IN PICS! Postal Life Insurance: Good news people taking post office life insurance! Now pay multiple premiums together

By Lokmat English Desk | Published: February 26, 2021 06:13 PM2021-02-26T18:13:18+5:302021-02-26T18:13:18+5:30

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If you have taken life insurance from the post office, there is good news for you. Now you can pay premiums for other policies as well.

Postal Life Insurance has informed about this through a tweet. You will also be able to pay multiple premiums for Postal Life Insurance and Rural Postal Life Insurance policies.

Post's insurance category is divided into two parts. The first is PLI and the second is RPLI. PLI is an old insurance policy.

This policy was introduced on February 1, 1884 during the British rule. Previously, the insurance was only for government and semi-government employees.

But in 2017, all the policies coming under PLI were made available to all professionals and employees of BSE, NSE.

Under this, insurance up to Rs 10 lakh can be taken. RPLI, on the other hand, is an insurance scheme for people in rural areas.

There are six policies under PLI. These include Whole Life Assurance (Security), Convertible Whole Life Assurance (Facility), Endowment Assurance, Joint Life Assurance, Anticipated Endowment Assurance and Children's Policy.

RPLI includes Life Assurance (Rural Security), Convertible Whole Life Assurance (Rural Facilities), Endowment Assurance, 10 Years Rural PLI, Anticipated Endowment Assurance and Children Policy. Both these policies have some similarities.

You can take insurance up to Rs 10 lakh. You can buy this policy for 55 years.

If the policyholder does not choose the option to change the policy for six years. So that policy will be considered lifetime.

You can also take loan on this policy if needed. This policy can also be surrendered after three years.

If you surrender this policy five years ago and take a loan before then, you will not get bonus on PLI. The policy also has the facility to change the nominee.

If your policy is less than 3 years old and the policyholder has defaulted the premium six times in a row, the policy will fall into the lapse category.

Postal life insurance is exempted under the Income Tax Act. This policy can be transferred to any circle of the country.

You can pay the premium of this policy either annually or for six months.