Do you know the new eligibility for PLI (Postal Life Insurance) rules? Many of us unaware that Post Office also offers the Life Insurance. However, the eligibility is restricted earlier. Due to the huge competition, recently they changed the rules.
What is PLI (Postal Life Insurance)?
PLI (Postal Life Insurance) is exactly like any Life Insurance company, for example, LIC or ICICI Pru Life Insurance. The only difference is, it is run and managed by Post Office. PLI currently offers only traditional plans. Therefore, no term insurance or ULIPs. The policies are offered by Government Of India through Post Office.
The advantage of PLI is that they offer you the products at the cheaper premium with high bonus rates.
Currently, PLI offers 6 types of policies and they are as below.
- Whole Life Assurance (SURAKSHA)
- Convertible Whole Life Assurance (SUVIDHA)
- Endowment Assurance (SANTOSH)
- Anticipated Endowment Assurance (SUMANGAL)
- Joint Life Assurance (YUGAL SURAKSHA)
- Children Policy(BAL JEEVAN BIMA)
Advantages of investing in PLI (Postal Life Insurance)
- You can avail of the tax benefits by investing in PLI under Sec.80C.
- The premium you pay towards PLI is very low compared to other Life Insurance Companies premium rate (inclusive of LIC).
- PLI offers the highest bonus rate (more than LIC plans).
- Facilities like – Assignment, Loan, Conversion, Surrender and Paid Up Value options are also available.
- You can transfer the policy to any Circle within India, at no additional charges.
- PLI provides you the passbook facility to track the payment of premium and in case of loan transactions, etc.
- You can pay the premium annually, half-yearly and monthly basis.
- You can avail 1% discount on the premium if you make an advance premium payment for a policy period of 6 months.
- You can avail 2% discount on the premium if you make an advance premium payment for a policy period of 12 months.
- Nomination facility is also available.
New Eligibility for PLI (Postal Life Insurance)
A reader commented in my blog post about the new eligibility for PLI (Please refer the comment “Postal Life Insurance Vs LIC-Which is best?“. However, I was also unaware of the same. Finally, he sent the Government notification in this regard. Hence, thought to update the same.
Let me give you the list of eligibility for PLI as per old rules and they are as below.
- Central Government
- Defense Services
- Para-Military forces
- State Government
- Local Bodies
- Government-aided Educational Institutions
- Reserve Bank of India
- Public Sector Undertakings
- Financial Institutions
- Nationalized Banks
- Autonomous Bodies
- Extra Departmental Agents in Department of Posts
- Employees Engaged/ Appointed a Contract basis by central/ State Government where the contract is extendable
- Employees of all Scheduled Commercial Banks
- Employees of Credit Co-operative Societies and other Co-operative Societies registered with Government under the Co-operative Societies Act and partly or fully funded from the Central/ State Government/RBI/ SBI/ Nationalized Banks/ NABARD and other such institutions notified by Government
- Employees of deemed Universities an educational institutes accredited by recognized bodies such a National Assessment and Accreditation Council, All India Council of Technical Education, Medical Council of India etc.
The insurance industry in India has undergone transformational changes after liberalization of the insurance industry in the year 2000, subsequent to setting up of the IRDA.
In such a competitive life insurance industry scenario, PLI felt it necessary to open the doors of eligibility for other individuals also. Hence, they came up with the notification on 18th October 2017. Sadly, the PLI portal still refers to the old eligibility rules. Below is the Government notification of the same.
Based on the above list, I am sharing you the below new eligibility for PLI (Postal Life Insurance) rules as below.
