Postal Life Insurance

Postal Training Center Mysuru - 570010

 Postal Life Insurance

 Protection for Self and Family.

 Reduce Stress.
 Financial Security.
 A legacy to leave behind.
 Insurance facilitates spreading of risk from the
Insured to the Insurer.
 It is a Tool in the management of risks.
 Insurance, an intangible, provides another intangible:
Peace of mind.
Postal Training Center Mysuru - 570010
 Postal Life Insurance

 Introduced as a Welfare Scheme for Postal Employees on

01.02.1884.
 In 1888 extended to Telegraph Department.
 Later on it was extended to State and Central Government
Employees.
 First Insurer to extend coverage to women in 1894.
 In 1995, insurance cover extended to rural areas (RPLI).

Postal Training Center Mysuru - 570010

 Postal Life Insurance

 The Directorate PLI is the Apex Body for formulation of Policy,

Products and Administration of PLI/RPLI Fund.
 Procurement of the Business, after sale services & all types of
Claims will be managed by the CPC.
 The Office of Director, PLI, Kolkata functions as Accounting
Office in the Country.

Postal Training Center Mysuru - 570010

 Postal Life Insurance
PLI Directorate Organisational Chart
Member (PLI) - Chairman

Investment Division CGM (PLI) CPMGs

UTI Asset Mgt Co Ltd SBI Funds Mgt Pvt Ltd

GMs (PLI) Director PLI Kolkata Actuary PMGs

Director HQ/Region
Divisional Heads)
Postal Training
DO/Dept Employees/Field Center MysuruAgent/GDS
Officer/Direct - 570010 CPCs
 Postal Life Insurance
Benefits
1. Low Premium and High Bonus.
2. Income tax concession under Section 80CC of IT Act-1961.
3. Easy transfer to any place of India free of Cost.
4. Payment of Premium through multiple channels, any where in India.
5. Providing online services like Premia Payments, New Proposal Indexing etc..
6. Rebate for advance Premium Payments.

PLI
Minimum SA – Rs.20000/- in multiples of Rs.10000/-
Maximum SA – 50 Lakhs in one Class/All Classes of Insurance Policy(s)
Postal Training Center Mysuru - 570010
 Postal Life Insurance

Eligibility for Postal Life Insurance

Permanent Residents in India who are Employees of
 State or Central Government.
 Defense Services.
 Local Bodies like Municipality, Zilla Parishad etc…
 Para Military Force.
 GDS.
 Government Aided Educational Institutions.
 Universities established by Govt.
 Reserve Bank India
 Ports, Public Sector Undertakings.
Postal Training Center Mysuru - 570010
 Postal Life Insurance

Eligibility for Postal Life Insurance

Permanent Residents in India who are Employees of
 Joint Ventures where Government is having minimum 10% of Holding.
 Employees of Credit Co-Op Societies partly or fully funded by the
government.
 Employees of education institutions affiliated to recognized
boards.(CBSE, ICSE, State Boards, Open Schools etc..)
 Professionals (Doctors, Engineers, Management Consultants, Chartered
Accountants, Architects, Lawyers etc..)
 Bankers (Nationalized, Foreign, Scheduled Commercial, Private )
 Employees of Listed companies of NSE & BSE.

Postal Training Center Mysuru - 570010

 Postal Life Insurance
Types of Postal Life Insurance Policies

Whole Life Assurance (Suraksha)

 Convertible Whole Life Assurance (Suvidha)

Endowment Assurance (Santosh)

Anticipated Endowment Assurance (Sumangal)

Joint Life Assurance (Yugal Suraksha)

Children’s Policy (Bal Jeevan Bima)

Postal Training Center Mysuru - 570010
 Postal Life Insurance

Whole Life Assurance : SURAKSHA

 Age limit 19 to 55 Years.

 Premium payable up to 55/58/60 Years.
 Policy will be in force till the insurant attains the age of 80 Years.
 Payable on attaining the age of 80 Years or after the death of
the policy holder which ever occurs earlier.

Postal Training Center Mysuru - 570010

 Postal Life Insurance

Whole Life Assurance : SURAKSHA

Bonus
 Bonus applicable from 01-04-2020 is Rs.76 per Rs.1000/-
 Not eligible for bonus if surrendered before completion of 5 years.
Conversion Benefit
 Can be converted into an Endowment Assurance Policy after completion of
one year and before 59 Years of age of the insurant.
 The date of conversion should not fall within One Year of the date of
cessation of premium Payment or Date of Maturity.

Postal Training Center Mysuru - 570010

 Postal Life Insurance

Convertible Whole Life Assurance : SUVIDHA

 Age limit 19 to 50 Years.
 Whole Life Assurance Policy with an option to convert into EA at the end of 5 Years.
 On conversion Bonus of EA will be payable.
 Can be converted to EA after 5 years and not later than 6 years.
 Policy will be treated as Whole Life Assurance if not converted.
 Age on the date of conversion should not exceed 55 Years.
 Premia Ceasing Age: As Applicable to Whole Life Assurance Plan.

Postal Training Center Mysuru - 570010

 Postal Life Insurance

Convertible Whole Life Assurance : SUVIDHA

Bonus
 Bonus applicable from 01-04-2020 is Rs.76 per Rs.1000/- if remains in
WLA.
 Rs.52/-per Rs.1000/- if it is converted in to EA.
 Not eligible for bonus if surrendered before completion of 5 years.

Postal Training Center Mysuru - 570010

 Postal Life Insurance
Endowment Assurance : SANTOSH
 Age at Entry : 19 to 55 Years.
 Payable to the Insurant on attaining the Pre-Determined age of Maturity.
 In case of death, nominee will be paid full amount of the Sum Assured with Accrued
Bonus.
 Available Policy Term (Premium Ceasing Age) :
EA35, EA 40, EA 45, EA50, EA55, EA58 and EA60.

