GENERAL RULES:
Eligibility Conditions For Postal Life Insurance
6. The following persons are eligible to the benefits of the Post Office Life Insurance fund provided their age is not less than 19 years and not more than 55 years on the next birth day on the date of proposal, except in case of Anticipated Endowment Assurance, Joint Life and Children policy for which the minimum and maximum age limits are prescribed separately: -
(1) All permanent and temporary employees of Central/State Governments,
Universities established by Governments (Centre/ State), Gramin Dak Sewaks,
Government Aided educational institutions, Nationalized Banks, State Bank of
India, Subsidiary Banks of State Bank of India, Financial Institutions notified
by Government, Defence personnel (Army, Navy, Air Force), Personnel of para
military force including Assam Rifles, ITBPF, CISF, BSF and CRPF etc., Regular
employees of Public Sector Undertakings7(Centre and State), Regional Rural
Banks8,10, Permanent & temporary servants of local bodies paid from “Local
Funds” as defined in Fundamental Rule 9 (14).
(2) All permanent and
temporary employees of the Council of Scientific and Industrial Research, The
Medical Council of India, The Dental Council of India, The Nursing council of
India, and The Pharmacy Council of India9. (3) Industrial and Work-charged
employees in the Department of Posts and Department of Telecommunications whose
pay is regulated under the “Fundamental Rules”.
(4) All permanent and temporary employees of autonomous body
established by stipulated rules of Centre/State governments9.
(5) Members of the Defence Services including those holding
short service commission, extended service commission and other kinds of
non-permanent commissions are also eligible to join the fund.
(6) Employees
engaged/appointed on contract basis by Central/ State Governments, where
contract is extendable.
(7) Employees of Joint Ventures in which Central/ State
Governments/ Public Sector Undertakings/ Nationalized Banks have minimum holding
of 10 percent.
(8) Members/employees of Credit Cooperative Societies and
other cooperative societies registered with Government under the Cooperative
Societies Act and partly or fully funded from the Central/State
Governments/RBI/SBI/Nationalized Banks/ NABARD, and other such institutions
notified by Government.
(9) Employees of
Deemed Universities and Educational Institutes accredited by recognized bodies
such as National Assessment and Accreditation Council, All India Council of
Technical Education, Medical Council of India, etc. and/ or affiliated to
Universities/ Boards, etc.
(10) Employees of all Scheduled Commercial Banks.
(11) Employees (teaching/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.
(12) Professionals such as Doctors (including Doctors
pursuing Post Graduate degree courses through any Govt/Private Hospitals,
Residents Doctors employed on contract/permanent basis in any Govt/Private
Hospitals etc), Engineers (including Engineers pursuing Master’s /Post Graduate
degree after having passed GATE entrance test), Management Consultants, Charted
Accountants registered with Institute of Charted Accountants of India,
Architects, Lawyers registered with Bar Council of India/ States, Bankers
working in Nationalized Banks and its Associate Banks, Foreign Banks, Regional
Rural Banks, Scheduled Commercial Banks including Private Sector Banks etc.
(13) (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. NOTE 1: -If a member of the Defence
Service is transferred to Reserve then his policy shall be converted into cash
policy for payment of premium in cash at any post office or online on the
authorized website of the Department on or before last day of the month to
which the premium relates. If the last day happens to be a Sunday or a Postal
holiday and insurants wants to make payment in cash at Post Office counter, the
amount should be paid on the previous business day.
NOTE 2:- Eligible
Joint Ventures/ Cooperative Societies and Deemed Universities/ Educational
Institutions mentioned at Sub Rule (7), (8) and (9) above will be notified in
Schedule ‘A’ of these rules by Director General of Posts from time to time.
NOTE 3:- In case of WLA and EA plans under PLI, the minimum
term of the policy for proponents above the age of 50 years where sum assured
exceeds `5 lakh, will be 7 years and further for a person aged 54 years the
minimum term will be 6 years.
NOTE 4:- If the death of the insured arise either directly
or indirectly as a result of aviation otherwise than as a fare paying passenger
in an aircraft authorized to undertake public transport or as a servant of
Government of India in the Indian Navy or Air Force, only the surrender value
acquired by the policy will be payable under the policy provided that the
surrender value will be paid only if 3 years premia have been paid on the
policy and the policy is of not less than 3 years duration.
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