- Central Government
- Defense Services
- Para-Military forces
- State Government
- Local Bodies
- Government-aided Educational Institutions
- Reserve Bank of India
- Public Sector Undertakings
- Financial Institutions
- Nationalized Banks
- Autonomous Bodies
- Extra Departmental Agents in Department of Posts
- Employees Engaged/ Appointed a Contract basis by central/ State Government where the contract is extendable
- Employees of all Scheduled Commercial Banks
- Employees of Credit Co-operative Societies and other Co-operative Societies registered with Government under the Co-operative Societies Act and partly or fully funded from the Central/ State Government/RBI/ SBI/ Nationalized Banks/ NABARD and other such institutions notified by Government
- Employees of deemed Universities an educational institutes accredited by recognized bodies such a National Assessment and Accreditation Council, All India Council of Technical Education, Medical Council of India etc.
- Employees (teaching or non-teaching staff) of, all private educational institutions/schools/colleges etc. affiliated to recognized Boards (recognized by Centre / State Governments) of Secondary / Senior Secondary education i.e. CBSE, ICSE, State Boards, Open Schools, etc.
- Professionals such as Doctors (includingDoctorspursuing Post Graduate degree courses through any Govt/Private Hospitals,Residents Doctorsemployedon contract/ permanent basis in any Govt/PrivateHospitalsetc),Engineers (including’ Engineers pursuing Master’s /’ Post·Graduate degree after having passed GATE entrance test), Management Consultants; Chartered Accountants (registered with Institute orCharteredAccountantsofIndia),Architects, Lawyers (registered with Bar Council of India/ States ), Bankers (working in Nationalised and its Associate Banks,Foreign Banks,Regional Rural Banks,Scheduled Commercial Banks including Private Sector Banks) etc.
- Employees of listed companies of NSE (National Stock Exchange) and Bombay Stock Exchange (BSE) in IT, Banking & Finance, Healthcare/ Pharma, Energy/power, Telecom, Infrastructure Sector etc, where employees are covered for Provident Fund./ Gratuity and / or their leave records are maintained by the establishment.
I have bolded the new eligibility for PLI (Postal Life Insurance) categories in bold. Do remember that as proof of profession, the copy of the relevant educational degree from a recognized institution / regulatory body will be submitted at the time of purchasing.
108 Responses
Respected Sir,
Does out sourcing employees (graduation completed) are eligible to purchase PLI?
Dear Peyyala,
It is again what type of graduation you did matters.
Sir my sister working as a banking staff at nbfc and she possess a B.Ed graduation, so can she take pli policies
Dear Arun,
BEd is not considered a professional course.
Can I simple graduate (BA) who work as a freelancer can purchase PLI policy ?
Dear AB,
Which graduation?
Hi,
I am working in a Private sector. Am i eligible to hold a PLI AGENT role as well.
Dear Bhuvaneshwari,
Refer to the educational qualifications.
Respected sir,
I am working for a Pvt bank (off roll),Pf Gratuity cover.So can I able to do PLI..Please assist
Dear Suman,
Yes.
Sir i am working for a BPO private company, simple Graduate , PF , Graduity, Leave eligible but Company not listed in NSE or BSE . So can i be able to do PLI. Please assist.
Dear Mayank,
Check above post again.
Sir, my brother is a diploma holder in nautical science. Is he eligible to open pli policy?
Dear Binitha,
NO.
How many policy can an one central government employee allow to pay premium ? At a time I can pay 2 premium amount for the policies (endowment assurance and also convertible whole life assurance) . Is it possible sir? Please clarify my doubt.
Dear Naveen,
Yes you can but why you wish to pay in advance?
Sir I am working as Anganwadi worker in ICDS Department from last sixteenth years whether I am eligible for pLI ar not …….
Dear Nayeema,
I think NO.
Hi Sir,
My mausi expired on 1st Jan 21, she was an employee of delhi government. She took PLI but couldn’t contu paying premium due to disability as she had stroke in November 2019. Last premium was paid in Feb 2020. Please suggest how we can claim the life insurance benefit.
Dear Prashant,
Check whether the policy is in force or in lapsed mode. Accordingly to claim the amount approach the insurer with legal heir certificates and other documents as required by Post Office.
