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Introduction to Post Office life insurance
Postal Life Insurance (PLI) was introduced on 1st February 1884 with the express approval of the Secretary of State to Her magnificence, the Queen Empress of India, and it varies from nation to nation. Director General of Post Offices, of that time essentially implements this scheme of State Insurance. PLI extended insurance coverage to female employees of P & T Department in the year 1894, at a time when no other insurance company covered female lives.
How much it cost to go through this insurance?
We provide life insurance for up to £500,000, with premiums starting from just £5 per month, one can decide how much coverage he or she wants. Your age, whether you smoke, medical history and the length and type of cover you are going to adopt are considered when calculating your monthly premium.
How long it takes?
How long do you want the cover to last for example: 5 years, 10 years ? If you have children, then think about how long it will be before they are out of school, earning and got independent. The length of the cover will have an impact on your monthly premium, so think while selecting the plan.
What level of cover it provides?
You can choose between Decreasing and Level Cover. With Deceasing cover the lump sum will decrease over the term of the policy, and as per Level Cover the lump sum payable will remain fixed throughout the term of the policy.
What type of cover is available?
One can go for Single cover, which is for one person or Joint cover for two people. One can choose Joint cover if he or she has life partner, common law partners, sharing a mortgage or loan, civil partners . If you choose joint cover insurance, the lump sum will be paid out once one person dies, and at the same time the policy would end automatically. If you like to cover each life independently, choose two single policies. In that case if one person dies the other single policy will remain continue for the second person.
If you are diagnosed with a fatal illness or die during the policy term, a lump sum payment will be made at that time. The payment will not presently be liable for capital gains tax or income, but may be liable for inheritance or legacy tax.
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