Have Life Insurance policy in Post Office? Indian Postal Department has this good news for you

In the wake of 21 days Coronavirus lockdown that will be in effect till 14th April 2020, the Indian Postal department has decided to extend the premium payment period for Postal Life Insurance and Rural Postal Life Insurance till 30th April 2020. The Department of Posts informed about the decision in a written press statement citing both urban and rural post offices are operational but the postal insurance policy holders will have problems in approaching the post office to pay their premium. Hence, the postal department decided to extend the premium payment date up to 30th April 2020 and policy holders taking this facility of premium payment extension, won't be charged any penalty for delayed premium payment.

The Department of Posts issued a press statement in regard to the premium payment date extension citing, "In view of the threat posed by the outbreak of Corona Virus (COVID-19), and the complete lockdown across India, Directorate of Postal Life Insurance(PLI), Department of Posts, Ministry of Communications has given an extension of the period for payment of their due premium of March 2020 up to 30th April 2020 without charging any penalty or default fee. Directorate of PLI said that although many Post Offices are functional as part of essential services, Postal Life Insurance/Rural Postal Life customers are facing difficulty in approaching post offices for payment of premium. Therefore, as a measure of convenience to all the PLI / RPLI customers, the period of payment has been extended."

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The decision is likely to benefit approximately 13 lakh policy holders (5.5 Lakh PLI and 7.5 Lakh RPLI)who have not been able to pay a premium for the current month. As compared to about42 lakh policy holders who paid premium last month, only 29 lakh of them have been able to pay a premium for this month till today.