Bonus
 Bonus applicable from 01-04-2020 is Rs.52 per Rs.1000/-
 Not eligible for bonus if surrendered before completion of 5 years.
Postal Training Center Mysuru - 570010
 Postal Life Insurance

Anticipated Endowment Assurance : SUMANGAL

(W.E.F : 24.03.1984)
 It is a Money Back Policy.
 Survival benefit is paid to Insurant periodically.
 Best Suited Policy for Periodical Returns.
 Two Types : 15 Years and 20 Years Term.
 Age :
Minimum : 19 Years.
Maximum : 45 & 40 Respectively for 15 & 20 Years Term.

Postal Training Center Mysuru - 570010

 Postal Life Insurance

Anticipated Endowment Assurance

Instalment Payable 15 Years Term 20 Years Term
20 % of Sum Assured Amount 6 8
20 % of Sum Assured Amount 9 12
20 % of Sum Assured Amount 12 16
40 % of Sum Assured Amount with Bonus 15 20

Postal Training Center Mysuru - 570010

 Postal Life Insurance

Anticipated Endowment Assurance : SUMANGAL

 Bonus : Rs.48/- per Rs.1000/-
 Additional Benefit :
 Survival Benefit already paid will not be taken into consideration in the
event of unexpected death.
 Full Sum Assured Amount with accrued bonus is payable to the
Assignee or Legal Heir.

Postal Training Center Mysuru - 570010

 Postal Life Insurance

Joint Life Assurance : YUGAL SURAKSHA

(W.E.F : 01.08.1997)
 Life insurance coverage is provided to both spouses with only one premium.
 One of the spouses should be eligible for PLI policies.
 Features are same as EA.
 Spouse should be literate.
 Age at Entry should not be less than 21 Years and more than 45 Years.
 Person having more than one spouse living, cover will be available in respect of eldest
spouse.

Postal Training Center Mysuru - 570010

 Postal Life Insurance

Joint Life Assurance : YUGAL SURAKSHA

 At Maturity, the older spouse should not be more than 60 Years on his/her
next birth day.
 Both spouses shall have to undergo Medical Examination irrespective of the
Sum Assured.
 The Sum Assured with accrued Bonus will be payable on the death of one
spouse before Maturity to the Survivor.
 Policy Term : Minimum 5 Years and Maximum 20 Years.
Postal Training Center Mysuru - 570010
 Postal Life Insurance

Joint Life Assurance : YUGAL SURAKSHA

Bonus
 Rs.52/-per Rs.1000/-
 Not eligible for bonus if surrendered before completion of 5 years.

Postal Training Center Mysuru - 570010

 Postal Life Insurance

Children Policy : BAL JEEVAN BIMA

(W.E.F : 20.01.2006)
 Non-Medical Policy.
 Minimum limit : Rs.20,000/- and Maximum : Rs.3,00,000/-
 Parent should also have a policy equivalent to amount of Sum Assured of the child.
 Maximum 2 children are eligible. Only one Policy for each child.
 Age : Main Policy Holder (Father/Mother) : Maximum 45 Years.
Children : Minimum 5 and maximum 20 Years.
 Claim :
 No premium is payable, in case of death of Main Policy Holder.
 Full Sum Assured + Accrued bonus will be paid after the completion of Policy
Term. Postal Training Center Mysuru - 570010
 Postal Life Insurance

Children Policy : BAL JEEVAN BIMA

Bonus
 Rs.52/-per Rs.1000/-
 Not eligible for bonus if surrendered before completion of 5 years.

Postal Training Center Mysuru - 570010

 Postal Life Insurance
Age Limit
Scheme Minimum Maximum
WLA/EA 19 55
Joint Life Assurance 21 45
AEA 19 40/45
CWLA 19 50
Children Policy 5 Child : 20
Parent : 45
Non-Medical 19 35/40 RPLI/PLI
Postal Training Center Mysuru - 570010
 Postal Life Insurance

Medical Report
 Medical Report is mandatory in the following cases:
 When Age at Entry exceeds 40 Years.
 When Sum Assured exceeds Rs.5,00,000/-.
 When Maturity is sought at 35 years of age.
 AEA/Yugal Suraksha Policies.
 For Non-Medical : Maximum Sum assured is Rs.5,00,000/-.
 A PLI Policy up to Rs.2 Lakh Sum Assured will be Non-Medical Policy irrespective of
Age Limit.
 RPLI : Up to 35 Years with Standard Age Proof SA Rs. One Lakh.
Without Standard Age Proof SA Rs.25000/-

Postal Training Center Mysuru - 570010

 Postal Life Insurance

Status of Medical Officer

Up to Rs.5 Lakhs
i. Assistant Civil Surgeon or above/Medical Officer in PHC,
RMPs subject to certain conditions
ii. Medical Officer equivalent to Assistant Civil Surgeon or above employed in
Central/State/Municipal District Board/Local Board/Cantonment Board/Union Board
Hospital and Medical Officers of Public Sector Undertakings
iii. Medical Officers (Gr-II)
Postal Training Center Mysuru - 570010
 Postal Life Insurance

Status of Medical Officer

Above Rs.5 Lakhs and up to Rs.10 Lakhs

i. Dy Civil surgeon or above
ii. Medical Officer equivalent to Deputy Civil Surgeon or above employed in
Central/State/Municipal District Board/Local Board/Cantonment Board/Union Board
Hospital and Medical Officers of Public Sector Undertakings with at least 10 Years of
experience
iii. Retired Medical Officers (Gr-I)
Postal Training Center Mysuru - 570010
 Postal Life Insurance
Status of Medical Officer

Above Rs.10 Lakhs

i. Civil surgeon, Medical Officer not lower than that of Civil Surgeon or Chief Medical Officer,
CMO Grade-I, Specialist Grade-II
ii. Medical Officer (Allopathic)equivalent to Civil Surgeon employed in
Central/State/Municipal District Board/Local Board/Cantonment Board/Union Board
Hospital and Medical Officers of Public Sector Undertakings with at least 15 Years of
experience
iii. Retired Civil Surgeon, CMO Gr-I and Specialist Grade-II
Postal Training Center Mysuru - 570010
 Postal Life Insurance
Medical Fee Payable
Sum Assured Medical Fee
Up to Rs.10 Lakhs Rs.50/- Per Examination
Above Rs.10 lakhs up to Rs.20 Lakhs Rs.70/- Per Examination
Above Rs.20 lakhs Rs.120/- Per Examination
Revival Cases Rs.150/- Per Examination

 The validity of the Medical certificate is 60 days.

