Postal Life Insurance, New Delhi GPO: August 2014

Friday 15 August 2014

Vandematram : a special presentation on Independence Day 2014

Our Marketing Team

PLI Marketing Team, New Delhi GPO

S K Bharadwaj	Dy Postmaster	9868124072, 9868024209
Alka Mehndiratta	Development Officer	9810538661
S K Atri	Field Officer	9868376031
Meena Dalal	Field Officer	9716811005
Lalit Sharma	Field Officer	9810334479
Pinki	Field Officer	9899699227
Santosh Kumar Mishra	Field Officer	9891068151
Pravin Kumar Sharma	Field Officer	9992681054, 9654728985
Manoj Kumar	Field Officer	9811220299

Postal Life Insurance

wishes heartiest greetings on Independence Day 2014

How to assign PLI policy for Loan

How to assign a PLI Policy ?

Here is the certificate of assignment to be given by the insurant in presence of a witness whose ID proof is also to be furnished:

I, ......................................................... (name of the insurant) hereby assign the PLI policy no. ........................................ held by me, in favour of the President of India, as security for the payment of all sums under Rule 42 of the Post Office Insurance Fund Rules, 2011, I may be liable to pay.

I hereby declare that no prior assignment exists with my policy particularised above.

As witness my hand this day ..........................(date) of .......................(month) ...........................................(Year).

Name of the insurant

Witness:
(ID proof to be attached)

Indemnity Bond in absence of Original policy bond

Department of Post

Office of The Director, new delhi gpo-110001

(pli Cpc Section)

________________________________

No. : _______________ Dated : ______________

Subject: Furnishing of Indemnity Bond.

Sir,

Kindly refer to your application dated _______________________________________ for issue of duplicate policy bond / claiming the maturity value for Policy No._______________________________________ which is stated to have been lost/misplaced/mutilated. In this connection you alongwith two solvent sureties are required to furnish an Indemnity Bond for `__________________________ on a non-judicial stamped paper worth ` 10/-. The following instructions should be observed carefully while furnishing the bond of indemnity.

(i) The text of the Bond of Indemnity as enclosed should be neatly typed over the front side only of the stamped paper/additional sheets. The additional sheets if used should be purchased from stamp vendor only. Ordinary typing paper or other kind of paper should not be used for this purpose.

(ii) Insurant and both the sureties should sign at the bottom of each page. The last and final page should however be signed by them at the space provided for this purpose. In case any page of stamped paper is left blank for any reason it should also be signed by them.

(iii) Two separate individuals should witness the signature of Insurant and both the sureties on the last and final page. Witness to insurant can be the witness to sureties also. Sureties cannot be witness to insurant and similarly Insurant cannot be witness for sureties. As far as possible, sureties and witnesses should be from the same locality or establishment/ office and literate enough who can read and write.

(iv) Correction or over writing/typing in the name of insurant, sureties, witnesses and amount is not allowed.

(v) The Bond of Indemnity should be sent to this office alongwith the enclosed text for further necessary action.

Yours faithfully

Asstt Director (Admn)

New Delhi GPO-110001

For your convenience of the insurant, please read the following:

There are many insurant who do not know what to do when the policy document is lost. For their convenience, the following is the format which can be used for preparing the indemnity bond. The requirement of the Department in this connection is as under:

1. FIR to be lodged with the Police station about the loss of Policy Document.

2. A fee of Rs 50- is to be deposited in any post office for issue of the duplicate policy bond and receipt be pasted on the application for issue of issue of duplicate bond.

3. The signatures of the insurant and solvent are required on each page, irrespective of number of pages.

4. On the last page two witnesses are required to sign, both the witnesses will be other than the solvent.

5. Photocopy of ID proof of each person signing as solvent and / or the witnesses to be attached.

The face value of the policy will be written wherever the amount is required to be given.

Personal bond of indemnity

at the request and cost the insurant

-----------

(To be executed by the insurer in absence of Policy document lost from his custody)

Know all me by these present that I…………………………………………………… am held and family bound upto the president of India (hereinafter called the presidents). In the sum of (`………………………………………………………………………………………………………) (face value of the policies) of Lawful money on India to be paid on demand and without demand to the president. His certain attorneys, successors or assigns for which payment well end tudly to be made I bind myself my her is executors, administrators and representatives, firmly by these president.

