Introduced in 1884, the Postal Life Insurance (PLI) is the oldest insurance provider in India. The company was started as a welfare scheme to provide benefits to employees of the postal department. In 1888, the services were extended to the members of the Telegraph Department. In 1894, the PLI became the first to provide life insurance coverage to female employees of the Post & Telegraph Department.
Previously, the services of PLI were restricted to a specific department. But, now it covers the employees of State and Central Governments, Public Sector Undertakings (PSUs), Nationalised Banks, government-aided educational institutions, universities, autonomous bodies, local bodies, various joint ventures with minimum 10% of PSU or government stake, etc. Now, the insurance services of PLI are available for the staff and members of para-military forces and defence services.
Features of Postal Life Insurance schemes
Take a look at the following points to determine your consideration for PLI:
- For any product in the market of Indian Life Insurance, PLI provides its customers with highest returns while charging the lowest premium for the same.
- PLI policyholders are given the option to apply for a loan for sudden liquidity requirements.
- You can get your whole life insurance converted to endowment plan as per the terms and conditions.