 If it is not accepted within that period, Second Medical Examination is to be done.
Postal Training Center Mysuru - 570010
 Postal Life Insurance

Miscellaneous
 Maximum Sum Assured Rs.50,00,000/- .if the age is below 40.
 Maximum Sum Assured amount to be offered to Employees till the Age of 40 Years
will be 10 Times of Gross Annual Income.
 If the age is more than 40, it is 7 times of Annual Income or 50 Lakhs whichever is
less.
 WLA/EA Plans under PLI, the minimum Term above 50 Years and SA above 5 Lakh
will be 7 Years.
 Person aged 54 Years : Minimum Term is 6 Years.
 For Physically handicapped Maximum Rs.50,00,000/-.
 Nomination : Maximum three persons can be Nominated.
Postal Training Center Mysuru - 570010
 Rural Postal Life Insurance
Introduced on 24.03.1995.

For Rural people on the recommendation of Malhotra Committee.

Minimum Sum Assurance amount that can be offered in RPLI is Rs. 10,000/- .

In Multiple of Rs.5,000/- .

Maximum Sum Assured : Rs.10 Lakhs.

The Maximum Age Limit in case of illiterate is 45 Years only.

Both Literate andPostal

Illiterate are eligible for Insurance Cover.
Training Center Mysuru - 570010
 Rural Posta Life Insurance

Types of RPLI Policies

 Endowment Assurance (Gram Santhosh)

 Whole Life Assurance (Gram Suraksha)

Convertible Whole Life Assurance (Gram Suvidha)

Anticipated Endowment Assurance (Gram Sumangal)

Ten Years RPLI (Gram Priya)

Children’s Policy (Bal Jeevan Bima)

Postal Training Center Mysuru - 570010
 Rural Postal Life Insurance

Features of RPLI Policies

1. Whole Life Assurance (GRAM SURAKSHA)
2. Convertible Whole Life Assurance (GRAM SUVIDHA)
3. Endowment Assurance (GRAM SANTOSH)
4. Anticipated Endowment Assurance (GRAM SUMANGAL)
5. Children Policy (BAL JEEVAN BIMA)
 Features of the above RPLI policies are same as PLI except Bonus and Age Criteria.
 Age in case of CWLA (RPLI) is 19 to 45 Years.
 Maximum Sum Assured in Children Policy is Rs.1 Lakh.

Postal Training Center Mysuru - 570010

 Rural Postal Life Insurance

10 Year Rural Postal Life Insurance : GRAM PRIYA

 An AEA Scheme for 10 Years.
 No interest charged up to one year arrears of premia up to a maximum period of
12 Months in case of Natural calamities.
 Arrear Premia can also be paid subsequently in maximum 6 installments.
 Policy shall be entertained in case of death.
 Not applicable in case of arrears of premia before occurrence of natural calamity.

Postal Training Center Mysuru - 570010

 Rural Postal Life Insurance

10 Year Rural Postal Life Insurance : GRAM PRIYA

 Age at Entry: Minimum Age 19 and Maximum Age 45 Years.

Survival Benefit Payable

After Completion of 4 years : 20% of Sum Assured
After completion of 7 Years : 20% of Sum Assured
After Completion of 10 Years : 60% of Sum Assured Plus Bonus

Postal Training Center Mysuru - 570010

 Rural Postal Life Insurance

Age Proof
There are two types of Age Proofs
1. Standard age proof
2. Non Standard Age Proof

Postal Training Center Mysuru - 570010

 Rural Postal Life Insurance

Standard Age Proof

 Birth Certificate
 School Certificate/Mark Sheet
 PAN Card/PRAN Card
 Passport
 Driving License

Postal Training Center Mysuru - 570010

 Rural Postal Life Insurance

Non-Standard Age Proof

 Aadhar Card
 Voter-ID
 Elders Declaration
 Medical Examiner`s approximate age certificate
 Declaration by Insurant counter signed by Panchayath Member

5% Extra Premium for Non-Standard Age Proof.

Postal Training Center Mysuru - 570010

 Rebate

 Rebate is eligible for Monthly Premium Policies.

 2% - for Twelve Months Advance Premia.
 1% - for Six Months Advance Premia.
 0.5% - for Three Months Advance Premia in case of RPLI Policies only.
 For Yugal Suraksha Rebate of 2%, 10%, 50% of Premium for One Month is
allowed, if Premium is in Advance for 3,6 & 12 Months respectively.

Postal Training Center Mysuru - 570010

 Formula for calculation of DF

1. Formula: N X (N+1) X premium

----------------------------------------
200

2. No. of defaults x premium

----------------------------------
100
*N = No of Months

 Interest @ 12% for Defaulted Installments

Postal Training Center Mysuru - 570010
 Bonus
PLI Bonus Rate RPLI Bonus Rate
Plans Per Rs.1000/- (Rs) Per Rs.1000/- (Rs)

Whole Life Assurance 76 60

Endowment Assurance 52 48
Anticipated Endowment Assurance 48 45

Children Policy 52 48
Joint Life Insurance 52 Not Applicable

Gram Priya Not Applicable 45

Postal Training Center Mysuru - 570010

 PLI-RPLI Approver Limits

Limit of acceptance of New Proposals, Revival, Surrender, Forced Surrender, Maturity,

