If postal life insurance pli is paid for the period jan 11 to jun 11, on 18th january, 2011 then can we claim full deduction us 80c of income tax act in the year of payment. Postal life insurance post office insurance fundpremiums in force from the 4th august 2003. With 1,54,939 branches across the country, india post has presence in the most remote areas of the country, offering a wide range of products and essential services, providing life cover is part of this mix of services provided by the department. Assurance to the extent of sum assured with accrued bonus till attainment of maturity age in case of death, assignee.
Other postal life insurance online services as stated earlier, pli has digitised its platform to serve its customers easily. Finally, he sent the government notification in this regard. Complex, 1st floor, new delhi, delhi, india 110 021 view full information postal life insurance surrender of policy. Understanding your postal life insurance you have options a cancel your life insurance postal benefits group seminars. The federal employees group life insurance fegli program is a life insurance program for federal and postal employees and annuitants, authorized by law chapter 87 of title 5, united states code. Reversionary bonus on the postal life insurance policies for.
Postal life insurance online payment can be done through your debit or credit card, net banking facility and other postal life insurance online modes. New eligibility for pli postal life insurance a reader commented in my blog post about the new eligibility for pli please refer the comment postal life insurance vs licwhich is best. During this long period you will have number of interactions with pli. An endowment assurance for the protection of his her child as provided in table viii attached to these rules. Earlier pli was available only for a very limited number of professional like employee of central government, state government,psu,nationalized banks etc. If you meet the rules listed above for continuing your coverage into retirement, you. As insurance sector has become very competitive over the. Postal life insurance, goverment of india javascript must be enabled in order for you to use the site in standard view. Beneficiary forms must be mailed to the appropriate address as noted on the form. While the policy bond given to you covers the contractual issues, you need a guide. How to cancel your postal life insurance postal employee. Reversionary bonus on the postal life insurance policies. Postal life insurance is the insurance coverage offered by the department of posts, government of india.
Revival of lapses pli and rpli policies further extended. The president reserves to himself the right of making from time to time such. If you are wanting to reduce or cancel your postal life insurance there are a few steps you must take. As a general rule, if you are healthy you are better off getting your life insurance. Postal life insurance contact information and services description.
Postal life insurance pli was introduced on 1st february, 1884. Postal life insurance offers seven plain vanilla insurance plans which include. Pliwc job circular 2019 postal life insurance, western circle. Postal and rural life insurance insuring lives, ensuring future postal life insurance eligibility employees of central and state government, defence services, govt aided educational institution. They get a commission of 10% in first year and 2% as renewal. The main aim of the rural postal life insurance is to extend insurance coverage to the lowincome groups and provide them financial. It started as a welfare scheme for the benefit of postal employees and was later extended to the employees of the telegraph department in 1888. Pli provides information about pli policies, investment operations, eligibility criteria and forms for download. The existing rules regarding the terms and conditions for termination of whole life assurance wlaconvertible whole life assurance cwla postal life insurance pli policies have been revised. The terms and conditions for anticipated endowment assurance under rural scheme are the same as prescribed in postal life insurance. The following rules are issued under the authority of the government of india. Post office life insurance fund rules relating to postal life insurance and endowment assurance corrected up to 01012007 the following rules are issued under the authority of the government of india. Effective with retirements beginning january 1, 1990, or later, payment of premiums by retirees is required to retain basic life insurance coverage.
Postal life insurance was launched in february 1884 as a welfareinsurance scheme exclusively tailored towards the needs of postal employees. Postal life insurance pli was introduced on 1st february 1884 with the. Assurance, endowment assurance and anticipated endowment assurance are given as tables vii, viii, ix and x at end of these rules. Postal and rural life insurance insuring lives, ensuring future. It was introduced in 1884 as a means of providing welfare to government employees. Postal life insurance policy rules revised hyderabad news. Term life term insurance is the simplest form of life insurance. In these rules act means the indian post office act, 1898. Pli postal life insurance payment premium online 2019. How good is postal life insurance compared to others. Insurance institute of india on request of postal life insurance shall assist the pli to design and conduct the training programme followed by test at the locationsplace to be identified by the sponsoring authority pli.
Interested candidates can find all information concerning postal life insurance, western circle pliwc job circular 2019 from our website at. Postal and rural life insurance insuring lives, ensuring. The policies will be issued jointly on the lives of the child and the father or the mother of the child who will be called the payer. Fegli website fegli program handbook pdf life insurance worksheet pdf fegli federal employees group life insurance offers basic life insurance and three types of optional life insurance at attractive group rates. Ofegli service standards the office of federal employees group life insurance ofegli is an administrative unit of metropolitan life insurance company metlife that pays claims for the fegli program. Should govt employees opt for postal life insurance policies. 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. By using this website you agree to our cookie policy.
Pli postal life insurance is exactly like any life insurance company, for example, lic or icici pru life insurance. Whole life assurance suraksha as per this plan, the insurance amount along with itsbonus is to be paid to the nominee or legal heir following death of the insured person. Apr 15, 2020 in exercise of powers conferred vide rule 3 of post office life insurance rules 2011 and on the basis of actuarial valuation of the assets and liabilities of post office life insurance fund polif as on 31. A simple reversionary bonus on the postal life insurance policies for year 201617, 201718, 201819 and 201920 on their becoming claims, due to death or maturity at the following rates. At present, pli offers over 43 lakh policies with varying benefits and features to meet the needs of their customers. Many of us do not know that the post office offers life insurance policies for government semigovernment employees. Federal employees group life insurance fegli program handbook. Rates of reversionary bonus on the postal life insurance. Postal service pays the entire cost of usps employees basic life insurance. A life insurance contract has several features which need explanation. Some general guidelines to help you calculate your needs are on page 5. Ministry of communications department of posts directorate of postal life insurance notification. New eligibility for pli postal life insurance basunivesh.
