PA Exam Materials - Examination point of view - 27
PLEASE READ AND KEEP MEMORY THE FOLLOWING POINTS
READ FOR THE EXAMINATION PURPOSE
PLEASE READ AND KEEP MEMORY THE FOLLOWING POINTS
READ FOR THE EXAMINATION PURPOSE
1061. Rural Postal Life Insurance was started on 24th March 1995.
1062. The RPLI facility is available for all the residents in rural region.
1063. Rural Insurance policies available are as under;i) Whole Life ii) Endowment Assurance iii) Convertible Whole life iv) Anticipated Endowment Assurance v) Children Life Insurance policy vi) Ten year Rural PLI(Grama Priya Policy) vii) Gramin Sumangal AES for 15/20 years.
1064. In case the policy has not been enforced for minimum period of 3 years in respect of E.A. polices and for 4years in respect of WL/CWL Policies, No Loan is admissible.
1065. The interest collected for the RPLI loans is @ 10% per annum on the amount compounded half yearly.
1066. A second or subsequent loan may be granted on the security of a policy after the outstanding balance of the previous loan together with interest should be deducted from the amount of second or subsequent loan applied for.
1067. The children policy in PLI and RPLI was introduced from 20-1-2006. Ex DO PLI/ PRI(P) and selected postal assistants are permitted for procurement of PLI/RPLI business.
1068. DO(PLI) procuring effective business to the tune of Rs 25 crores or more shall now be eligible for automatic extension of tenure for the next one year. Such extension will be granted by head of circles.
1069. Direct agent will be required to pay Rs 1000/- for their training which will include cost of study material, examination hand book and examination fee. Training expenses will be reimbursed only if they completed the training process satisfactorily and worked for the specified time thereafter.
1070. The PLI Development Officers can collect first instalment in advance from the proponents.
1071. The risk is covered on the policy by the Department, only from the date of acceptance of the proposal by the CPMG.
1072. The premium can be paid in cash at Post Office, by last date of every month. After this date, premium can be paid with 12% interest (Minimum Re. 11-).
1073. No loan facilities available in Anticipated Endowment Assurance and Yugal Suraksha Policies.
1074. PLI has also the facility of nomination. Change in nomination can be made prior to the maturity of policy.
1075. After continuous payment of premium for three years, any policy except Anticipated endowment Assurance Policy can be surrendered.
1076. The maximum RPLI policy limit is Rest. 10,00,000/-. The minimum RPLI policy limit is Rest. 10,000/-.
1077. The mail Overseer will procure business during off duty hours and on Sundays/ Holidays only. No TA/DA will be admissible for canvassing RPLI business except on RPLI mela organized by the circles.
1078. The amount of incentive free business for D.Os (PLI) was raised from Rs 2 Crores to Rs 4.crores.
1079. The Departmental Postman were authorized to procure PLI business under certain conditions.
1080. Postal life insurance scheme started on 01-02-1882.
1081. Postal life insurance slogan is “Ensuring life insuring future”.
1082. The maximum PLI policy limit for a person 2000000/-.
1083. Postal life insurance policy available in 6 types.
1084. For WLI & EA policies the insurant should not be less than 19 year and not more than 55 year on the date of next birthday. For CWLA the upper age limit is 50 year. The max age limit for 15 and 20 year AEA is 45 and 40 respectively. Under Ugalsuraksha policy age at entry of both the spouses should not be less than 21 years and not more than 45 years.
1085. For children policy the child should be between 5 to 20 years age
1086. Under non medical scheme the age at entry of proponent should not exceed 35 years.
1087. The min amount AEA policy for GP D and others 10000/- and 20000/- respectively.
1088. The rebate allowed in advance paid premium for half year & one year is 1% & 2% respectively.
1089. The PLI policy treated as lapsed if the Policy is less than three year old and if due installment are not paid within 6 month the policy may be treated as lapsed.
1090. In case the policy three-year-old and if premium is not paid for 12 months and more than the permission from the head of the circle is necessary .
1091. The WLA policy can be converted into EA after one year. The EA policy can be altered and value can be reduced after one year of issue and before one year of maturity. CWL policy cant be converted into EA policy at the end of the 5 years.
1092. In the event of policy holder committing suicide within two years from the date of policy, the policy will be treated as void and no claim will be entertained
1093. Lapsed PLI can be revived with the order of the CPMG and on paying all the installment due along with 12% interest and also producing medical fitness certificate.
1094. Limit of death claim benefit under non medical scheme is if death occurs within 4 years 100 % of sum assured a/w accrued bonus. (It is desirable to opt for policy medical scheme to get full benefit)
1095. Loan on PLI policy (WLA) is payable at the rate of :- Exceeding 4 years but not exceeding 7 years 60%; Exceeding 7 years but not exceeding 12 years 80%; Exceeding 12 years 90%
1096. Loan on PLI policy (EA): Exceeding 3 years but not exceeding 5 years 60%; Exceeding 5 years but not exceeding 10 years 80%; Exceeding 10 years 90%
1097. Interest at 10% per annum is charged on the loan compounded half yearly. Second loan is not admissible until first loan is cleared. Loans are not available on AEA policies. The risk is covered on the PLI policy by dept only from the date of acceptance of the proposal by the CPMG.
1098. Nomination fee for changing/altering of PLI policy is Free.
1099. The children policy in PLI and RPLI was introduced in 20 Jan 2006.
1100. AEA policy cannot be surrendered.
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