SeBled with my seal dated this ………………………………day of..……………………….. in the Christian year two thousand and…………………………………………………………………..

Whereas on or about the ………………………………….day of …………………………….. I………………………………………………………purchased from the Director General P&T (hereinafter called the Director General) a Govt. of India Post Offices L.I/E/A Policy Numbered………………………………..of the face value of ` …………………………………… bearing a monthly premium of ` ……………………………… payable upto the time of my death/age…………………………… AND Whereas I have applied to the Postmaster General…………………………….. for the settlement of my claim and payment of money in respect of the said policy AND Whereas the policy has been lost and is not forth-coming AND Whereas I have not produced the said policy issued to me Sh……………………………………………………… by the Deputy General Postal Life Insurance, Calcutta AND Whereas I represented to the Postmaster General………………………………………………………..Circle about the said facts and that the said policy has not been assigned or transferred to nobody or disposed of in any other way AND Whereas the Postmaster General ……………………………………………….Circle has under the direction of the Director General Posts, New Delhi and on behalf of and as agent of the President rolying on my said representation……………………………………………………………………….. Acceded to the said application on condition of my executing for the better protection of the such bond above written with such consideration as here under is written.

Provided further that the liability of sureties hereunder shall not be impaired or discharged by reason of time being granted or any for bearance act or omission of the President of any person authorised by him (whether with or without the consent or knowledge of the sureties) nor shall be necessary for the president to sue the said (A) and (B) before suing the sureties for amounts due hereunder.

(a)……………………………………………. (b)……………………………………..

Signed, sealed and delivered by the Signed sealed and delivered by the above

Above named (a) named (b)

Signature of the insurant Signature of the nominee

(Two witness to sign here) (Two witness to sign here)

1……………………………………………… 1………………………………………...

2……………………………………………… 2………………………………………...

(c)……………………………………………. (d)……………………………………….

Signed sealed and delivered by the above Signed sealed and delivered by the above

Named (c) named (d)

Signature of the 1^st Surety Signature of 2^nd Surety

Two witness to sign here (Two witnesses to sign here)

1……………………………………………… 1…………………………………………

……………………………………………….. ………………………………………….

2……………………………………………… 2…………………………………………

……………………………………………….. ………………………………………….

Different Plans of PLI

PLI offers 7 (Seven) types of plans:

1. Whole Life Assurance (SURAKSHA)

2. Convertible Whole Life Assurance (SUVIDHA)

3. Endowment Assurance (SANTOSH)

4. Anticipated Endowment Assurance (SUMANGAL)

5. Joint Life Assurance (YUGAL SURAKSHA)

6. Scheme for Physically handicapped persons

7. Children Policy

WHOLE LIFE ASSURANCE:
This is a scheme where the assured amount with accrued bonus is payable to the assignee, nominee or the legal heir after death of the insurant. Minimum Age at entry is 19 years and the maximum Age at entry is 55 years. The minimum Sum Assured is Rs 20,000 and the maximum Sum Assured is Rs 10 lacs. The policy can be converted into an Endowment Assurance Policy after completion of one year and before 57 years of age of the insurant. Loan facility is available after completion of four years and policy can also be surrendered after completion of three years. The policy is not eligible for bonus if surrendered or assigned for loan before completion of 5 years. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan.

ENDOWMENT ASSURANCE:
Under this scheme, the proponent is given an assurance to the extent of the Sum Assured and accrued bonus till he/she attains the pre-determined age of maturity. In case of unexpected death of the insurant, the assignee, nominee or the legal heir is paid the full Sum Assured together with the accrued bonus. The minimum age at entry is 19 years and the maximum Age at entry is 55 years. The minimum Sum Assured is Rs 20,000 and the maximum Sum Assured is Rs 10 lacs. Loan facility is available and policy can also be surrendered after completion of three years. The policy is not eligible for bonus if surrendered or assigned for loan before completion of 5 years. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan.

