Postal Life Insurance (PLI) is the oldest insurance company in India which was formed on 1st February, 1884 under British India. The insurance company was initially set for the welfare of postal employees.
It is the first insurance company to cover female employees of P & T Department in 1894.
The company has grown substantially from a few hundred policies in 1884 to 6.4 million policies as on 31.03.2015. The company enjoys a vast network spread across the country with around 1,55,669 branches making it India’s largest and also the most trusted retail and financial services provider. It was established with the objective of serving as a welfare scheme for its employees, later extending the same benefits to the employees of the Telegraph Department in the year 1888. It holds the prestigious accreditation of becoming the first life insurance company to provide a cover for females by offering coverage to female employees in 1894.
Postal Life Insurance manages a Group Insurance scheme for the Extra Departmental Employees (Gramin Dak Sevaks) of the Postal department services
As per 31st March 2017 records, Postal Life Insurance has sold more than 46 lakh policies.
YEAR | NO. OF POLICIES PROCURED DURING THE FINANCIAL YEAR | SUM ASSURED OF THESE POLICIES (IN RS. CRORE) | NO. OF ACTIVE POLICIES AT THE END OF THE FINANCIAL YEAR | AGGREGATE SUM ASSURED (IN RS. CRORE) | PREMIUM INCOME (IN RS. CRORE) | FUND BALANCE (IN RS. CRORE) |
---|---|---|---|---|---|---|
2016-17 | 213323 | 11096.67 | 4680013 | 113084.8 | 7233.89 | 55,058.61 |
2015-16 | 198606 | 9644.97 | 4930838 | 109982.1 | 6657.03 | 46,302.72 |
2014-15 | 324022 | 14276.91 | 5242257 | 109106.9 | 5963.46 | 39,536.33 |
2013-14 | 433182 | 16129.39 | 5406093 | 102276.1 | 5352.01 | 32,716.26 |
2012-13 | 454053 | 14695.59 | 5219326 | 88896.46 | 4557.29 | 26,131.34 |
2011-12 | 482423 | 13288.15 | 5006060 | 76591.33 | 3681.03 | 23,010.55 |
Plan Name | Minimum | Maximum |
---|---|---|
Whole Life Assurance (Suraksha) | 19 | 55 |
Endowment Assurance (Santosh) | 19 | 55 |
Convertible Whole Life Assurance (Suvidha) | 19 | 50 |
Anticipated Endowment Assurance (Sumangal) | 19 | 40/45 |
Joint Life Assurance (Yugal Suraksha) | 21 | 45 |
Children Policy (Bal Jeevan Bima) | 5 | 20 |
Employees of the following organizations are eligible, as per 5th October 2018 records:
Rural Postal Life Insurance (RPLI) scheme was started in the year 1995 for the benefit of a section of the population living in rural India. The main aim of the rural postal life insurance is to extend insurance coverage to the low-income groups and provide them financial security so that they can tackle adversities. The scheme was as a result of the recommendation of the Malhotra committee which passed on its recommendation to introduce reforms in the insurance sector for people living in rural areas.
RPLI offers affordable insurance solutions, especially to weaker or low-income groups of the society.
There are several benefits which are linked with the rural postal insurance schemes. A wide variety of different schemes are available under the scope of rural insurance. Some of the most useful advantages of these schemes are mentioned below-
YEAR | NO. OF POLICIES PROCURED DURING THE FINANCIAL YEAR | SUM ASSURED OF THESE POLICIES (IN RS. CRORE) | NO. OF ACTIVE POLICIES AT THE END OF THE FINANCIAL YEAR | AGGREGATE SUM ASSURED (IN RS. CRORE) | PREMIUM INCOME (IN RS. CRORE) | FUND BALANCE (IN RS. CRORE) |
---|---|---|---|---|---|---|
2016-17 | 375134 | 6850.45 | 14684096 | 83983.47 | 2120.02 | 20716.62 |
2015-16 | 258225 | 2668.9 | 14915652 | 81733.73 | 2012.17 | 18,113.78 |
2014-15 | 477360 | 4652.35 | 15245387 | 82822.26 | 1983.95 | 15,771.55 |
2013-14 | 871462 | 6712.39 | 15014314 | 79466.45 | 1960.24 | 13,352.01 |
2012-13 | 1634767 | 7413.17 | 14664650 | 75154.06 | 1703.16 | 11,388.20 |
2011-12 | 2714856 | 9088.99 | 13547355 | 69754.17 | 1558.93 | 9,141.43 |
Plan Name | Minimum | Maximum |
---|---|---|
Whole Life Assurance (Gram Suraksha) | 19 | 55 |
Endowment Assurance (Gram Santosh) | 19 | 55 |
Convertible Whole Life Assurance (Gram Suvidha) | 19 | 50 |
Anticipated Endowment Assurance (Gram Sumangal) | 19 | 40/45 |
10 Years Rural PLI (Gram Priya) | 20 | 45 |
Children Policy (Bal Jeevan Bima) | 5 | 20 |
• The scheme shall cover all persons, male or female, who permanently reside in rural areas and are ordinarily residents in India to the exclusion of foreigners and non-resident Indians, provided they have attained majority.
