Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. India post offers a varied range of insurance policies for its customers and keeps updating itself with respect to the changing economy and scenarios.
Directorate of PLI under the Department of Posts is the apex body for formulation of all policies, products and administration of the Post Office Insurance Fund. The procurement of business, after sale service and all types of claims management are performed in the field, i.e. Circles. The Office of Director, PLI, Kolkata under the Directorate of PLI functions as the Central accounting Office.
The Investment Division, PLI is headed by the Chief Investment Officer, PLI and is located at Mumbai.
A PLI/RPLI policy holder also gets following facilities :
Change of nomination.
The insurant can take loan by pledging his/her policy to Heads of the Circle/Region on behalf of President of India, provided the policy has completed 3 years in case of Endowment Assurance and 4 years in case of Whole Life Assurance. The facility of assignment is also available.
Assignment of Policy to any Financial Institution for taking loan.
Revival of his/her lapsed policy. Policy lapses after 6 unpaid premiums if it remained in force for less than 3 years and after 12 unpaid premiums if it remained in force for more than 3 years.
Issue of Duplicate Policy Bond in case of the original Policy Bond is lost, burnt/torn/mutilation.
Conversion from Whole Life Assurance to Endowment Assurance and from Endowment Assurance to other Endowment Assurance as per rules.
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Last Updated On 13-09-2017