Sir
I am working in a Govt aided institution for last 12 yrs as a casual staff. Am I eligible for PLI
Dear Anish,
NO.
I am an health care professional(Post Graduate). Currently working in wipro. Please let me known whether I am eligible for getting PLI.
Dear Naveen,
Yes.
Dear sir,
I am 37
Mechanical Engineer by education.
Working in a company. Pf/gratuty available but Pvt company, not listed.
Can I opt for PLI as an engineer?
Do I need to submit any document?
Thank you.
Arun V
Dear Arun,
Yes, you can.
Hi Sir,
I’m Srikanth, 34 years old.working as a Software Engineer..
But in 2014 December I got open heart surgery for aorta valve replacement.
So please let me know am I eligible for PLI policy?
My health condition is normal only.
Dear Srikanth,
It is up to the underwriter of Post Office to decide. It is hard for me to judge.
Hi Sir,
I am an Indian citizen currently employed as an engineer and have been paying PLI premiums from past 2 years.My premium ends on 2035 and I will be migrating abroad permanently this year.
What impact will it have on my PLI maturity amount?
Will I obtain the same maturity amount as an Indian citizen would if I keep paying my premiums?
Thanks,
Ramya
Dear Ramya,
Yes, no change in returns.
I am an health care professional(Post Graduate). But currently working abroad. Please let me known whether I am eligible for getting PLI
Dear Bijesh,
Yes.
Hi sir
I Have studied MCA and working as an IT Professional will i be eligible for postal life insurance(PLI)?
Dear Vignesh,
Yes.
I am an MBA graduate working in Audit department in an MNC. Am I eligible for postal insurance (Santhosh plan)? Please clarify.
Dear Srimannarayana,
Yes.
Hi Sir,
I’m mca holder. Now I’m working as a software engineer. Can I eligible for pli.
Dear Gopal,
Yes.
Dear sir, I am working in Mastercard, Pune as IT professional with registration in EPFO and PFRDA. Am I eligible for PLI plan?
Dear Saurabh,
Yes.
Respected sir
Can Government Employee’s wife ( house maker ) join in pli scheme ?
Sir, i have done BCA and i want to know i am eligible for PLI
Dear Akhil,
Whether BCA considered as a professional course?
I’m a post graduate having a business as well as working in music feild. Am I eligible for it?
Dear Alex,
Yes.
Whether Civil engineering working as Government contractor can have PLI policy. He has completed only BE and not appeared for GATE
Dear ketaki,
Yes.
Hello Sir, Please clarify that Engineer from any stream or MBA degree holder doing own business or working in any company are eligible or not.. And if degree and own declaration about earning is sufficient.?
Dear Deepesh,
Yes.
Dear sir, I am an MCA (Master of Computer Applications) graduate and I am working in state government as a contract pay. Can I eligible for PLI.
Dear Aswin,
Yes
Thank you so much.
I m working as Software Engineer in IT company. Am i eligible for PLI ?
Dear Anonymous,
Yes.
I am Sumit Dey and job in private sector (imfl plant), have epf/esi.i am eligible for pli.
Dear Sumit,
Check eligibility of the same by reading above post.
I am a Post Graduate in Science, am i eligible for PLI please
Dear Prasad,
Yes.
I am a defence person. Now my age 27. I want to open a PLI 5/10 lac for 10 years. So, how many Rs pay monthly installment and how many Ruppes received after maturity.
Dear Razz,
Contact the nearest Post Office.
Iam working in private engineering college as an assistant professor. Am i eligible for PLI?
Dear Sasikala,
Check your education qualification with respect to what I shared above.
I am working as an IT professional in ITC infotech, am I eligible for PLI.
Dear Dependra,
Yes.
Whether central government servant children eligible for PLI
Dear Bhavani,
NO.
I am M.A. from recognized university.can I apply PLI.
Dear Gupta,
Whether you read the above eligibility criteria properly?
How I Check postal life insurance declared bonus for 2018, year.
