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This
section is for information and guidance of our customers. We are happy to
furnish following information for your guidance.
1.
Issue of Policy Bonds
Policy Bond is
issued along with letter of acceptance by PLI office of your state. If
there is delay, contact DDM(PLI)/ADM(PLI) of your state.
Please go
through information printed on the policy bond.
2.
Payment of Premia
Please keep your policy current by paying premia regularly
within the same month to ensure the coverage of life risk. You can pay
premia at any predetermined Post Office.
3.
How to revive your Policy
In case policy is of less than three years
duration and defaulted premia do not exceed six months including the month
of payment, the same can be paid with interest at your Post Office without
prior permission.
To pay defaulted premia of more than six months,
prior permission is required as enumerated below.
In case policy is of
more than three years duration and defaulted premia do not exceed 12
months, the same can be paid with interest at your Post Office without
permission;If defaulted premia exceed 12 months, prior permission is
required as enumerated below.
PLI office in your State should be
contacted for revival. That Office shall send the required forms for
furnishing medical certificate, a declaration by you and an employer's
certificate. These forms duly filled in should be sent to PLI Office along
with proof of payment of premia. In support of the same ,premium receipt
book or its Xerox copy may be enclosed if premia are being paid in cash
and if it is being recovered from the salary, a certificate from the Pay
Drawing Officer may be enclosed.
4. Payment
of Premia through Cheque
Payment
of premia is accepted through local cheque only.
5.
Payment of Premia in advance
The rebate of 1% is given if premia are paid in
advance for six months and 2% if paid for 12 months in advance.
6.
Post Office where Premia can be paid
You may pay premia at any
post office chosen by you. However, following is advised:
When Post Office where premia
are paid is a new one, intimation be given to Head Post
Office
In case premia are paid in a Post Office in a new
State/Postal Circle, intimation to PLI Centers of both the new and old
State be given
7.
How Loan can be taken
Loan facility is available only in Endowment Assurance and
Whole Life Insurance (including Convertible Whole Life Insurance) provided it has not lapsed.
In order to avail loan, an
application should be sent to the PLI office along- with the policy
document and a proof for having paid the premia up to date (Premium
Receipt Book or Drawing Officer’s Certificate for last six months). It may be
sent free of cost through the Post Office where your premia are being
paid. It is mandatory to
assign the policy bond in favour of the President of India and to furnish
loan bond at the time of payment.
The prevailing rate of interest on loan is
10%, compounded half yearly.
A loan repayment receipt book is given when loan is sanctioned
wherein half yearly interest payable ,is indicated. Please ensure that the
interest is paid on due date and avoid compounding of interest as also
possible surrender.
The loan may be repaid in permissible number of instalments of any
amount not less than Rs.100/-.
When loan is
completely repaid with interest, please write to the PLI office
immediately for release of policy bond in your favour.
Second and subsequent loans may be availed
on certain conditions. However, at least one year should have lapsed after
repayment of the first loan.
Loan may be repaid at any Post Office in your State.
8.
Issue of Duplicate Policy Bond
Please preserve the policy bond safely which is an important document .
In case it is lost, destroyed or mutilated, a duplicate policy bond can be
obtained by complying with following requirements.
An indemnity Bond be furnished with two
sureties on a non-judicial stamp paper of the value applicable in the
state in which policy is serviced.
The fee for issue of duplicate policy bond is
Rs.5/-.
The loss of policy
is required to be published in one of the leading news papers having the
widest circulation if the sum assured exceeds Rs.25,000/-.
9.
Assignment of Policy Bond
The policy may be assigned by the Policy
holder either for valuable consideration or by way of
gift.
10.
Change of Nomination
Facility for change of nomination is
available.
11. How
to Submit Claim
Please take note of the due date of payment. In all such
cases, please prefer the claim well in advance, after payment of last
instalment due, submitting -
(1) Policy Bond;
(2)
Premium Receipt Book in support of the premia paid;
(3) Loan
Repayment Receipt Book, if you have availed the loan;
(4) A Pay
Drawing Officer's certificate for having paid the premia upto last
instalment including the last six months;
(5) Please prefer the
claim without waiting for a notice or reminder from PLI
office;
(6) Please also note that if claim is not preferred in
time, no interest is paid on belated payment.
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Postal
Life Insurance