A contract entered into by the Government to pay a given sum of money on the death of an individual to his nominee or himself, if he survives that period.

PLI as a scheme is available since 01.02.1884.

PLI is only for Government and Semi-Government employees. Moreover PLI is the only Insurer that offers
low premium and high bonus.

PLI is guaranteed by Government of India.

One can take policies for two children.

PLI policy is issued to people who are employed under Government/Semi-Government sector etc. That
is why the policy bond is sent to the Office address of the Insurant.

The system of transfer of PLI policy is very simple. The policy holder can apply to the Chief Post Master General through the Post Office where the policy stands or the PO in which he desires to pay the premium. The PO will accept the application and send to the CPMG (PLI).

All policies in PLI are beneficial. Every scheme has some unique features. In EA policy, you will get your savings along with bonus after the prescribed number of years.

The employees of following are eligible for PLI policy:

Central Government
Defence Services
Para Military forces
State Government
Local Bodies
Government-aided Educational Institutions
Reserve Bank of India
Public Sector Undertakings
Financial Institutions
Nationalized Banks
Autonomous Bodies
Extra Departmental Agents in Department of Posts
Employees Engaged/ Appointed an Contract basis by central/ State Government where the contract is extendable
Employees of all scheduled Commercial Banks
Employees of Credit Co-operative Societies and other Co-operative Societies registered with Government under the Co-operative Societies Act and partly or fully funded from the Central/ State Government/RBI/ SBI/ Nationalized Banks/ NABARD and other such institutions notified by Government
Employees of deemed Universities an educational institutes accredited by recognized bodies such a National Assessment and Accreditation council, All India Council of Technical Education,Medical council of india etc

Such categories are not eligible but they can have RPLI policies subject to fulfilling other conditions.

We have 'Yugal Suraksha' scheme under which both can jointly get a policy. After paying a little more premium, both can be covered under this assurance scheme.

One can continue by making payment at any one of the 1, 55,000 post offices throughout the country, even after quitting service..

The Premium Receipt Book is issued to the Insurants for the deposit of Premium in any departmental PO, and there is a facility of recovery from pay for all employees belonging to the Central Government.

The premium can be paid through Cheque.

Yes, recovery of the premia through salary is possible, in offices where it is remitted directly to PLI. In case where it is not, it is possible by appointing a Group Leader, who collects the premia from the insurants and deposits in a post office along with PR book. However, premia are to be deposited in any post office as per convenience i.e. monthly/half yearly/ yearly where there is no recovery through salary.

As both children's and parent's risk is covered.

If the premia are not paid for 6 months in case policy is in currency for 3 years (or) 12 months in case policy is more than 3 years old, then the policy becomes void. This needs revival to make it active. Revival shall not be allowed on more than two occasions during the entire term of the policy. Policy can be revived any time one year before maturity.

One can pay the premium in the subsequent month, by paying a minimum fine of Re. 1/- per hundred of sum assured.

Loan can be taken from EA policy after completion of 3 years and in respect of Whole Life after completion of 4 years. Loan facility is available in AEA policies.

No

EA policies after 3 years from date of issue of policy.
WLA policies after 4 years.
Interest 10% p.a. Calculated on six monthly basis
Loan entitlement is calculated on a prefixed proportion of these surrender value
Interest should be paid on(or) before 21st of due month (i.e. 6 monthly once)

Surrender value of a policy, means the amount that is payable to an assured, when he foregoes the contingent benefit of his policy and surrenders it for an immediate cash payment.

Surrender value depends on the surrender factor and type and term of policy.

Endowment Assurance policy can be surrendered after 36 months.

WLA policy can be surrendered after 48 months.

Children policy can be surrendered after 60 months.

No surrender for AEA policy.

Bonus will be taken into account after 5 years for surrender value calculation on the paid up value. But surrendering any policy prematurely is always a loss to the insurant. Hence, it is suggested not to go for surrender.
It is not a simple saving scheme but it aims to give risk coverage also.
It provides immediate Insurance coverage from the date of acceptance. Full policy amount with accrued bonus will be given even if death occurs on the very next day of acceptance of the proposals for all bonafide cases.