what is postal life insurance

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Postal Life Insurance (PLI) is a government-sponsored life insurance scheme that is available exclusively to employees of the Indian Postal Department, including Department of Posts (DoP) and the Ministry of Communication. Established in 1884, PLI is one of the oldest and most trusted insurance programs in India, serving the postal employees and their families.

PLI is managed by the Department of Posts,

PLI is managed by the Department of Posts, which operates under the Ministry of Communication, Government of India. The insurance coverage is offered to eligible postal employees, including permanent, temporary, and part-time employees, as well as Gramin Dak Sevaks (GDS) and Extra Departmental Agents (EDAs). PLI also provides coverage to employees of Defense Postal Service Corps (DPSC) and other eligible organizations as notified by the government.

PLI offers a range of life insurance policies

PLI offers a range of life insurance policies to suit the varying needs and requirements of postal employees. These policies include Whole Life Assurance (Suraksha), Endowment Assurance (Santosh), Convertible Whole Life Assurance (Suvidha), Anticipated Endowment Assurance (Sumangal), and Children Policy (Bal Jeevan Bima). The policies provide coverage for the policyholder’s life or a specified term, and in the event of the policyholder’s death or maturity of the policy, a lump sum payment or periodic payouts, as per the policy terms, are made to the policyholder or their nominees.

One of the key features of PLI is its affordability. The premium rates for PLI policies are kept low, making it accessible to postal employees across different income groups. The premiums can be paid through salary deductions or directly at post offices, and the policies can be availed by postal employees at any stage of their career.

PLI also offers several benefits and advantages to its policyholders. One of the significant benefits is the high rate of return on investment. The policies offer attractive bonuses, and the accumulated bonus amount is paid to the policyholder along with the maturity or death claim. PLI policies also come with options for paid-up and surrender value, loan facility, and nomination facility, providing flexibility and customization to policyholders.

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