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This section is for information and guidance
of our customers. We are happy to furnish following information for
your guidance.
1.
Issue of Policy Bonds
Policy Bond is issued along with letter of acceptance by PLI
office of your state. If there is delay, contact DDM(PLI)/ADM(PLI)
of your state.
Please go through information printed on the
policy bond.
2.
Payment of Premia
Please keep your policy current by paying premia regularly
within the same month to ensure the coverage of life risk. You can
pay premia at any predetermined Post Office.
3.
How to revive your Policy
In case policy is of less than three years
duration and defaulted premia do not exceed six months including the
month of payment, the same can be paid with interest at your Post
Office without prior permission.
To pay defaulted premia of more
than six months, prior permission is required as enumerated below.
In case policy
is of more than three years duration and defaulted premia do not
exceed 12 months, the same can be paid with interest at your Post
Office without permission;If defaulted premia exceed 12 months,
prior permission is required as enumerated below.
PLI office in your
State should be contacted for revival. That Office shall send the
required forms for furnishing medical certificate, a declaration by
you and an employer's certificate. These forms duly filled in should
be sent to PLI Office along with proof of payment of premia. In
support of the same ,premium receipt book or its Xerox copy may be
enclosed if premia are being paid in cash and if it is being
recovered from the salary, a certificate from the Pay Drawing
Officer may be enclosed.
4.
Payment of Premia
through Cheque
Payment of premia is accepted through local cheque
only.
5.
Payment of Premia in advance
The rebate of 1% is given if premia are paid in advance for
six months and 2% if paid for 12 months in advance.
6.
Post Office where
Premia can be paid
You may pay premia at any post
office chosen by you. However, following is advised:
When Post Office where premia are paid is a new one,
intimation be given to Head Post Office
In case premia
are paid in a
Post Office in a new State/Postal Circle, intimation to PLI Centers
of both the new and old State be given
7.
How Loan can be taken
Loan facility is available only in
Endowment Assurance and Whole Life Insurance (including Convertible
Whole Life Insurance)
provided it has not
lapsed.In order to avail loan, an application should
be sent to the PLI office along- with the policy document and a
proof for having paid the premia up to date (Premium Receipt Book or
Drawing Officer’s Certificate
for
last six months). It may be sent free of cost through the Post
Office where your premia are being paid. It is mandatory to assign
the policy bond in favour of the President of India and to furnish
loan bond at the time of payment.
The prevailing
rate of interest on loan is 10%, compounded half yearly. A
loan repayment receipt book is given when loan is sanctioned wherein
half yearly interest payable ,is indicated. Please ensure that the
interest is paid on due date and avoid compounding of interest as
also possible surrender.
The loan may be paid in permissible number of instalments of any
amount not less than Rs.100/-.
When loan is completely repaid with
interest, please write to the PLI office immediately for release of
policy bond in your favour. Second and
subsequent loans may be availed on certain conditions. However, at
least one year should have lapsed after repayment of the first
loan.
Loan may be repaid at any Post Office in your
State.
8.
Issue of Duplicate Policy
Bond
Please preserve the policy bond safely which is an important document .
In case it is lost, destroyed or mutilated, a duplicate policy bond
can be obtained by complying with following requirements. An
indemnity Bond be furnished with two sureties on a non-judicial
stamp paper of the value applicable in the state in which policy is
serviced.
The
fee for issue
of duplicate policy bond is Rs.5/-.
The loss of policy is required to be
published in one of the leading news papers having the widest
circulation if the sum assured exceeds Rs.25,000/-.
9.
Assignment of Policy
Bond
The policy may be assigned by the Policy holder either
for valuable consideration or by way of gift.
10.
Change of Nomination
Facility for change of nomination is
available.
11.
How
to Submit Claim
Please take note of the due date
of payment. In all such cases, please prefer the claim well in
advance, after payment of last instalment due, submitting
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(1) Policy Bond;
(2) Premium Receipt Book in
support of the premia paid;
(3) Loan Repayment Receipt
Book, if you have availed the loan;
(4) A Pay Drawing
Officer's certificate for having paid the premia upto last
instalment including the last six months;
(5) Please prefer
the claim without waiting for a notice or reminder from PLI
office;
(6) Please also note that if claim is not
preferred in time, no interest is paid on belated
payment.
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