The postal life insurance Policy started its operations in 1884 under the British Government. The Queen of India Victoria give the approval for the set up of (PLI) Postal Life Insurance on February 1 1884. It is also oldest insurer company of India. This scheme has launched to provide benefits to postal service employees of the country. Later This (PLI) scheme was extended to cover employees of Telegraph Department in the year 1884. The maximum limit of this insurance scheme was Rs 4,000 only, now it offers Rs. 50 lac.
In 1894 Postal Life Insurance extends to provide the benefits to the female workers of Posts and Telegraphs Department. Now this scheme provided benefits to state and central government employees, and to those people who working organizations and in public sectors. The PLI scheme also covers the other employees like local bodies, cooperative societies, autonomous bodies, financial institutions, universities, nationalized banks etc. Government has also introduced Rural Postal Life Insurance Scheme for people living in rural areas.
Eligibility criteria for Postal Life Insurance Policy
- Local bodies
- Autonomous bodies
- Cooperative societies
- Financial institutions
- All banks which are nationalized
- Undertakings of public sector
- All schedule commercial banks employees
- State government
- Central government
- Reserve bank of India
- Force of Para Military
- Educational institutes aided by government
- Defense service
Key features of Postal Life Insurance Policy
- In the Postal Life Insurance Policy the policyholder can change the nomination.
- The loan facility is also available in this scheme.
- Postal Life Insurance policy also give the assignment facility for the policyholders.
- When the policyholder lost the documents of policy then the duplicate documents will be issued.
- The policyholder can easily convert his/her policy from Whole Life Assurance Policy to an Endowment Assurance Policy.
Now the Postal Life Insurance has grown very fast in 19th century over than 6.4 million policies in 21st. In the initial days of this insurance the amount limit of life insurance was Rs. 4,000 and now this scheme provide the amount of Rs. 50 lac. The Postal Life Insurance covers gives the high amount on return on premium of Life Insurance. Now the Postal Life Insurance Policy covers the wide range in the country.