As we all know when something is very precious to us then we care it. Even if it is our Life or something else. For future Assistance of that we get that insured. Insurance is a very great way to protect something. Time to time various Private or Government Insurance Companies launches numerous types of Insurance policies to help us. Recently Bajaj Finance Company Launched a policy named Postal Life Insurance 2023 to provide help and Future Assistance to all the citizens. Today in this article we are going to discuss every important aspects regarding this PLI & RPLI . So read this article till end.
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Postal Life Insurance 2023
This Postal Life Insurance has been started by Bajaj Fineserv Corporation & and has been established in 1885. Under this Life Insurance Police all the citizens of India who will apply in it will be provided a life insurance coverage till end. While comparing to other Insurance Companies Policies this PLI is much more money saver & in budget Policy. This is a very good Insurance Policy & also it is very beneficial for people of Our Country.
Rural Postal Life Insurance
This Rural Postal Life Insurance has also been launched by Bajaj Finserve Corporation. It is quite similar to the PLI Policy. But the major difference is the Beneficiaries or people. Under this RPLI Policy only People who live in town, villages or cities will get financial Coverage. In other words people from rural areas of India will be provided Life Insurance. This is a very good step taken towards rural people of India by helping & getting them insured.
Benefits of Postal Life Insurance & Rural Postal Life Insurance
|Postal Life Insurance||Rural Postal Life Insurance|
|PLI has paid policyholders a further bonus since the primary year of its inception. Customers will simply designate a beneficiary once getting a policy||RPLI’ Post workplace Program is reborn into endowment plans to supply a lot of options and benefits.|
|They can conjointly modification their licensed representative throughout the contract period. Policy attribution to a institution if PLI also permits credit||Policyholders will get a loan when three or four years from inception, however this service might not be out there for all RPLI policies|
|In the case of capital-forming security plans, a loan are often taken out once three insurance years have expired.||The rural post workplace insurance set up nomination is subject to alter in step with the wants of the insured.|
|With life insurance, loans are often taken out once four insurance years. Policies with a validity amount of below three years expire if the client has not paid six consecutive premiums, whereas policies with a validity period of over 3 years.||In the event the RPLI Post workplace arrange is canceled for non-payment of premiums, the policy is also reactivated to continue coverage|
|Every policyholders have that one choice to activate their policy that is expired. Insureds could request a double policy deposit if their original policy is lost or damaged. the predefined rules of the non depository financial institution|
Statistics of Rural Postal Life Insurance
|Financial Year||Number of policies Available||Total number of active policies||Premium Income|
|2011 – 12||27.14 lakh||1.35 crore||Rs, 1,559 crore|
|2012 – 13||16.35 lakh||1.47 crore||Rs. 1,703 crore|
|2013 – 14||8.17 lakh||1.50 crore||Rs. 1,960 crore|
|2014 – 15||4.77 lakh||1.52 crore||Rs. 1,984 crore|
|2015 – 16||2.28 lakh||1.49 crore||Rs. 2,012 crore|
|2016 – 17||3.75 lakh||1.47 crore||Rs. 2,120 crore|
Statistics of Postal Life Insurance
|Financial year||Number of Policies||Number of Active Policies||Income|
|2011 – 12||4.82 lakh||50.06 lakh||Rs. 3,681 crore|
|2012 – 13||4.54 lakh||52.19 lakh||Rs. 4.557 crore|
|2013 – 14||4.33 lakh||54.06 lakh||Rs. 5,352 crore|
|2014 – 15||3.24 lakh||52.42 lakh||Rs. 5,963 crore|
|2015 – 16||1.98 lakh||49.31 lakh||Rs. 6,657 crore|
|2016 – 17||2.13 lakh||46.80 lakh||Rs. 7,234 crore|
Features of Postal Life Insurance
- Policy Renewal Policyholders could activate an terminated government worker post insurance arrange beneath the subsequent conditions
- Duplicate Insurance Policyholders may acquire a replica contract if they lose, misplace or harm the initial document.
- Simple Nomination: the most client can register their beneficiaries as nominees under the system.
- Not only this, they’ll conjointly create changes to the current nomination list if necessary.
- However, this could be done once in three years (in the case of a capital life insurance plan) and four years of insurance period (in the case of the insurance plan).
- Insurance Conversion Policyholders will switch from the insurance arrange to the Endowment Assurance arrange and vice versa.
- A policy that’s below 3 years recent and has terminated once six consecutive premium lapses.
- A policy that is over three years old and has expired after twelve consecutive premium losses.
Various Forms of PLI
- Yugal Suraksha Form
- PLI Medical Form
- Whole Life Assurance
- Convertible Whole Life Assurance,
- Endowment Assurance,
- Yugal Suraksha Form
- Child Policy Proposal Form
- Nomination Form
- Death Claim Form
- Revival of Lapsed Policy Form
- Maturity Claim Form
- Survival Benefit Claim Form
- Conversion Form
- Loan Application Form
- Personal Bond of Indemnity, etc.
Postal Life Insurance Calculator
- Applicant’s age
- Type of PLI scheme needed
- Sum assured
- Date of birth
- Spouse’s date of birth
Things to keep in Mind about PLI & RPLI
- Only some selected communication Work places with a PLI or associate degree RPLI department offer this plan. you have to attend the place up workplace to shop for the plan because the selection for communication insurance (PLI) online isn’t to be had.
- The Endowment plans could also be given once finishing three years, whereas the entire insurance plans may be surrendered after finishing four years.
- PLI and RPLI are gaining recognition, the plan continues to be currently now not to be had in any respect put up workplaces.
- Authorities personnel can hold with the PLI theme even once they’re going away the duty Premiums could also be paid on a monthly, half-yearly, or annual basis you’ll be able to quit the coverage at any consider time.
- This PLI has Numerous benefits, options and forms however is additionally includes a calculator named Postal Life Insurance Calculator within which you can calculate the policy plans before finance your cash in it.
- If the event the RPLI Post workplace plan is canceled for non-payment reasons, the policy may have to be reactivated to continue coverage.
- A loan may be taken out once three years when the insurance years have expired.