section is for information and guidance of our customers. We are happy to
furnish following information for your guidance.
ISSUE OF POLICY BONDS
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.
go through information printed on the policy bond.
2. PAYMENT OF PREMIA
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.
HOW TO REVIVE YOUR POLICY
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.
pay defaulted premia of more than six months, prior permission is required
as enumerated below.
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
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.
PAYMENT OF PREMIA THROUGH CHEQUE
Payment of premia is accepted through local cheque only.
PAYMENT OF PREMIA IN ADVANCE
rebate of 1% is given if premia are paid in advance for six months and 2%
if paid for 12 months in advance.
POST OFFICE WHERE PREMIA CAN BE PAID.
may pay premia at any post office chosen by you. However, following is
Post Office where premia are
paid is a new one, intimation be given to Head Post Office
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
HOW LOAN CAN BE TAKEN
facility is available only in Endowment Assurance and Whole Life Insurance
(including Convertible Whole Life Insurance)
provided it has not lapsed.
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.
is mandatory to assign the policy bond in favour of the President of India
and to furnish loan bond at the time of payment.
rate of interest on loan is 10%, compounded half yearly.
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
The loan may be
paid in permissible number of
instalments of any amount not less than Rs.100/-.
loan is completely repaid with interest, please write to the PLI office
immediately for release of policy bond in your favour.
and subsequent loans may be availed on certain conditions. However, at
least one year should have lapsed after repayment of the first loan.
may be repaid at any Post Office in your State.
ISSUE OF DUPLICATE POLICY BOND
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.
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.
fee for issue of
duplicate policy bond is Rs.5/-.
loss of policy is required to be published in one of the leading news
papers having the widest circulation if the sum assured exceeds
ASSIGNMENT OF POLICY BOND
policy may be assigned by the Policy holder either for valuable
consideration or by way of gift.
CHANGE OF NOMINATION
for change of nomination is available.
HOW TO SUBMIT CLAIM
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