पॉलिसी का बोनस अन्य सभी कंपनियों के बोनस से बहुत अच्छा होता है।

अच्छा विकल्प
इंश्योरेंस एडवाइजर चंचल वर्मा का कहना है कि बीमा नियामक  व विकास प्राधिकरण-आईआरडीए के कई कदम उठाने की वजह से आजकल यूनिट लिंक्ड इंश्योरेंस प्लान- यूलिप का क्रेज तकरीबन खत्म होता जा रहा है। इन दिनों उपभोक्ता परंपरागत पॉलिसियों की ओर मुंड़ रहे हैं तो ऐसे में अगर वे पीएलआई के लिए योग्य हैं तो उनके लिए पीएलआई बहुत अच्छा विकल्प हो सकता है।

कम प्रीमियम
अंतत: गौरी मीणा ने पीएलआई की एंडोमेंट पॉलिसी संतोष ली है। इसका टर्म 20 साल और सम एश्योर्ड एक लाख रुपये है। इसका प्रीमियम हर महीने 400 रुपये है। जबकि एलआईसी के एंडोमेंट एश्योरेंस प्लान में मासिक प्रीमियम 442 रुपये होगा। आज की बोनस दर के हिसाब से उन्हें मैच्योरिटी पर कुल 2,40,000 रुपये मिलेंगे। अगर इसमें से कुल भुगतान किए जाने वाले प्रीमियम को अलग कर दें तो गौरी को 1,44,000 रुपये का शुद्ध लाभ होगा।

आयकर का लाभ भी
पीएलआई के पॉलिसीधारकों को अन्य लाइफ इंश्योरेंस पॉलिसियों की तरह आयकर का लाभ भी मिलता है। मैच्योरिटी पर मिलने वाली राशि टैक्स फ्री होती है और प्रीमियम भुगतान पर आयकर अधिनियम की धारा धारा 80 सी के तहत छूट भी मिलती है।

पीएलआई एवं आरपीएलआई के अंतर्गत योजनाएं
एंडोमेंट एश्योरेंस (संतोष): इस योजना के अंतर्गत प्रस्तावक को परिपक्वता की पूर्व निर्धारित आयु पूरी करने पर बीमित रकम और अर्जित बोनस दिया जाता है। वहीं बीमित व्यक्ति की अप्रत्याशित मृत्यु की दशा में नॉमिनी अथवा उसके कानूनी वारिस को पूर्ण बीमित राशि के साथ अर्जित बोनस प्रदान किया जाता है।

इस योजना में सम एश्योर्ड की सीमा न्यूनतम 20 हजार से अधिकतम 10 लाख रुपये है। ग्रामीण डाक जीवन बीमा में सम एश्योर्ड सीमा 10 हजार से 3 लाख रुपये है। साथ ही बीमित व्यक्ति की उम्र 19 वर्ष से 55 वर्ष के बीच होनी चाहिए। पॉलिसी के चार वर्ष पूर्ण होने के बाद लोन की सुविधा भी प्राप्त होती है।

व्होल लाइफ एश्योरेंस (सुरक्षा): इस योजना के अंतर्गत बीमित व्यक्ति की मृत्यु के बाद नॉमिनी अथवा उसके कानूनी वारिस को बीमित रकम के साथ उपार्जित बोनस प्रदान किया जाता है। पॉलिसी शुरू होने के एक वर्ष बाद अथवा बीमित व्यक्ति के 57 वर्ष पूर्ण होने से पूर्व इस पॉलिसी को एंडोमेंट प्लान में बदला जा सकता है। पॉलिसी शुरू होने के चार साल बाद इस पर लोन की सुविधा भी मिलती है।

कन्वर्टिबल व्होल लाइफ एश्योरेंस (सुविधा): यह योजना काफी हद तक एंडोमेंट एश्योरेंस पॉलिसी के समान है। पॉलिसी को पांच साल के भीतर एंडोमेंट एश्योरेंस में बदला जा सकता है। इसके लिए बीमित व्यक्ति की आयु 55 वर्ष से अधिक नहीं होनी चाहिए। यदि 6 साल तक पॉलिसी परिवर्तन का विकल्प नहीं चुना जाता, तो इस दशा में पॉलिसी को व्होल लाइफ एश्योरेंस माना जाएगा।

एंटीसिपेटेड एंडोमेंट एश्योरेंस (सुमंगल): यह अधिकतम 5 लाख रुपये बीमित राशि वाली मनी बैक योजना है। इसके तहत 15 वर्ष और 20 वर्ष की पॉलिसियां उपलब्ध हैं। बीमित व्यक्ति को निश्चित समयावधि में एक निश्चित रकम प्राप्त होती है। लेकिन बीमित व्यक्ति की मृत्यु की दशा में इन भुगतानों को शामिल नहीं किया जाता। और उसके नॉमिनी अथवा कानूनी उत्तराधिकारी को पूर्ण बीमित राशि के साथ उपार्जित बोनस प्रदान किया जाता है।

ज्वाइंट लाइफ एश्योरेंस (युगल सुरक्षा): यह एक ज्वाइंट लाइफ एश्योरेंस प्लान है। इसके अंतर्गत पति अथवा पत्नी किसी एक के पास पीएलआई की आर्हता होनी चाहिए। इसमें पति एवं पत्नी दोनों को एक प्रीमियम अदा कर बीमित राशि तक का बीमा कवर और उपार्जित बोनस प्रदान किया जाता है।

FAQ on Postal Life Insurance (PLI)

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

Q. Whether salaried professionals in Private Sector can join PLI?
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)

SURRENDER

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.

