New Delhi : Department of Posts, Ministry of Communications, celebrated today the Postal Life Insurance (PLI) day as part of National Postal Week and Azadi ka Amrit Mahotsav Celebrations. Department celebrates the National Postal Week every year in October, starting with the World Post Day on 9th October, the anniversary of the establishment of the Universal Postal Union (UPU). This year it has been decided to celebrate the PLI Day on 12th October 2021 (Tuesday) during the National Postal Week, 2021.
Activities carried out on PLI Day:
To celebrate PLI Day on 12th October 2021, Circles organised financial inclusion melas in each district of the country with special focus on PLI and RPLI. Special claim settlement drives were conducted in Circles to bring down the pendency in claim cases. To recognise the contribution of top performing sales force in PLI and RPLI, awards were given at national and Circle level.
Some of the activities carried out by Postal Circles are mentioned below.
Department of Posts offers two types of life insurance schemes, namely Postal Life Insurance (PLI) introduced in 1884 and Rural Postal Life Insurance (RPLI) introduced in 1995.
2. Postal Life Insurance (“PLI”) was started as a welfare measure for employees of the Postal Department in 1884 and was extended to employees of the Telegraph Department in 1888. In 1894, PLI extended insurance cover to female employees of P & T Department at a time when no other insurance company covered female lives. Benefits of PLI were available to government employees, like employees of central and state governments, PSUs, government aided educational institutions, nationalized banks, defence services and para-military forces. Recently, in September 2017, the benefits of PLI have also been extended to professionals (like engineers, doctors, bankers, lawyers, architects, journalists etc.) and employees of companies listed with National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
3. Rural Postal Life Insurance (“RPLI”) was started in 1995 to provide life insurance cover to people living in rural areas of the country who have attained the age of maturity.
4. Products offered by PLI as well as RPLI include 6 types of traditional policies (Whole Life, Endowment, Convertible Whole Life, Anticipated Endowment, Joint Life and Children policies). Low Premium and High Bonusare the unique feature of these policies, which distinguishes it from other life insurers in India. Apart from providing savings benefit and a life insurance cover, these policies also offer Loan facility to the customers. Maximum insurance limit (Sum Assured) offered is ₹50 Lakh for PLI policies and ₹10 Lakh for RPLI policies.
5. Presently, the number of active policies in PLI and RPLIare 47.18 lakh and 51.88 lakh respectively for an aggregate sum assured of more than Rs 3.5 lakh crores and the assets under management (AUM) of Rs 1.25 lakh crores.
6. PLI and RPLI policies are sourced and serviced through 1.55 Lakh Post Offices spread across the country. PLI and RPLI policyholders can pay their premium at any post office across the country. In case of salaried employees, recovery of premia from salary is possible. Premium may also be paid online through the customer portal using net banking, debit card, BHIM/UPI and wallet. Customer Portal offers a convenient any-time and any-where premium payment option to policyholders and allows policyholders to view the status of their policies on a real time basis
7. Policyholders can contact the nearest post office, Head Post Office (CPCs), office of Divisional Heads / Regional PMsG and CPMsG for redressal of their grievances.All types of claims in PLI and RPLI are settled as per prescribed citizen charter norms. Further, an appeal may be preferred by the claimant against rejection of death claim to the next higher authority in Department of Posts.