Dear Anand,
They will update it on their website.
Hi , I am working in Foreign. I want to apply PLI am I eligible to take ?
Dear Baskaran,
NO.
Hi
I am BE graduate but currently not working can i apply for PLI
Dear Kavitha,
If you are not working, then do you need LIFE INSURANCE?
I have MBA degree and working as manager in LTD company which is not listed. Am I eligible for PLI
Dear Anand,
NO.
Can I not belong to category” management consultant”.I have issued cheque to post office on the basis of my MBA degree which is also cleared and I will received bond from Post office within 2 to 3 days.
Dear Anand,
Then why the doubt? Go ahead.
Sir i am working as a accountant in a partnership firm which has a lease through state government for mining porpose it gives all facilities like pf, gratuity, leave records etc is i am elegible for pli or not. Pleaese tell me.
Dear Hemant,
Sadly NO.
Sir , I have working in a automobile industry like MNC company . So can I take this policy
Dear Sagar,
I have already mentioned the eligibility conditions. Please refer the same again and cross check your company status and then take a call.
Sir, I read your blog regularly. Just wanted to make an update here – PLI website has been updated and now it includes as per government notification you have referred above. Link is given below. Thank you for your service.
http://www.postallifeinsurance.gov.in/innerpage/eligibility.php
Dear Vignesh,
Thanks for your sharing.
I want to stop PLI premium payment and make it paid up. How cn I do that.
Dear Ramesh,
Approach the concerned Post Office for the same.
Hi,
Any idea of age eligibility? retired state government employees?
Dear Jay,
That depends on the respective product. You have to check plan features of PLI.
Nice Article. One doubt regarding new eligibility. It mentions “Engineers” so I believe even engineering graduate ( BE, BTec) are also eligible.
Secondly , I heard that each policy has mandatory medical exam/test which applicant need to go thru.. However I don’t find any details on it..like any age limit..list of tests, criteria etc. Please share if you have those details..
Dear Janu,
Yes, your understanding about Engineers eligibility is right. Medical examination depends on the case to case.
Hi Sir,
I read the eligibility list i was not able to find IT professionals. TO be double sure i am asking do IT professionals working in private company are eligible?
Dear Sat,
IT Professionals are not eligible. However, if they are working in the company which is listed in NSE or BSE, then they are eligible.
Thanks my company listed so let me try…do we have online application process or visiting Post office is mandatory?
Dear Sat,
Visiting post office is mandatory.
I am working as an accountant in International sivananda yoga centre in Thiruvananthapuram, Kerala. Our organization comes under trust. Can I apply for post office insurance? Waiting for your advice.
Dear Manikandan,
Employees of trust are not eligible for PLI.
Sir, Employees of BSE/NSE listed Pvt. Manufacturing Co.’s is not mentioned.
Also if one wishes to apply online is not mentioned. May please clarify.
Dear Shubhendu,
If the company is listed, then it is enough as industry not matters.
Sir, I am private employee or doing my small business….Please tell me can I take Postal Life Insurance?
With Regards,
Srinivasa Vutukuri
Dear Srinivasa,
Please refer above list of eligible individuals once again.
Sir, I am the Marketing Executive of G-sergiwear pharma/ healthcare company,tell me please can I take Postal Life Insurance ?
Dear Jitendra,
I am unaware about the compare. Hence, better you cross check your eligibility by comparing the company details.
Hi, I read your article but I am not sure for my eligibility, I am working in Limited biopharmaceutical company but it is not listed in BSE and NSE , I am epfo member through my employer. Now please tell me am I eligible for PLI?
Dear Ravikumar,
NO.
Respected Sir,
I am working as teacher in private primary school,can i get pli
Dear Madhu,
No. However, check the eligibility if you completed the above listed educational qualification.
Respected sir,
I am a Aanganwadi worker can I take benefit of this sceme.
Dear Aarti,
Sadly NO.