Post Office Life Insurance premium payment: Due date extended till June 30

Post Office Life Insurance premium payment: Due date extended till June 30

The government has informed that there will be an extension of the premium payment period for Postal Life Insurance and Rural Postal Life Insurance till 30th June 2020. In view of the threat posed by the outbreak of Corona Virus (COVID-19), and the complete lockdown across India, Central and State Governments have issued several advisories and imposed restrictions on the movement of the general public.

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Postal Life Insurance and Rural Postal Life Insurance policyholders are facing difficulty in approaching post offices for payment of premium inspite of the fact that many Post Offices are functional as part of essential services.

As a measure of convenience to all the PLI or RPLI policyholders, Directorate of Postal Life Insurance, Department of Posts, Ministry of Communications has given an extension of the period for payment of their due premium of March 2020, April 2020 and May 2020 up to 30th June 2020 without charging any penalty or default fee. The policyholders who have registered on the department’s portal may pay premium online using PLI Customer Portal.

Earlier, the Premium payment period for Postal Life Insurance and Rural Postal Life Insurance was extended up to 30th April 2020. The decision is likely to benefit approximately 13 lakh policyholders (5.5 lakh PLI and 7.5 lakh RPLI) who have not been able to pay premium till now. As compared to about 42 lakh policyholders who paid premium last month, only 29 lakh of them have been able to pay premium for this month till today.

Postal life insurance (PLI) was earlier (Since 1894)available only to the government and semi-government employees, including the employees of public sector undertakings, financial institutions, and nationalized banks. However, since 2017, life insurance policies under PLI has been made available to professionals such as Doctors, Engineers, Management Consultants, Charted Accountants, Architects, Lawyers, Bankers etc. and to employees of listed companies of NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).

 

Source:- financialexpress

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