Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) subscribers can pay their premium for March 2020 till April 2020 without any penalty
Postal Life Insurance, Rural Postal Life Insurance Premium Payment last Date: Good news! Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) subscribers can pay their premium for March 2020 till April 2020 without any penalty. The last date for payment of PLI and RPLI has been postponed by a month in the wake of Coronavirus outbreak and the 21-day nation-wide lockdown starting from today. “In the wake of prevailing conditions Department is pleased to inform that PLI/RPLI premium for March, 2020 can be paid up to 30th April, 2020 without any surcharge/Default fee,” India Post tweeted. The premiums for PLI and RPLI schemes can be paid online. Both PLI and RPLI are offered by the Department of Post (DoP).
PLI, RPLI eligibility
Postal Life Insurance is available for employees of Central Government, Defence Services, Para Military forces, State Government, Local Bodies, Government-aided Educational Institutions, Reserve Bank of India, Public Sector Undertakings, Financial Institutions, Nationalized Banks, Autonomous Bodies, professionals like doctors, engineers, CAs, architects, lawyers, bankers, teaches of schools affiliated to recognized school boards etc.
Rural Postal Life Insurance is available for all persons permanently living in rural areas.
Six types of PLI policies are available. These are Whole Life Assurance (Suraksha); Endowment Assurance (Santosh); Convertible Whole Life Assurance (Suvidha); Anticipated Endowment Assurance (Sumangal); Joint Life Assurance (Yugal Suraksha) and Children Policy (Bal Jeevan Bima).
RPLI also comes with six types of policies, including Whole Life Assurance (Gram Suraksha); Endowment Assurance (Gram Santosh); Convertible Whole Life Assurance (Gram Suvidha); Anticipated Endowment Assurance (Gram Sumangal); 10 Year RPLI (Gram Priya) and Children Policy (Bal Jeevan Bima).
Benefits: The official website of PLI says, “PLI is the only insurer in the Indian Life Insurance market today which gives the higher return (bonus) with the low premium charged for any product in the market.”
PLI and RPLI policyholders can take a loan by pledging their policy after the policy has completed three years in case of Endowment Assurance and four years in case of Whole Life Assurance.