CONVERTIBLE WHOLE LIFE ASSURANCE:
The features of this scheme are more or less same as Endowment assurance. Policy can be converted into Endowment Assurance after five years. Age on the date of conversion must not exceed 55 years. If option for conversion is not exercised within 6 years, the policy will be treated as Whole Life Assurance. Loan facility is available. The policy can also be surrendered after completion of three years. The policy is not eligible for bonus if surrendered or assigned for loan before completion of 5 years. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan. The policy is not eligible for bonus if surrendered or assigned for loan before completion of 5 years. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan.

ANTICIPATED ENDOWMENT ASSURANCE:
It is a Money Back Policy with maximum Sum Assured of Rs 5 lacs. Best suited to those who need periodical returns. Survival benefit is paid to the insurant periodically. Two types of policies are available - 15 years term and 20 years term. For the 15 years term policy, the benefits are paid after 6 years (20%), 9 years (20%), 12 years (20%) and 15 years (40% and the accrued bonus). For the 20 years term policy, the benefits are paid after 8 years (20%), 12 years (20%), 16 years (20%) and 20 years (40% and the accrued bonus).Such payments will not be taken into consideration in the event of unexpected death of the insurant and the full sum assured with accrued bonus is payable to the assignee or legal heir.

JOINT LIFE ASSURRANCE:
It is a joint-life Endowment Assurance in which one of the spouses should be eligible for PLI policies. Life insurance coverage is provided to both the spouses to the extent of sum assured with accrued bonus with only one premium. All other features are same as an Endowment policy.
All the above schemes have compulsory medical examination. For the non-medical policy of any category (except AEA and Joint Life Assurance for which Medical Examination is compulsory), the maximum Sum Assured is Rs 1 lac.

LIMITS OF SUM ASSURED IN POSTAL LIFE INSURANCE:
Any person who is eligible to the benefit of Post Office Life Insurance Fund under Rule 6, may effect an insurance-Whole Life Assurance, Endowment Assurance, Convertible Whole Assurance, Anticipated Endowment Assurance and Yugal Suraksha Policy or all of them on his life for a sum not less than Rs. 20,000 in each class but not more than an aggregate of Rs. Twenty Lac (Rs. 20,00,000/-) in respect of one class/all classes of insurance policy (s) taken together. The value of policy shall be taken in multiples of Rs. 10,000/- after minimum limit of Rs.20,000/- i.e. Rs. 20,000/-, Rs.30,000/-,Rs. 50,000/- and so on.

SCHEME FOR PHYSICALLY HANDICAPPED PERSONS:
The maximum limit of Insurance for Physically Handicapped persons in PLI is the same as others and he/she can take any one of the plans. Medical examination is compulsory under this scheme in order to determine the exact nature and extent of their handicap and its bearing on the life being insured. Depending upon the nature and extent of handicap, normal or a slightly higher premium is charged.

CHILDREN POLICY
The Department has introduced Children Policy under PLI/RPLI, with effect form 20th Jan 2006. The salient features of this scheme are as under:-

The Scheme is envisaged to provide Insurance cover to the children of PLI/RPLI policy holders.
Maximum two children in family will be eligible to take children policy.
Children between the age of 5 and 20 years are eligible and maximum sum assured is Rs 1 lakh or equivalent to the sum assured of the main policy holder which ever is less.
The main policy holder should not have attained the age of 45 years.
No premium is required to be paid on the children policy on the death of the main policy holder and full sum assured with the accrued bonus shall be paid to the child after the completion of the term of the children policy. On the death of the child/children, full sum assured with the accrued bonus shall be payable to the main policy holder.
Main policy holder shall be responsible for payments for the Children Policy. No loan shall be admissible on Children Policy. However, the policy shall have facility for making it paid up provided the premia are paid continuously for 5 years.
No Medical examination of the Child is necessary. However, the child should be healthy on the day of proposal and the risk shall start from the date of acceptance of proposal.
The policy shall attract bonus at the rate applicable to Endowment Policy. The POIF Rules amended from time to time shall be applicable to Children Policy.

Frequently asked questions

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.