Survival, Death Claims (Except Early Death Claim) Settlement of Maturity and Survival
benefit claims of PLI and RPLI
Criteria Approving Authority/Approver
1. Postmaster (HSG-I/HSG-II)
Up to and Equal to Rs.20 Lakhs 2. [Link] (Gr-B)
3. [Link] Postmaster (Gr-B)
4. AD of HOs headed by Director (Gr-B)
Greater than Rs.20 Lakhs and up to and 1. Head of the Division (Gr-B/Gr-A)
equal to Rs.50 Lakhs 2. Chief Postmaster (Gr-A)
3. [Link] of HO Headed by a Director
(Gr-A)
Postal Training Center Mysuru - 570010
 PLI-RPLI Approver Limits

Early Death Claim (death within 3 Years of acceptance of Policy)

Criteria Approving Authority/Approver

1. Director GPO (JAG)
All cases irrespective of Sum Assured 2. Director (HQ)
3. Regional DPS (JAG)

All Non Financial /Financial Service Requests will continue to be

approved by Postmaster/Manager of CPC (GPO/HO) concerned
Postal Training Center Mysuru - 570010
After Sale Services
Assignment
Commutation
Conversion
Reduced Paid Up
Name Change
Free Look/ Policy Cancellation
Issue of Duplicate Bond
Loan
Surrender
Maturity
Death Claim
Revival
Postal Training Center Mysuru - 570010
 Void & Lapse

 Void :
 A policy which is in existence for a period less than 3 Years shall be treated as
Void, if the premium remain unpaid either on the due date or within the Grace
Period admissible.

 Lapse :
 A policy which is in existence for a period less than 3 Years shall be treated as
lapsed, if the premium remain unpaid for more than 6 Months.
 A policy which is in existence for a period of more than 3 Years shall be treated as
Lapsed, if the premium remain unpaid for more than 12 Months.
Postal Training Center Mysuru - 570010
 Revival and Reinstatement
Up to 6 Months
Void Lapse
(Reinstate)
For Policies Less than 3 Years
After 6 Months
Active Lapse
(Revive)

Up to 12 Months
Inactive Lapse
(Reinstate)
For Policies more than 3 Years
After 12 Months
Active Lapse
(Revival)
Postal Training Center Mysuru - 570010
 Revival Conditions

The revival of the policy is possible only if

 The Policy has not attained the date of maturity.
 The life assured is insurable at the time of revival.
 A period of consecutive 5 years has not passed from the date of first unpaid
premium.
 Revival amount can be paid either as one lump sum or not more than 12
installments
 Medical Re-Examination required.
 Can be Revived any number of times subject to conditions.

Postal Training Center Mysuru - 570010

 Assignment

Policies may be assigned by the policy holder

1. For valuable consideration; or
2. By way of gift.
 The assignment may be made either by an endorsement on the reverse of the policy
itself or by a separate deed.
 The Assignment must be dated and signed by the Assignor in the presence of a
Witness.
 After the Assignment of a Policy is effected, the policy cannot be dealt with any
further by the Assignor.
 Assignment will be inoperative unless a notice in writing given to PM/Manager CPC

Postal Training Center Mysuru - 570010

 Commutation

 Any alteration in a contract of Insurance except the date of

Maturity.
 Alteration includes : The Premium or Sum Assured.

 Conversion/Commutation of Policy will be complete only after deposit of revised

premium.
 Surrender request of a converted Policy be indexed after receipt of revised
premium.
Postal Training Center Mysuru - 570010
 Conversion

 Any alteration of affecting the date of Maturity of a contract of Insurance.

 Conversion includes Whole Life Assurance to Endowment Assurance.
 Alteration includes Antedating and Post Dating of the Maturity of an Endowment
Policy.
 Allowed only after payment of Premia for an Integral Number of Years.
 Extension of Premium Term is permitted on production of a Medical Certificate of
Good Health.
 Permitted once without fee.
 Second and subsequent conversion fee not exceeding Rs.20/- will be charged.
 Joint Life Assurance, AEA, Children Policy and 10 Year RPLI Policies cannot be
converted.
Postal Training Center Mysuru - 570010
 Reduced Paid UP
 Allows the Policy Holder to stop further premium payment.
 Results in reduced Sum Assured without altering the Term.
 Allowed on completion of 3 Years.
 Sum Assured gets reduced proportionate to Premium Payment.

Auto Paid Up
 Policy for which 36 or more premiums have been paid.
 Policy completed three years or more.
 Policy Holder without intimation discontinues payment of further Premium. OR
 Policy Holder pays the future premium by a single payment.
Postal Training Center Mysuru - 570010
 Name Change

Any one of the following Documental Evidence will be considered.

a) A Gazette Notification.
b) A News Paper Advertisement.
c) A Declaration / Affidavit made before the Magistrate.
d) Adoption Deed.
e) Marriage Certificate.

Postal Training Center Mysuru - 570010

 Free Look/Policy cancellation

 Insurant can apply for Free Look/Policy cancellation within 15 days from the date of
acceptance.
 The entire premium will be paid back to the customer after deducting the medical
examination fee.

Postal Training Center Mysuru - 570010

 Issue of Duplicate Bond

 Advertisement about the Loss of a PLI/RPLI Policy Bond is dispensed with

irrespective of Sum Assured vide Order No.25-5/2007-LI(Part) dtd. 08-02-2019,
 Fees for issue of Duplicate Policy is Rs.100/-.
 Issue of Duplicate Policy Document will be approved at CPC Level.
 Approving Authority may consider settlement of cases without original Policy Bond
by taking letter of Indemnity for settlement of PLI/RPLI Maturity Cases.
(Letter: [Link].25-04/SOP/2020-LI Dated 19.03.2021.)

