Main Features of Postal
As Postal Life Insurance has got no profit
motive. The premium rates charged by it
are lowest as compared to those charge by
other Insurance concerns. Rebate is allowed
to the Insurants.
Life Insurance For All:
benefits of Postal Life Insurance are not
limited only to the Government and Semi-Government
employees. The scope is also available for
the members of the general public who have
assured means of regular income and an insurable
As PLI is run by the Government on “no
profit, no loss” basis, the entire
surplus is distributed amongst the policy holders
in the shape of simple reversionary bonus.
The present rate of bonus is Tk. 33/= on
endowment policies and Tk. 42/= on life
Life Insurance premium can be paid in cash
in post offices on monthly basis or premium
may be paid by deduction from the monthly
salary bill. Rebate is on the other hand
allowed if payment is made by the policyholder
Quarterly, six monthly or Annually. The
rate of rebate is as follows: If Premium
is paid yearly for advance payment of premia
for not less than 12 months Tk. 2/= per
thousand of a sum assured. If premium is
paid half yearly not less than 6 months
Tk. 0.50 per thousand of a sum assured.
If Premium is paid quarterly not less than
3 months Tk. 0.12 per thousand of a Sum
can be financed from Provident Fund.
Premium on Postal Life Insurance can be
paid from out of Government Employees. Policies
are required to be assigned to the President
and division of G.P.F. is arranged through
pay bill deductions Premium can also be
paid annually in advance in cash in Post
Office after withdrawing the amount from
the G.P.F. balance.
A Policy that has been in-force for 2 Years
or more can be made paid-up on application.
Premia for two years of more must have been
paid against a policy intended to be surrendered
by an insurant. To meet the immediate financial
needs a policyholder can surrender his/her
policy before maturity.
Loan to be the extent of 90% of each surrender
value acquired by a policy after two years
is granted to the policy holders to meet
their immediate financial needs to be repaid
by them or easy installments. Loan is also
sanctioned to clear the arrer premia.
The Postal Life Insurance offers the following
types of Policies.
Whole Life Policy Payment of Premium ceasing
at the age of 50, 55, 60, or 70 as per contract
or on death whichever occurs earlier. After
death payment is made to the nominees/heirs
of the insurants.