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 22, 2016 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. Most postal employees elected to pay for multiples of their base pay on the life insurance. Reversionary bonus on the postal life insurance policies for. 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.
Postal life insurance pli foundation dates back to british raj. This gives postal life an enormous advantage over its business rivals and helps to offer a wide range of insurance policies to customers at the lowest premium while ensuring highest bonus on their investment. The office of personnel management opm administers the program and sets the premiums. 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. Revised claim formsfegli recently revised the claim forms for fegli life insurance benefits. It covers you only when you need it most, and you get to choose how long the insurance policy will be in effect.
Postal life insurance was launched in february 1884 as a welfare insurance scheme exclusively tailored towards the needs of postal employees. Maturity claims of postal life insurance and rural postal life insurance policies, etc. May 30, 2019 postal life insurance is the insurance coverage offered by the department of posts, government of india. This type of life insurance is similar to the life insurance.
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. Beneficiary forms must be mailed to the appropriate address as noted on the form. 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. Such loans may be granted on the security of a whole life policy, if it has been in force. Postal life insurance offers seven plain vanilla insurance plans which include. 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. All insurance products are governed by the terms, conditions, limitations and exclusions set forth in the applicable insurance policy. Unfortunately, the fegli program is a moving target and as the employee gets older the price increases. Rates of reversionary bonus on the postal life insurance. Postal life insurance was introduced on 1st february, 1884. If you want to see how much more expensive, check out our life insurance rates by age.
Life insurance life insurance requires premium to be paid at regular intervals to avail the protection or risk cover. Compare life insurance policies and plans in india. Attachment by creditors ppf amount cannot be attached by creditors. Postal life insurance for government employees comparepolicy. Please see a copy of your policy for the full terms. Federal employees group life insurance fegli program handbook. Postal department, life insurance, market growth, policyholders, satisfaction introduction life insurance in india has its history dating back to 1818 through the europeans life insurance company in capital city of west bengal with the intention of fulfill the needs of european community. Permanent life has more complexity because it comes with a. Such loans may be granted on the security of a whole life policy, if it has been in force for at least four years, and is otherwise unencumb. The postal recordseptember 2017 31 director of life insurance revised mba life insurance policies the life insurance association of and for the national association of letter carriers suite 510, 100 indiana ave.
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. Crisp news summaries and articles on current events about postal life insurance for ibps, banking, upsc, civil services. Sometimes, there are just too many fish in the sea to easily recognize which one you want to reel in. Reversionary bonus on the postal life insurance policies. It was first founded on 1st february 1884, as a scheme to provide benefits to postal employees. It was introduced in 1884 as a means of providing welfare to government employees. 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. 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 available to a greater number of beneficiaries. The game of life insurance national association of letter. Understanding your postal life insurance you have options a cancel your life insurance postal benefits group seminars. 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. 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.
Federal employee group life insurance for postal employees. Rural postal life insurance offers the following six types of 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. You can cancel your postal life insurance at any time.
May 21, 2019 life insurance policies can be revived subject to certain conditions and payment of overdue premiums with interest and other charges. Postal life insurance pli check plans and benefits online. Money paid as premium of life insurance policies is exempted from income tax and the proceeds from a life insurance policy on maturity also get tax exemption under section 1010d of the income tax. Today, postal life insurance has grown manifold and is a common option chosen by people who are not employed in the government sector. An endowment assurance for the protection of his her child as provided in table viii attached to these rules. The game of life insurance national association of. 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. Postal life insurance policy status, pli online premium. 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. The terms and conditions of these policies would be as follow.
Postal life insurance, this article talks about the postal life insurance which is the oldest form of life insurance which is in force from 1884. Rates of reversionary bonus on the postal life insurance policies. As a typical letter carrier progresses through their career, and through the life changes that come with it, financial needs also will change, including life insurance needs. Oct, 2017 latest current affairs in may, 2020 about postal life insurance.
Latest current affairs in may, 2020 about postal life insurance. Postal life insurance is the insurance coverage offered by the department of posts, government of india. The amount of life insurance one needs varies by individual. Reversionary bonus on the postal life insurance policies for year 201617, 201718, 201819 and 201920 april 18, 2020 admin leave a comment interim bonus at the rates mentioned above will also be payable for all claims arising due to maturity or death until future valuation is completed.
The president reserves to himself the right of making from time to time such. At present, pli offers over 43 lakh policies with varying benefits and features to meet the needs of their customers. 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. Postal federal employees group life insurance fegli. Postal life insurance policy rules revised hyderabad. Best postal life insurance pli for government employees youtube.
Apr 15, 2020 reversionary bonus on the postal life insurance policies for year 201617, 201718, 201819 and 201920 notification dated 31. For additional material concerning the subject matter found in 530, refer to. Interim bonus at the rates mentioned above will also be payable for all claims arising due to maturity or death until future valuation is completed. Application for revival of postal rural postal life insurance policy please fill in the columns in capital letters 1. For purchasing a policy any local assistant director postal life insurance could be contacted in pakistan. Also, it provides information related to rules and benefits of postal life insurance. Documents are available on the office of personnel management. 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. Pli provides information about pli policies, investment operations, eligibility criteria and forms for download. Postal life insurance policy rules revised hyderabad news. Apr 18, 2020 rates of reversionary bonus on the postal life insurance policies. It has been almost years but then also the popularity has not been reduced and been increasing day by day. Having choices is good, but in the world of life insurance policies, the types of life insurance options and terms can seem overwhelming. You didnt realize how much the postal life insurance was costing and you dont need the coverage.
Types of life insurance policies explained termlife2go. Reversionary bonus on the postal life insurance policies for year 201617, 201718, 201819 and 201920 notification dated 31. Some general guidelines to help you calculate your needs are on page 5. Federal employees group life insurance fegli program. Rural postal life insurance leverages the vast network of post offices in the country to provide life insurance for the economically weaker rural population including women workers. 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. Citizens charter of department of posts india post.
One of the key reasons, people buy life insurance is to avail tax benefits under section 80c up to the limit of rs. Postal life insurance advantages, types, who is run this. Best postal life insurance pli for government employees. Term life is simple, straightforward, and inexpensive life insurance. Permanent life is more expensive than a term life insurance policy. Mar 03, 2018 postal life insurance, this article talks about the postal life insurance which is the oldest form of life insurance which is in force from 1884.
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