![]() ![]() Based on these information, you can draw a chart of due dates for premium payment in your diary. yearly, half-yearly, quarterly, monthly etc. Please note from the Policy Bond, date of commencement of the policy, due date and mode of payment of premium. However, grace period is allowed upto the last working day of the month. The premium must be paid in advance on the first day of the each month. Delay in payment of premium invites late fee. However, generally, the life risk is not covered during lapsation period. * There are concessions on this under certain conditions. Failure to pay premium in time results in lapsation of policy which means the life cover will not be available to you. The premium payment is the most important and most frequent event in the life time of a Policy and you must not forget to pay premium in time. While paying premium through cheque, Policy number must be quoted on the back of the cheque. So we would advise you to note down this number in your diary. ![]() This is a unique number that identifies the policy. In any correspondence related to servicing of the policy you have to quote this number. There is a 13 digit number called Policy number. The first thing you should do after receiving the bond is to keep the same in a safe place and please do not forget to inform your near and dear ones about where this bond has been kept. This is a document which will be called for in connection with various servicing events including the settlement of claims. The policy bond is the most important document during the life of a policy. While the Policy bond given to you covers the contractual issues, you need a guide, written in simple language, that highlights some important facts about your Policy. A life insurance contract has several features which need explanation. During this long period you will have number of interactions with PLI. A Postal life insurance policy enters you into a long term relationship with the Department of Posts. This guide has been designed for your comfort. last bonus rate is ₹ 52/- per ₹ 1000 sum assured per year Attract the rate of bonus applicable for Endowment policy (Santosh) i.e.However, child should be healthy and risk shall start from day of acceptance of proposal No medical examination of child necessary.Has facility for making it paid up, provided premiums are paid continuously for 5 years.Policy holder (parent) shall be responsible for payment of Children policy No loan admissible.Full sum assured and bonus accrued shall be paid on completion of term No premium to be paid on the Children Policy, on the death of policy holder (parent).Policy holder (parent) should not be over 45 years of age.Maximum sum assured ₹ 3 lac or equal to the sum assured of the parent, whichever is less.Children between 5- 20 years of age are eligible.Maximum two children of policy holder (parent) are eligible.The scheme provides life insurance cover to children of policy holders.The salient features of this scheme are as under: It now covers employees of Central & State Governments, Defence and Para-Military Services, Public Sector Undertakings, Banks, Educational Institutions, Local Bodies, professionals (such as doctors, engineers, chartered accountants, MBAs, lawyers etc.) and employees of companies listed with National Stock Exchange (NSE) / Bombay Stock Exchange (BSE) Over the years, PLI has grown substantially from a few hundred policies in 1884 to more than 50 Lacs policies as on. It is the oldest life insurer in this country. In 1894, PLI extended insurance cover to female employees of the erstwhile P & T Department at a time when no other insurance company covered female lives. Postal Life Insurance (PLI) was introduced on 1st February 1884.It started as a welfare scheme for the benefit of postal employees and was later extended to the employees of the Telegraph Department in 1888.
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