1. postal life insurance fazli sattar khan add dg (operations) phone: 051-9260016 low premium ----...
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Postal Life Insurance
Fazli Sattar KhanAdd DG (Operations)Phone: 051-9260016
LOW PREMIUM ---- HIGH BONUS
Established in 1884
Initially meant for low-paid postal employees
Its ambit stands extended to general public
Also available for sale to all Government Servants / Private organizations
Post Office Insurants Fund has risen from Rs.9.6 million to Rs.20 billion
Postal Life Insurance
• Contribute to National Savings and progress of the country
• Extend insurance business even to the remotest and neglected areas
• Use of policy holder’s fund in the interest and welfare of the society
• Maximum benefits to the policy holders at the minimum possible cost
• Ensuring efficient and quality service to the policy holders
Objectives
A beautiful view of Shangrila resort Skardu
Administrative Setup
• Chairman/ DG Pakistan Post
• Add Director General (PLI)
• General Managers (PLI)
• Regional Directors (PLI)
• Asstt General Managers (PLI)
• Assistant Directors Field (PLI)
Ensures bright future and prosperity to the insurant and to the nation
Low premium rates with high bonus rates
Premium payable on monthly quarterly, six monthly and yearly basis
Payment of premium at any post office in Pakistan
Maximum limit is Rs.5 million
Salient Features of PLI Schemes
Centaurus Islamabad
Risk of all sorts of casualties covered under the scheme
Compulsory savings for all
Insurance coverage on very easy terms and conditions
Loan facilities on policies
Attractive rebates on the advance payment of each yearly / 6 monthly premium
Payment guaranteed by Government of Pakistan
Muzaffarabad after Earthquake 9 Oct 2005
Types of policies
WHOLE LIFE POLICY
• Cheapest survival arrangement for a family against premature casualty of the bread earner
• Premium can be paid till the age of 50,55,60 or 70 years as it suits to the insurant
• The sum assured + bonus is payable at the attaining the age of 85 years or the casualty of policy holder
ENDOWMENT POLICY
• Purchasable for any sum
• Payable at the expiry of the specified term or on his attaining the age of 30,35 ------ 70 years or on his death whichever is earlier
JOINT LIFE INSURANCE
• Any sum payable at the expiry period of 10,15 ------ 35 years or at the death of either of the two insured persons
THREE PAYMENT PLAN• Insurants feel comfortable with
TPP
• Can be purchased for fixed term of 12,15 ----- 30 years
• 25 % of the sum assured is payable to the policy holder at the end of the one third of the term
• 25 % at the end of the two third of the term, 50 % along with the accrued bonus at the end of term
• In case of death of the policy holder, total sum assured + full bonuses is payable to the claimant irrespective of the payments already made to the policy holder during his life time
EDUCATIONAL & MARRIAGE ENDOWMENT
• Issued for the period ranging from 5-17 years
• The period of endowment is timed as per requirement of the beneficiary child
• In case of death of the insured before the specified date, the policy becomes a claim and payment of further installments are waived off
• The amount of claim is deposited in S.B account in the name of the nominated child and is paid with accruing profits on the specified date/expiry of term
ACCIDENTAL INSURANCE• Issued in combination with whole
life or endowment assurance as a supplementary contract
• Minimum Rs. 50000• Payment of an additional amount of
Rs. 1500 for accidental disability. (for 5 Lac)
• Supplementary contract ceases to be operative on maturity of the principle policy in the natural course
• Disability includes loss of one or two of his hands/legs or eyes
• Supplementary contracts are not admissible in case of non medical policies and in case of defence personnel
CHILD PROTECTION POLICY• CPP is issued jointly on the lives
of the child and the father or mother
• No other relative is allowed to be associated with the policy
• It is issued when the age of the child is between 1 to 17 years as per details given below:
AGE ON ENTRY
MINIMUM MAXIMUM
Child 6 months 17 years
Payer 20 years 50 years
GROUP INSURANCE
• Under the Group Insurance scheme, the entire group, (all employees of a particular department are insured)
• Premium is paid collectively by the department
• Agreement is signed for one, two or three years
• After the expiry period of contract the GM PLI may refund a part of the profit, if any revealed, to the party concerned
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Strength of PLI
• A relatively well organized system both in terms of management and its physical network
• About 126 years of experience in Life Insurance
• High bonus and lowest premium
• Guaranteed by the state
• Accessibility in the remotest areas of Pakistan through wide network
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• Departmental and non-departmental field force
• Premium payable on monthly, quarterly, six monthly and annually
• Confidence of general public in Pakistan Post and PLI
• Exemption fromTax
• Exemption from supervisory fee
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