Customer's Guide

 


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 - 
(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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