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.
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.
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.
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.
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
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 INR 100/-.
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 INR 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.
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 INR 5/-.
The fee for issue of duplicate policy bond is INR 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 INR 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.
Facility for change of nomination is available.
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.
Courtesy : http://nfpealuvadivision.blogspot.com