Charging Extra premium on PLI policies taken by physically Challenged persons - High Court Delhi raps Govt.

Complaints of discrimination against the disabled are common in matters of civic amenities, job appointments and admissions to educational institutions. But now one such case has emerged in relation to a life insurance scheme floated by the central government itself.

Slamming the Centre, the Delhi High Court has said it will quash its postal life insurance policy that charges the physically challenged extra premium.

State and central government employees are the beneficiaries of this policy. As per its rules, the assured sum for the disabled is much less while the premium much more than what is applicable to ordinary employees. The discrimination was brought to the notice of the court by a PIL filed by a visually challenged lawyer, Pankaj Sinha.

"Why this discrimination? How can you charge the disabled extra premium? They have the same risk factor as ordinary policyholders. The premium should be linked to various ailments — not disability," a bench headed by acting chief justice AK Sikri told the Centre's counsel.

"Disability is not a disease or a medical problem. We are going to quash the policy," the court said. Sinha told the bench: "While non-handicapped persons are insured for a maximum of Rs 5 lakh, disabled people are insured for a maximum of only Rs 1 lakh. The premium paid by disabled people is also more than the premium for non-disabled people."

The court rejected the Centre's argument that disabled people are more prone to accidental risks as compared to persons without any disability and therefore the premium charged should be marginally different.

Source : The Hindustan Times, Feb 20, 2012

PLI-RPLI maximum limit revised to 20 Lac & 5 Lac respectively

PLI Directorate vide notification no 25-3/2003-LI dated 17.01.2012 has revised the maximum sum assured from Rs 10 lacks to 20 Lacks in respect of PLI and from Rs 3 Lacks to 5 Lacks in respect of RPLI with effect from the date of issue of notification.

Souce : IPASPAndhra

letter to CPMG on PLI award

To,

Shri S.Gauriar

The Chief Postmaster General

M.P. Circle, Bhopal

No. AIAIPASP/2010-2011/Hoshangabad Dtd 17.07.2011

Subject: -  Request for including the name of all IPs/ASPos who procured more than  02crore effective PLI business in Awards Ceremony for awarding Silver Certificates and Cash Awards to the Staff for procuring highest PLI business during the Year 2010-11.

Respected Sir,

                             With due most respect it has come to my notice that the award ceremony for awarding Silver certificates and cash awards to the staff for procuring highest PLI business during the year 2010-2011 scheduled to be  held at Bhopal on Wednesday 20-07-2011 vide your letter No. LIP/2-19/Awards/2010-11 Dated 15th July 2011. I would like to bring your kind attention on the list of awardees prepared for this purpose. The following facts need to be considered before award ceremony.

1.      Awards are distributed in the two regions (i.e. HQ and Indore) Gwalior Region needs to be included.

2.      In this list only three IPs/ASPs are nominated for awards from HQ region / Indore in this context please refer the Director of Postal Life Insurance New Delhi  order No35-15/78-LI(Vol V) dated 15-12-2006. In which it is quite clear that the all IP/ASPs who procured more than 02 crore PLI Business they can awarded with cash prize of Rs 2000/- as well as silver certificate by Circle Head. (copy enclosed for ready reference Annexure I )

3.      Association is unable to understand that what the circumstances are compelling not to follow the assurance given by our Hon’ble shri Brijesh Kumar Director postal Services HQ region Bhopal vide his DO letter no LIP/2-18/Tgt/2010-2011 Dated 2-12-2010 addressed to each sub divisional head of the circle. ( copy enclosed for ready reference Annexure II )

4.      The Scheduled   Awards Ceremony is violating the DG’s instruction and DPS Bhopal Assurance seems to be a conspiracy against the development of the Department and IPs/ASPos by discouraging them to retain the monopoly of D.Os .In this Context I would also like to bring your kind notice that the Cash award for 2008-2009 and 2009-2010 is not distributed until today for IPs/ASPs but  D.Os were  awarded by cash prize on the same day on 15.10.10.

5.      The scheduled Awards Ceremony is hurted to those IPs/ASPs who procured more than 02crore effective PLI business by taking extra efforts with performing all duties and responsibilities assigned to them. It is more surprising IPs/ASPs who have procured more than 3.174 crore business not find the place in the awardees for which how they can held responsible.

6.      If all IP/ASPs who procured more than  02crore effective PLI business are included in the list of awardees the cost of the ceremony does not increase as un affordable to the circle but this inclusion can give the multiple increase in the business and awards boost the energy amongst the all IPs/ASPs for better performance in future.

It is humble requested that in accordance with DG’s instruction and DPS Bhopal assurance kindly include the names of all IPs/ASPs who procured more than  02 crore effective PLI business before scheduled ceremony.  

Kindly take the matter seriously and necessary action may be taken in this regards

Thanking You

Encls :- 02 as above

                                                                                                            Yours Sincerely 

                                                                                            (R.P. Jaiswal)

          Circle Secretary

     AIAIPASP,  MPCircle ,

ASP ,Sub dn Hoshangabad                                 461001

Copy to:- shri D.K. Singhal , President ,AIAIPASP,ASP (HQ) Ratlam Dn. Ratlam