Fees for Duplicate Premium Receipt Book will be Rs.20/-

(Order No. 29-13/2019-LI dtd. 08-07-2019).
Postal Training Center Mysuru - 570010
 Loan

Loan Facility Available

Whole Life Assurance (SURAKSHA)
Convertible Whole Life Assurance (SUVIDHA)
Endowment Assurance (SANTOSH)
Joint Life Assurance (Yugal Suraksha)

Loan Facility Not Available

Anticipated Endowment Assurance (SUMANGAL)
Children Policy (BAL JEEVAN BIMA)
Grama Priya (10 Year RPLI AEA)
Postal Training Center Mysuru - 570010
 Loan

1. Whole Life Assurance (SURAKSHA) Loan Facility Available

2. Convertible Whole Life Assurance (SUVIDHA) after 4 Years

Exceeding 4 Years but not less than 7 Years 60% of SV

Exceeding 7 years but not less than 12 Years 80% of SV
Exceeding 12 Years 90% of SV

Interest @10% Per Annum Compounded Half Yearly.

*SV : Surrender Value.
Postal Training Center Mysuru - 570010
 Loan

[Link] Assurance (SANTOSH) Loan Facility Available

[Link] Life Assurance (Yugal Suraksha) after 3 Years

Exceeding 3 Years but not less than 5 Years 60% of SV

Exceeding 5 years but not less than 10 Years 80% of SV
Exceeding 10 Years 90% of SV

Interest @10% Per Annum Compounded Half Yearly.

*SV : Surrender Value.
Postal Training Center Mysuru - 570010
 Loan

 Status of the Policy should be active for availing loan facility.

 Maximum admissible amount of Loan will be 90% of Surrender Value.
 The amount of Loan should not become less than Rs.1000/-.
 Policy should not have been assigned.
 Amount of Loan will be in complete multiples of Rs.100/-
 In the event of loss of Loan Repayment Receipt Book, procedure of Issue of DPB will
be applied.

Postal Training Center Mysuru - 570010

 Loan

 Loans can be availed from India Post or from any other Organisation by assigning the
Policy.
 Insurant can authorise any person as a messenger (Adult Literate of sound mind) for
submission of Loan Application in case of being medically unfit or out side India.
 Self attested copy of Pass Port showing the date of Departure is necessary in case the
Insurant is outside India.
 Insurant, who wish to avail loan from other organisations have to submit Application
for Issue of Assignment Letter at any PO or CPC.

Postal Training Center Mysuru - 570010

 Loan

 Original documents to be produced at the time of submission of application and the

same will be returned after comparing it with the copies submitted.
 Official accepting the self attested copies to sign the document in token of
verification.
 Concerned office will give an acknowledgement for receipt of Loan Application.
 Offices receiving the application will have to index the same before forwarding it to
CPC.
 CPC to index the applications if received directly.

Postal Training Center Mysuru - 570010

 Loan

 In case any required document found not submitted, CPC to send a written
communication through Register AD requesting to submit the document within 7
days.
 If the documents are not received within 7 days, a reminder to be sent to the Insurant
intimating that the case could not be processed due to non receipt of required
documents.
 If Loan application is rejected, CPC to intimate the same to the Insurant through
Registered AD.

Postal Training Center Mysuru - 570010

 Loan
Documents to be submitted along with Loan Application

Sl No List of Documents Cash policy Pay Policies

1 Loan Application(format at Annex-II)/Assignment Application Yes Yes
(format at Annex-III)
2 Self-Attested copy of Policy Bond Yes Yes
3 Self-Attested copy of ID and Address proof of the Insurant (list of Yes Yes
Documents acceptable as ID and Address proof is given in Annex-
VII)
4 Self-Attested copy of ID and Address proof of the Insurant (list of Yes Yes
Documents acceptable as ID and Address proof is given in Annex-
VII)
5 Self-Attested copy of ID and Address proof of the Messenger, if Yes Yes
any (list of Documents acceptable as ID and Address proof is
Postal Training Center Mysuru - 570010
given in Annex-VII)
 Loan
Documents to be submitted along with Loan Application

Sl No List of Documents Cash policy Pay Policies

6 Cancelled Cheque for Bank mandate or Self Attested copy of Yes Yes
POSB passbook (for Loan Application only)
7 Self-Attested copy of Document of Credit, if any* No Yes No Yes
8 Self-Attested copy of Premium Receipt Book ** Yes No
9 Self-Attested copy of Loan Receipt Book# Yes Yes

• In case, premia payment is not updated in Pay Policies, a certificate from the Employer about deduction of premia and
details/copy of pay recovery schedule sent to India Post.
** In case, premia payment is not updated in Cash Policies, Premium receipt Book is mandatory for updation of Premia
paid by Insurant in McCamish Software.
# In case, loan amount shown outstanding in the Loan Quote has been repaid partially or in full.
Postal Training Center Mysuru - 570010
 Loan
All Post Offices shall maintain a Register in the following format for the
Loan Application/Assignment Application received

Name of the Office__________________________

Sl Date of Name of Policy Type Name of Loan Service Date of Sign of
No Receipt Insurant Number of Organisation Amount Request dispatch Official
Policy from which No. to CPC
Loan is
being availed

Postal Training Center Mysuru - 570010

 Loan
CPC to maintain a Register in the following format for the
Loan Application/Assignment Application received

Name of the CPC ___________________________

Sl Service Date of Received from Name of Policy Type Loan Name of the Sanction Mode and Remarks Sign of
No Request receipt Insurant Number of Amount organisation amount and date of Official
Number in CPC (Insurant/Office) Policy from which date/date of payment
and Date Loan is being despatch of
availed Assignment
Letter

Postal Training Center Mysuru - 570010

 Surrender

 Policies are eligible for surrender on completion of 3 Years.

 The Policy should be “Active”. Lapsed Policies to be Revived and Made Active.
 If Insurant is not willing to Revive, the Policy to be processed for
“Reduced Paid-up”.
Policy should not have been Assigned.
 Bonus is admissible for policies continued for minimum 5 Years.
The Surrender Value will be arrived at on the basis of Surrender Factor.