Year | PLI | RPLI | ||||
Bonus per Rs. 1,000 annually | Bonus per Rs. 1,000 annually | |||||
EA | WLA | AEA | EA | WLA | AEA | |
31st March 2016 | 58 | 85 | 53 | 50 | 65 | 47 |
31st March 2015 | 58 | 85 | 53 | 50 | 65 | 47 |
31st March 2014 | 58 | 85 | 53 | 50 | 65 | 47 |
31st March 2013 | 58 | 85 | 53 | 50 | 65 | 47 |
31st March 2012 | 58 | 85 | 53 | 50 | 65 | 47 |
31st March 2011 | 60 | 85 | 55 | 50 | 65 | 47 |
31st March 2010 | 60 | 85 | 55 | 50 | 65 | 47 |
The insured can register a claim with the concerned Customer Processing Centre (CPC) by visiting it along with essential documents like original policy document, loan repayment record (if any) and receipt book for premium payments. These documents will be thoroughly examined for verifying their authenticity, and a decision regarding their approval or rejection will be taken accordingly. If the claim is approved, the payment will be made through the Post Office.
Additional benefits include:
Postal Life Insurance has been in existence from the 18th century. The plans are exclusive to public sector employees. The offerings from the company are simple to understand and offer the best returns in the market. The company has a wide network throughout the country and is amongst the most trusted Life Insurance companies in India.
How to check your Postal Life Insurance Status Online?
If you have subscribed to a Postal Life Insurance Policy, simply visit the official website of India Post and create an online account. Once you have successfully registered with a User ID and Password, you can login and check the status of your Postal Life Insurance Plan through the portal.
Is PLI better than LIC?
Every life insurance plan from both these companies are designed to cater to unique needs of individuals. You can compare between all the plans and take a conscious decision on the one that meets your objectives.
Is Postal Life Insurance covered under 80C?
Yes, premiums paid towards PLI are tax exempted as per Section 80C of the Income Tax Act, 1961.
Does PLI offer online payment facility?
Yes, you can make your premium payments towards PLI online through the official website of India Post.
Is Postal Life Insurance maturity amount taxable?
No, the maturity amount will be taxable only if the sum assured in less than the prescribed limit.
Is PLI guaranteed? If yes, who guarantees it?
Yes, Postal Life Insurance is guaranteed by the Government of India.
Does PLI continue to exist even after one quits his/her government job?
Yes, a Postal Life Insurance will continue to exist even after the policyholder quits his/her job, provided he/she continues to pay the premiums.
Does PLI offer loans?
Yes, Postal Life Insurance plans offer loan facility after the completion of 3 to 4 years of the policy term, depending on the policy.
Can a person residing in urban centre avail this scheme under RPLI?
No, RPLI scheme is only for persons who come within the boundaries of the area classified as a rural area.
How do I obtain an insurance scheme under rural postal insurance?
The person will need to visit the nearest post office for obtaining forms and other details to enrol under rural postal life insurance schemes.
What is the maximum amount that can be availed under the insurance schemes of RPLI?
The maximum sum assured amount for insurance schemes under RPLI is INR 10 lakhs
Is medical examination necessary for all schemes under Rural Postal Life Insurance?
A medical test is necessary for all schemes. The scheme in which medical test is not required the maximum sum assured allowed is INR 25,000