It pays only if death occurs during the term of the policy, which is usually from one to 30 years. Initially mooted in 1881 as a welfare scheme to cover her. Revival of lapses pli and rpli policies further extended till. Postal life insurance is sold to government and public sector employee.
Postal federal employees group life insurance fegli. The office of personnel management opm administers the program and sets the premiums. The post office life insurance rules, 2011 shall apply to the postal life insurance and rural postal life insurance of the department of posts. Any one with 12th class education can take agency of postal life insurance. Revised claim formsfegli recently revised the claim forms for fegli life insurance benefits. The terms and conditions of these policies would be as follow. The policies are offered by government of india through post office.
Postal life insurance policy rules revised hyderabad. The concept of a postal life insurance pli policy is very similar to a typical life insurance company providing a comprehensive life cover with death and maturity benefits. What was initially started as a way of ensuring welfare for government employees has grown by leaps and bounds now. Newly eligible employees may obtain coverage without having a physical or furnishing proof of insurability. How much commission and incentive a postal life insurance. Postal life insurance for government employees comparepolicy. Jun 19, 2017 fegli website fegli program handbook pdf life insurance worksheet pdf fegli federal employees group life insurance offers basic life insurance and three types of optional life insurance at attractive group rates. Rates are based on the reduction option selected on sf 2818 at time of retirement. Office of personnel management opm forms the office of personnel management provides online access to office of personnel management forms opm, standard forms sf, optional forms of, and federal employees group life insurance forms fegli. Acceptance lettera is an intimation sent by a postmaster general accepting authority to the proposer regarding acceptance of proposal.
Federal employees group life insurance fegli program. This is very important because you need to make sure you understand what you are cancelling. Understanding your postal life insurance postal benefits group. The scheme was later extended to cover employees working in universities, central and state governments, central and state psus, nationalised banks, governmentaided educational institutions, officers, staff of defence forces, etc. Convertible whole life assurance suvidha this is a whole life assurance policy with the added feature of an option to convert to endowment assurance policy at the end of five years of taking policy. Postal and rural life insurance insuring lives, ensuring future postal life insurance eligibility employees of central and state government, defence services, govt aided educational institution, universities, nationalised bank, public sector undertaking of centralstate govt bodies like municipalities, zilla parishad etc. Assurancegram santosh with reduced sum assured or reduced term as per rules. Postal life insurance pli check plans and benefits online. Postal life insurance was initiated in 1884 is currently handled by the department of posts under the government of india. You didnt realize how much the postal life insurance was costing and you dont need the coverage. Postal life insurance is the oldest life insurer in the country, having started operations in 1884 when the secretary of state for india under the british government representing the then british monarch, queen victoria gave an express approval for its set up on february 1, 1884.
The only difference is, it is run and managed by post office. Rates of reversionary bonus on the postal life insurance policies. The existing rules regarding the terms and conditions for termination of whole life assurance wlaconvertible whole life assurance cwlapostal life insurance pli policies have been revised. The amount of life insurance one needs varies by individual. The following rates of postage shall be chargeable on postal articles where the postage is prepaid. The only difference in this case is that in pli the post offices are the ones that handle purchase of policies, settlement of claims, and so on. The details of special scheme of pli for physically handicapped persons are given in annexure d to these rules. The two forms, fe6 claim for death benefits, and fe6 dep statement of claimoption c were revised to update irs tax language for backup withholding, and to make a metlife money market account.
Rates are shown below and reduction options are detailed in 536. Also, it provides information related to rules and benefits of postal life insurance. Today, postal life insurance has grown manifold and is a common option chosen by people who are not employed in the government sector. These rules may be called the indian post office rules, 1933. Most term policies have no other benefit provisions. Insurance institute of india on request of postal life insurance shall assist the pli to design and conduct the training. In exercise of powers conferred vide rule 3 of post office life insurance rules 2011 and on the basis of actuarial valuation of the assets and liabilities of post office life insurance fund polif as on 31. Aug 27, 2018 new eligibility for pli postal life insurance a reader commented in my blog post about the new eligibility for pli please refer the comment postal life insurance vs licwhich is best. May 30, 2019 postal life insurance is the insurance coverage offered by the department of posts, government of india. Postal life insurance, western circle job circular 2019 has been published. Sep 14, 2011 if you are wanting to reduce or cancel your postal life insurance there are a few steps you must take. Postal life insurance policy premium is due on the first day of the month, however premium can be paid upto last of the calendar month for which premium is due or the day before the last day if the last day of the month falls on sunday or postal holiday in cash or cheque in any post office in india or through customer portal. India post group b syllabus 2019 download exam pattern. Postal life insurance offers high returns bonus, but charges very low premiums compared to other private life insurance providers.
Directorate of postal life insurance chanakyapuri p. We use cookies to improve your experience on our site and to show you personalised advertising. A postal life insurance policy enters you into a long term relationship with the department of posts. The fegli regulations are in title 5 of the code of federal. All pli rpli customers are informed that they can now pay their premiums payable for march 2020, april 2020 and may 2020 without any penalty default fee upto extended time period till 30. In addition to offering individual life insurance policies, postal life insurance or pli also offers a group insurance scheme to cover additional departmental employees, working in the department of posts. The main aim of the rural postal life insurance is to extend insurance coverage to the lowincome groups and provide them financial security so that they can tackle adversities.
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