Postal Training Center Mysuru - 570010

 Surrender

 Whole Life Assurance (SURAKSHA)

Policies that can be  Convertible Whole Life Assurance (SUVIDHA)
Surrendered  Endowment Assurance (SANTOSH)
 Joint Life Assurance (YUGAL SURAKSHA)

 Anticipated Endowment Assurance

Policies that cannot be (SUMANGAL)
Surrendered  Children Policy (BAL JEEVAN BIMA)
 10 Year AEA Policy (GRAMA PRIYA)

Postal Training Center Mysuru - 570010

 Maturity Claim

 The Claim arising as result of Insurant Surviving the date of Maturity.

 Maturity Claim should be settled with in 30 Days as per Citizens Charter.
 Ex-Gratia Payment of Interest if claim is attributable to administrative
delay : 8%
 For more than 30 Days from the actual date of receipt of
complete claim papers or 30 days from the date of Maturity.
 Death Claim : More than 60 Days for Policies where no
Investigation required.
 Not applicable if Insurant not preferred claim on due date.
Postal Training Center Mysuru - 570010
 Maturity Claim

Maturity Claim in case of Premium paid on Lapsed Policy

 Cases where without Reviving the Policy Premium paid.
 Insurant continued paying Premium till Maturity.
 Payment of Maturity Proceeds/Claim amount in such cases cannot be
denied.

Postal Training Center Mysuru - 570010

 Maturity Claim
Procedure to be followed at CPC
 All CPC`s shall generate a ‘Detailed Pending Maturity Policy’ report through McCamish
software on the first working day of the month 2 months in advance.

An Intimation Letter (Annex-1) along with Maturity/Survival Benefit Claim Form will be
sent to the Policy Holder through Registered Post AD by the CPC concerned.

In case of AEA Policies, once Maturity/Survival Benefit Claim Form submitted, the details
so submitted shall be used till final maturity claim settlement.

The Intimation Letter shall be shared through email ID if available and SMS shall be sent if
mobile number is available
Postal Training Center Mysuru - 570010
 Maturity Claim
Manner of Submission of Claim by Insurant
 Can be submitted by the Insurant at any Post Office including Branch Post Office or CPC
across the country.

If the Insurant is medically unfit or outside India, for submission of Maturity claim form,
he/she may authorize any person as a messenger.

Only an adult literate person of sound mind, who is not an insolvent, can be appointed as
Messenger.

 In case of being medically unfit, a self-attested Medical Certificate to this effect need to be
submitted from Govt. Hospital or Govt. accredited Hospital.
Postal Training Center Mysuru - 570010
 Maturity Claim
Action at Claim Receiving Office
If required, the official concerned shall help the Insurant in filling up the
Maturity/Survival Benefit Claim Form correctly by guiding and explaining the
requirements.

Official concerned shall inform the Insurant that after submission of Maturity/Survival
Benefit Claim Form and Indexing of service request in the system, he/she will not be able to
deposit any premia or repay loan in the Policy

Insurant should be advised to pay his/her all due premia/loan amount before indexing
the service request in system.
Postal Training Center Mysuru - 570010
 Maturity Claim
Action at Claim Receiving Office

Official accepting the self-attested copy of a document will compare it

with the ORIGINALS and shall put his/her signature in token of having
verified the copies with their originals.

The Office concerned will give an Acknowledgement (Part of Annex-II) for

receipt of the Claim Form to the Insurant.

Postal Training Center Mysuru - 570010

 Maturity Claim
Procedure to be followed at CPC
 All CPC`s shall generate a ‘Matured Policy’ report through McCamish software on the last
working day of the month.

‘ Matured Policy’ Report shows the Policy matured but service request not indexed across
the country

A reminder (Annex-VII) shall be sent by the CPC concerned to the insurant through
Registered AD.

Wherever mobile number of insurant is available CPC will contact the insurant over phone

The Intimation Letter shall be shared through email ID if available and SMS shall be sent if
mobile number is available
Postal Training Center Mysuru - 570010
 Maturity Claim

All Post Offices shall maintain a Register in the following format for the Claim
Form received.

Name of the Office ___________________________

Sl. Date of Name of Policy Sum Type of Service Date of Sign of
No. Receipt Insurant Number Assured Policy Request No. dispatch to Official
CPC

Postal Training Center Mysuru - 570010

 Maturity Claim

All CPC`s to maintain a Register for reminders in the following format.

Name of the CPC ___________________________

Sl. Name of Policy Type of Sum Date and Date and Item Remarks Sign of
Number Policy Assured Item number Official
No. Insurant number through
through which
which reminder was
intimation sent
letter was
sent

Postal Training Center Mysuru - 570010

 Maturity Claim

All the Claim Forms received at CPC shall be entered in a Register in the following format

Name of the CPC ___________________________

Sl Service Date of Received from Name of Policy Sum Type Cash/Pay Sanction Mode and Remarks Sign of
No Request receipt Insurant Number Assured of Policy amount and date of Official
Number in CPC (Insurant/name Policy date payment
of Office)
and Date

Postal Training Center Mysuru - 570010

 Maturity Claim

 In case any required document found not submitted, CPC to send a written
communication through Register AD requesting to submit the document within 15
days.
 If the documents are not received within 15 days, a reminder to be sent to the
Insurant intimating that the case could not be processed due to non receipt of
required documents.
 If Maturity/Survival Benefit Claim is rejected, CPC to intimate the same to the Insurant
through Registered AD by next working day giving the reason.

