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Pakistan Postal Life Insurance
Pakistan Postal Life Insurance is a trusted, government-backed scheme offering affordable life insurance and savings solutions to Pakistanis. Established in 1884, it’s one of the oldest insurance providers in the subcontinent, known for low premiums and high bonuses. With over 10,000 post offices nationwide, it ensures accessibility, especially in rural areas. This article explores its history, benefits, policy types, and application process, helping you make informed financial decisions.
History of Pakistan Postal Life Insurance
Founded during the British Raj, Pakistan Postal Life Insurance initially covered postal mail runners. After 1947, it expanded to serve the general public, becoming a key player in the insurance sector. In 2020, it was registered as Postal Life Insurance Company Limited (PLICL) with the Securities and Exchange Commission of Pakistan (SECP), enhancing its operational framework. Managed by Pakistan Post under the Ministry of Finance, it invests funds securely in the Post Office Insurance Fund, ensuring attractive returns. Learn more about Pakistan Post.
Key Benefits of Pakistan Postal Life Insurance
Pakistan Postal Life Insurance stands out for its unique advantages:
- Low Premiums: Offers some of the lowest premium rates in Pakistan, making it accessible to all income groups.
- High Bonuses: Provides attractive bonuses, with rates like 60% for endowment policies (1-5 years).
- Rural Reach: Over 10,000 post offices ensure easy premium payments and claims, even in remote areas.
- Tax Exemptions: Exempt from corporate and income tax, maximizing returns for policyholders.
- Flexible Policies: Includes options like whole life, endowment, and child protection policies.
These benefits make it a reliable choice for long-term financial planning. For more insights, check our Financial Planning Guide.
Types of Pakistan Postal Life Insurance Policies
Pakistan Postal Life Insurance offers diverse policies to suit various needs:
Whole Life Policy
Provides lifelong coverage with a sum assured and bonuses paid to nominees upon the policyholder’s death.
Endowment Assurance
Pays the sum assured plus bonuses at maturity or to nominees in case of untimely death.
Anticipated Endowment (Three Payment Plan)
Disburses payments in installments: 25% at one-third and two-thirds of the term, with 50% at maturity.
Child Protection Policy
Ensures financial security for children, ideal for education and marriage planning.
Explore policy details at PLICL’s official website https://plic.com.pk/.
How to Apply for Pakistan Postal Life Insurance
Applying is straightforward:
- Contact an Assistant Director at a General Post Office or call 92-51-9261571.
- Choose a policy based on your financial goals.
- Submit required documents (age, address, identity proof).
- Pay premiums monthly, quarterly, or annually at any post office.
Overseas Pakistanis can apply during visits. For claims or queries, Assistant Directors are the focal points. Visit our Insurance Application Tips for more guidance.
Frequently Asked Questions
Who is eligible for Pakistan Postal Life Insurance?
Anyone in Pakistan, including overseas Pakistanis during visits, can apply.
Can I pay premiums at any post office?
Yes, premiums can be paid at any of the 10,000+ post offices nationwide.
What happens if I miss a premium payment?
Policies of two years or more don’t lapse, and revival options are available on easy terms.
Fahad Munir is a seasoned journalist and editor at Awam PK, specializing in sharing accurate and timely news, job updates, and educational information to the Pakistani audience.
