Postal Life Insurance (PLI) has risen from a few hundred policies in 1884 to over 50 lacs policies as of March 31, 2021, according to the India Post website.
PLI covers employees of the Central and State Governments, the Defense and Para-Military Services, Public Sector Undertakings, Banks, Educational Institutions, Local Bodies, and many other professionals.
- Under PLI, these are the schemes offered:
- Whole Life Assurance (Suraksha)
- Convertible Whole Life Assurance (Suvidha)
- Endowment Assurance (Santosh)
- Joint Life Assurance (Yugal Suraksha)
- Anticipated Endowment Assurance (Sumangal)
- Children Policy (Bal Jeevan Bima)
According to the India Post website, below are things an insured person should note after buying a policy:
1) I have kept the Policy bond in a safe place
2) I have informed someone as to where the bond is kept
3) I have checked the Policy schedule in the 1st page
4) I have noted the policy number in my diary along with due dates and Premium amount
5) I have noted the Post office Phone number in my diary
6) I have noted details of PLI INFO Center
7) I have understood that in my own interest I should keep PLI informed about my Change in address, phone number, email id.
8) I have noted that I should pay premium even if I have not received the notice
9) I have a nominee under this Policy
Now, if for any reason you want to surrender a PLI insurance policy, there are a few documents you will have to submit. Here is the list of documents which you need to keep handy before starting the process of surrendering the PLI policy, according to the India Post tweet on its official Twitter account.
@IndiaPostOffice What document I have to carry if I surrender my PLI account online to selected post office ?
— Ravi Maheshwari (@ravi_mca2010) 1649236053000
Checklist of Documents to be submitted for surrender –
- Cancelled Cheque (Required only in case of EFT as disbursement type)
- Cancelled cheque/EFT Form
- D.O.C for last one year in case of Pay Recovery
- Duplicate Policy Bond(in case of document lost)
- Indemnity Bond if duplicate bond not available.
- Loan repayment receipt book( in case of existing Loan on policy)
- Policy Bond .
- Premium Receipt Book
- Surrender Request Form.