Postal Training Center Mysuru - 570010

 Maturity Claim
Documents to be submitted along with Maturity/Survival Benefit Claim

Sl No List of Documents Cash policy Pay Policies

1 Maturity/Survival Benefit Claim Form (format at Yes Yes
Annex-II)
2 Original Policy Bond or Letter of Indemnity* Yes Yes
(Format at Annex- III)
3 Self-Attested copy of ID and Address proof of the Yes Yes
Insurant (list of Documents acceptable as ID and
Address proof is given in Annex-IV)
4 Cancelled Cheque for Bank mandate or Self Attested Yes Yes
copy of POSB passbook
Postal Training Center Mysuru - 570010
 Maturity Claim
Documents to be submitted along with Loan Application

Sl No List of Documents Cash policy Pay Policies

5 Self-Attested Document of Credit, if any** No Yes
6 Premium Receipt Book *** Yes No
7 Loan Receipt Book# Yes Yes

• Letter of Indemnity, if any, must be Notarised from Public Notary on non-judicial stamp paper of value as
prescribed in the State concerned.
** In case, premia payment is not updated in Pay Policies, a certificate from the Employer about deduction of
premia and details/copy of pay recovery schedule sent to India Post.
*** In case, premia payment is not updated in Cash Policies, Premium receipt Book is mandatory for updation of
Premia paid by Insurant in McCamish Software.
# In case, loan amount shown outstanding in the Intimation letter has been repaid partially or in full.
Postal Training Center Mysuru - 570010
 Death Claim
Death Claim Categories
Early Death Claim  Death within three years

Normal Death Claim  Death after three years

Death due to Accidents  Notwithstanding the tenure of the Policy
Death due to Suicide {A}  Before expiry of one year from the date of acceptance/revival

Death due to Suicide {B}  After one years from the date of acceptance/revival
Death after Maturity  Before disbursement of the maturity value
 The period between date of acceptance of proposal and cause of death play a vital role in
deciding the Procedure Postal Training Center Mysuru - 570010
 Death Claim

Three Important things to be confirmed for settlement of the Claim

 Whether the premium/premia is/are paid up to date (or) within the period of grace
allowed as per rule.
 Whether “Fact of Death” is confirmed.
 In case of Murder of the Insurant : Whether Nominee/Claimant is involved in murder of
the Insurant.

Postal Training Center Mysuru - 570010

 Death Claim
Death within 3 Years from the Date of Acceptance/Revival of Policy whichever is later

 Any suppression of material information.

Detailed enquiry is  Any disease pre-existed at the time of the inception of the
necessary to find out Policy.
 Enquiry is necessary in case of Natural Death also.

 On receipt of the Documents and Claim Application, CPC to process and send the same to
Approving Authority.
 Approving Authority shall send the case to Inquiry Officer concerned.
 Inquiry beyond the jurisdiction shall be sent to the Concerned Division through McCamish.
Postal Training Center Mysuru - 570010
 Death Claim
 Genuineness of FIR and Post Mortem Report should be
Accidental Death thoroughly verified by Field Enquiry Officer.

 Claim can be settled.

 Enquiry has to be made to ascertain whether
Nominee/Claimant is involved in the murder.
 The Legal Representative/Nominee is not eligible to
In Case of Murder receive the money if the murder is committed/abetted by
them, if acquitted by the Competent Court of Law by
giving the benefit of doubt.
 The money will be payable to other eligible legal heir(s)
of the policy holder.
Postal Training Center Mysuru - 570010
 Death Claim

Death beyond 3 Years from the Date of Acceptance/Revival of Policy whichever is later

 No need of Inquiry.
 Normal Death Claim is as good as Maturity.
 CPC to process and send the same to Approving Authority for Approval.

Postal Training Center Mysuru - 570010

 Death Claim

Who can receive the proceeds?  Nominee

 Legal Heirs in case of Counter Claim

 Natural Guardian
In case of Minor Nominee  Appointed Guardian OR
 Nominee on attaining Majority

In case of more than one  Amount payable to surviving Nominee or

Nominees and one of the Nominees
Nominee Dies
Postal Training Center Mysuru - 570010
 Death Claim

Death Claim for Non-Medical Policies

Period Amount of Claim
Within One Year 35% + Accrued Bonus
After One Year Before Two Years 60% + Accrued Bonus
After Two Years Before Three Years 90% + Accrued Bonus

Postal Training Center Mysuru - 570010

 Death Claim

Death Claim for Suicide Cases

Period Amount of Claim

Within One Year 80% of the premium paid till the date of death
or Surrender value whichever is higher

After One Year Sum Assured plus Bonus

Postal Training Center Mysuru - 570010

 Death Claim
Remission Period in case of Death before 36 Months
Period Days Allowed beyond the
Period of Grace
Within Six Months Nil
Within Twelve Months but not before 30 Days
completion of Six Months
Within Twenty Four Months but not before 60 Days
completion of Twelve Months
Within Thirty Six Months but not before 90 Days
completion of Twenty Four Months
Postal Training Center Mysuru - 570010
 Death Claim

Documents Required for Normal Death Claim

1. Annexure-I (Claim Application for PLI/RPLI (death Cases).
2. Original Policy Bond or Letter of Indemnity.
3. Self-Attested copy of Death Certificate.
4. Self-Attested copy of ID and Address Proof of the Claimant.
5. Cancelled Cheque for Bank Mandate.
6. Self-Attested copy of Legal Document if Nomination is not available.
7. Document of credit (If pay Policy).
8. Loan Receipt Book (If loan was availed and remain unpaid).
9. Premium Receipt Book (If Cash Policy).

Postal Training Center Mysuru - 570010

 Death Claim
Early and Unnatural Death Claim

Following Additional Documents are Required

1. Medical summary from Hospital if treatment is taken in Hospital.
2. Final report from Police if FIR is filed.
3. Final report of chemical analysis if Post-mortem is conducted.
4. Indemnity Bond from Claimant.

Investigated thoroughly to enquire if the Insurant while submitting the proposal has
suppressed Material Information.
Postal Training Center Mysuru - 570010
 Death Claim
Legal Evidence (No Nomination/Counter Claim Cases)
Up to Rs.300000/-
(Sum Assured + Bonus) Can be settled without Legal Evidence

Above Rs.300000/- Succession Certificate is Mandatory

Documents required where Legal Evidence is not produced

1. Proof of Death of the Insurant/Nominee.
2. Affidavit on Rs.10/- Stamp Paper.
3. Letter of Indemnity on Rs.100/- e-Stamp paper/Non-Judicial Paper
4. Letter of Disclaimer on Affidavit/e-Stamp/Non-Judicial Paper worth Rs.10/- duly attested by a
Notary Public/Oath Commissioner.
Postal Training Center Mysuru - 570010
 Appeal

 Appeal can be made against rejection of Death Claims.

