Postal Life Insurance
Postal Life Insurance was started in 1884 as a welfare measure for the employees of Posts & Telegraphs Department under Government of India dispatch No. 299 dated 18-10-1882 to the Secretary of State. Due to popularity of its schemes, various departments of Central and State Governments were extended its benefits. Now Postal Life Insurance is open for employees of all Central and State Government Departments, Nationalized Banks, Public Sector Undertakings, Financial Institutions, Local Bodies like Municipalities and Zila Parisads, Educational Institutions aided by the Government etc.
Benefits - Postal Life Insurance Policy
- 100% security by Government of India
- Income Tax Rebate under Sec. 88.
- Low Premium.
- High Bonus.
- Options for Loan, Assignment, Surrender, Conversion and Paid Up Value.
- Repayment of Loan is optional. However interest is payable every 6 months.
- Easy transfer to any place in India free of cost.
- Pass book facility for payment of premium & other payments like loan, interest through any Departmental Post Office.
- Pay recovery facility for Institutions and Organizations having more than 20 policies.
- Facility for payment of premium monthly, half yearly and annually on any working day of the month for which it is due.
- Rebate @ 1% for payment of 6 months premium in advance.
- Rebate @ 2% for payment of 12 months premium in advance. A
- Nomination facility.
- Facility for revival of policies lapsed due to non-payment of premium.
- Payment of policy money through any Post Office, anywhere in India.
- Centralized accounting for quick and easy settlement of claims through fully computerized office management.