Government extends premium payment period for Postal Life Insurance till June 30

Government has extended the premium payment period for Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) till June 30, 2020, without charging any penalty or default fee. Ministry of Communications said, in the view of lockdown across the country due to the threat posed by the outbreak of Coronavirus, COVID-19, the customer of Postal Life Insurance and Rural Postal Life Insurance are facing difficulty in approaching post offices for payment of premium.

The Ministry has given an extension of the period for payment of their due premium of March, April and May 2020 up to June 30 without charging any penalty and default fee.

The decision is likely to benefit about 13 lakh policyholders (5.5 lakh PLI and 7.5 lakh RPLI) who have not been able to pay premium till now. As compared to about 42 lakh policyholders who paid premium last month, only 29 lakh of them have been able to pay the premium for this month till date.

Earlier, the Premium payment period for Postal Life Insurance and Rural Postal Life Insurance was extended up to April 30, 2020.