 Appeal shall be made to the next higher authority of the rejecting authority.
 Appeal to be preferred within 90 Days of rejection.
 Appellate Authority to dispose off the Appeal within 45 Days.
 Appeal can be sent directly or through CPC.
 The Appeal may be either in person or through post or email.
 Details of the Appellate Authority to be furnished in the Claim Rejection Order invariably.
 Delay in submission may be condoned by the Appellate Authority for good and sufficient reason.

Postal Training Center Mysuru - 570010

 Death Claim

Register to be maintained at Post Offices

 All Post Offices shall maintain a Register in the following format for
the Claim Form received-
Name of the Office_________________

Sl. Date of Name of Policy Sum Type of Service Date of Sign of

No. Receipt Insurant Number Assured Policy Request No. dispatch to Official
CPC

Postal Training Center Mysuru - 570010

 Death Claim

Register to be maintained at CPC

 All the claim forms received to be entered in the following Register

Name of the CPC_________________

Service Date of Received Name of Policy Sum Type of Cash/Pay Sanction Mode &
Sl
Insurant Number Assured Policy Policy

Sign of Official
No. Request Receipt from Amount Date of
No. and in CPC (Insurant and Date payment

Remarks
date /name of
office)

Postal Training Center Mysuru - 570010

 Preservation of Records
Sl Type of Policy Schedule
No.
1 Policies where less than 3 years of premia paid and 5 years after maturity date is over
policy is lapsed
2 Policies where at least 3 years of premia paid and policy 5 years after payment of Surrender value
is surrendered
3 Policies where at least 3 years of premia paid and policy 5 years after the date of ‘Forced
is Forced Surrendered Surrender’
4 Policies where at least 3 years of premia paid and 5 years after payment of Maturity/ Death
insurance contract is discharged due to Maturity or Claim amount
Death
5 Policies cancelled at the option of Insurant during ‘Free 5 years after cancellation of the policy
Look’ period
6 Policies which are subject matter of any case filed in any 3 years after final clearance from
court of law arbitration, litigation, enquiry or audit as
the case may be or till the prescribed
Postal Training Center Mysuru - 570010
retention period, whichever is later
 Death Claim

Areas of Concern

Average time taken for PLI Death Claim 62 Days

Average time taken for RPLI Death Claim 64 Days

Average time taken for death claims involving inquiry More than 90 Days

Postal Training Center Mysuru - 570010

 Role of Supervisor relating to
After Sale Services and Claims
Roles and Responsibilities
1. Guiding the insurant/nominee/claimant in filling the necessary
applications/forms relating to after sale services and claims.
2. Guiding the insurant/nominee/claimant in procuring the relevant supporting
documents for after sale services and claims.
3. Verifying the documents submitted by the insurant/nominee/claimant.
4. In case of death claims, segregating them into early and normal death claims.
5. Ensuring the indexing of the service request in McCamish.
6. Forwarding the application/forms to the respective CPC for further process
without any delay.
Postal Training Center Mysuru - 570010
 New Promotional Structure
New Promotional (Sales) Structure of PLI/RPLI

Head of Circle

PMG
DPS

Divisional Head

CPC

DO (PLI)

GDS FO DE DA
Postal Training Center Mysuru - 570010
 New Promotional Structure

Feature of New Promotional Structure

1. Group Leader will be known as Development Officer.
2. Each Postal Division will have One Development Officer.
3. Sales Force comprises Development Officer, Direct Agent, Departmental
Employees, Field Officer & GDS.
4. Departmental Employees will include Inspector of Posts & Assistant
Superintendent of Post Offices.
5. Policies procured by the Sales Force from the Neighboring Divisions with prior
approval from the Competent Authority (ADM/DDM (PLI)(RO/CO) should be
Indexed at the CPC where Insurant resides.

Postal Training Center Mysuru - 570010

 Incentive to Sales Force
Other than AEA
Premium Paying Term Incentive Structure on First Year
Premium
Up to and Equal to 15 Years 4% of First Year Premium
More than 15-25 Years 10% of First Year Premium
Above 25 years 20% of First Year Premium

For AEA
Less than or Equal to 15 Years 5% of First Year Premium
Beyond 15 Years 7% of First Year Premium
Postal Training Center Mysuru - 570010
 Incentive to Sales Force

Procurement Incentives for PLI Advisors

 Development Officer will be paid 1% of total PLI New Business Premium procured by
the attached Direct Agents.

Renewal Incentive for PLI:

 1% of Renewal Premium in respect of PLI Cash Policies to all types of PLI Sales Force.
 Development Officer will not be paid Renewal incentives on PLI Policies.

Postal Training Center Mysuru - 570010

 Incentive to Sales Force

Procurement Incentives for RPLI Advisors

 For RPLI Policies Sales Force will get Procurement incentives of 10% of Procurement
Premium.
 DO will be paid 1% of total RPLI New Business Premium procured by the Direct
Agents.

Renewal Incentive for RPLI

 2.5% of Renewal Premium in respect of RPLI Cash Policies to all Sales Force.
 Development Officer will not be paid Renewal incentives on RPLI Policies.

Postal Training Center Mysuru - 570010

 Incentive to Sales Force

Incentive on Online/Cash/Pay Policies

 Procurement incentive prescribed will be payable on PLI/RPLI Policies in case

of Online/Cash/Pay Policies. case of Pay Policies.

 Renewal incentive prescribed will be payable on PLI/RPLI Policies in case of

Online/Cash Policies.

 No renewal incentive will be payable in case of Pay Policies.

Postal Training Center Mysuru - 570010
 Incentive to Sales Force

Termination of Agency Code

 If Sales Force does not procure minimum of four(4) new policies in financial
year, the license may deemed to be terminated.
 In such cases, the agent should apply for new agency code.
 The terminated license will not be reactivated.

Postal Training Center Mysuru - 570010

Postal Training Center Mysuru - 570010