Postal Life Insurance
Main Features of Postal Life Insurance:
As Postal Life Insurance has got no profit motive. The premium rates charged by it are lowest as compared to those charge by other Insurance concerns. Rebate is allowed to the Insurants.
Postal Life Insurance For All:
The benefits of Postal Life Insurance are not limited only to the Government and Semi-Government employees. The scope is also available for the members of the general public who have assured means of regular income and an insurable life.
As PLI is run by the Government on “no profit, no loss” basis, the entire surplus is distributed amongst the policy holders in the shape of simple reversionary bonus. The present rate of bonus is Tk. 33/= on endowment policies and Tk. 42/= on life Policies.
Payment of Premium
Postal Life Insurance premium can be paid in cash in post offices on monthly basis or premium may be paid by deduction from the monthly salary bill. Rebate is on the other hand allowed if payment is made by the policyholder Quarterly, six monthly or Annually. The rate of rebate is as follows: If Premium is paid yearly for advance payment of premia for not less than 12 months Tk. 2/= per thousand of a sum assured. If premium is paid half yearly not less than 6 months Tk. 0.50 per thousand of a sum assured. If Premium is paid quarterly not less than 3 months Tk. 0.12 per thousand of a Sum Assured.
Policies can be financed from Provident Fund
Premium on Postal Life Insurance can be paid from out of Government Employees. Policies are required to be assigned to the President and division of G.P.F. is arranged through pay bill deductions Premium can also be paid annually in advance in cash in Post Office after withdrawing the amount from the G.P.F. balance.
Paid Up Policies
A Policy that has been in-force for 2 Years or more can be made paid-up on application.
Premia for two years of more must have been paid against a policy intended to be surrendered by an insurant. To meet the immediate financial needs a policyholder can surrender his/her policy before maturity.
Loan to be the extent of 90% of each surrender value acquired by a policy after two years is granted to the policy holders to meet their immediate financial needs to be repaid by them or easy installments. Loan is also sanctioned to clear the arrer premia.
Types of Policies
The Postal Life Insurance offers the following types of Policies.
Whole Life Policy Payment of Premium ceasing at the age of 50, 55, 60, or 70 as per contract or on death whichever occurs earlier. After death payment is made to the nominees/heirs of the insurants.