PLI Life Insurance Notification 2023

Postal Life Insurance is one of the earliest insurance schemes to have been launched in India. The most striking feature of a PLI scheme is that it fetches high returns (with bonus) for its policyholders at extremely low-priced premiums.”

The Postal Life Insurance schemes are some of the country’s most suitable and reasonably low-premium personal investment products.

What is Postal Life Insurance?

  Postal Life Insurance Scheme offers life insurance coverage with high returns on premiums. The maximum sum assured offered under this scheme is Rs. 50 lakh. This policy is offered by the Government of India to employees of Central and State Public Sector Enterprises, Central, and State Governments, Government Aided Educational Institutions, Universities; Government aided Educational Institutions, Autonomous Bodies Local Bodies, Cooperatives Societies, Joint Ventures having a minimum of 10% Government/ PSU stake, etc. A group insurance scheme is also managed by Postal Life Insurance, which is for “Gramin Dak Sevaks,” i.e., Extra Departmental Employees of the Department of Posts.  

Features of Postal Life Insurance Policy:

A policyholder can avail the following benefits:

  1. Nomination facility: The policyholder can nominate his/her beneficiary, and can also make changes to the nomination.
  2. Loan facility: Loan facility is available against this policy. The policyholder can pledge his/her policy as a collateral to the Heads of the Region/ Circle on behalf of the President of India, once the policy has attained three years maturity in case of an Endowment Assurance policy and four years policy period has been completed in the case of a Whole Life Insurance policy. Assignment facilities are also available under this scheme.
  3. Policy Revival: A policyholder can revive a lapsed policy. The policy can be revived when policy has lapsed under the following conditions –
  4. Policy has lapsed after six successive non-payments of premium with the policy being in effect for less than three years.
  5. Policy has lapsed after 12 successive non-payments of premium where policy has been in effect for more than three years.
  6. Duplicate Policy Document: A duplicate policy document will be issued to the policyholder if he/she has lost the original document. This also applies to the case where the original policy document is mutilated, burned or torn and the insured wants a duplicate of the same.
  7. Conversion of Policy: This policy can be converted from a Whole Life Assurance policy to an Endowment Assurance Policy. An Endowment Assurance Policy can be converted to another Endowment Assurance plan as per the regulations and guidelines laid down by the insurer.

PLI Life Insurance Eligibility:

Employees of the organizations listed below are eligible to obtain a Postal Life Insurance policy:

  1. Defense Services
  2. Para Military Forces
  3. Central Government
  4. Para Military forces
  5. Local Bodies
  6. Reserve Bank of India (RBI)
  7. Government-aided Educational Institutions
  8. Public Sector Undertakings
  9. Nationalized Banks
  10. Financial Institutions
  11. Autonomous Bodies
  12. Those appointed by the Central/ State Government on a contract basis, where the contract can be extended.
  13. Employees of all scheduled Commercial Banks
  14. Extra Departmental Agents in Department of Posts
  15. Those employed in educational institutes that are accredited by recognized bodies such as All India Council of Technical Education, National Assessment and Accreditation Council, Medical Council of India etc.
  16. Those employed in Credit Co-operative Societies and other Co-operative Societies registered with Government under the Co-operative Societies Act. These can be partly or fully funded by State Government, Central Government, RBI, Nationalized Banks, State Bank of India (SBI), National Bank for Agricultural and Rural Development (NABARD), etc.

PLI Life Insurance Advantages of Postal Life Insurance Policies:

Postal Life Insurance Scheme Bonus:

Here are the Postal Life Insurance Bonus rates

Type of Insurance PolicyRate of Bonus
Endowment Assurance (EA)Rs. 50 per Rs. 1000 of the sum assured
Whole Life Assurance (WLA)Rs. 65 per Rs. 1000 of the sum assured
Convertible Whole Life PoliciesWhole life bonus rate is applicable. However, on conversion, the applicable rate will be equal to the endowment bonus rate.
Anticipated Endowment AssuranceRs. 47 per Rs. 1000 of the sum assured

Important Link

Life Insurance Details: View Insurance Here

PLI Insurance Apply : Apply Here

PLI Premium Table

  Anticipated Endowment A​ssuarance   93.7 KB​

  Convertible Whole Life Assurance   93.7 KB​

  Endowment Assurance   93.7 KB​

  Whole life Assurance​   93.7 KB​​​

  Yugal Surksha   93.7 KB​

  Annexure A   93.7 KB​

  Annexure B   93.7 KB