Postal Life Insurance Company Limited (PLIC), Pakistan - Intro

Postal Life Insurance is the subcontinent’s oldest service of its sort. It was founded in 1884, initially to protect the lives of postal mail carriers. Its services were then extended to other government personnel as well. Postal Life Insurance developed as a prominent participant in the life insurance sector following Pakistan’s independence in 1947, and began selling its services to the general public through a huge network of Pakistan Post Offices.

The Government of Pakistan (GoP) decided to create a distinct legal organization called “Postal Life Insurance Company Limited, Pakistan Limited” (PLICL) that would be independent of the Pakistan Post agency. The firm was formed in Pakistan as a limited company under the Companies Act, 2017 on March 10, 2020. On August 26, 2020, it was registered with the Securities and Exchange Commission of Pakistan Insurance Division.

PLIC offers individual, group and personal life insurance and savings products through a broad network of over 10,000 Post Offices and 47 field offices throughout Pakistan.

The firm has been reformed with the assistance of the Ministry of Communications, Pakistan Post, and the Federal Government to implement best practices, leverage on its distribution strength, and improve value for its vast current and new consumers.

1. Details – Postal Life Insurance Company Limited, Pakistan

Pakistan established a separate legal entity, Postal Life Insurance Company Limited, Pakistan Limited (PLICL), independent of Pakistan Post’s agency, on March 10, 2020, and registered with the Securities and Exchange Commission of Pakistan Insurance Division.

1.1 Vision Statement – Postal Life Insurance Company Limited, Pakistan

To become a first choice of insurance and savings for every citizen of Pakistan by offering affordable, reliable and smart solutions.

Vision Statement – Postal Life Insurance Company Limited, Pakistan

1.2 Mission Statement – Postal Life Insurance Company Limited, Pakistan

To help our customers achieve financial security against the expected and unexpected events of life.

Mission Statement – Postal Life Insurance Company Limited, Pakistan

2. Postal Life Insurance Company Limited, Pakistan – Intro Video

3. Type of Insurances – Postal Life Insurance Company Limited, Pakistan

3.1 Endowment Assurance Plan – Postal Life Insurance Company Limited, Pakistan

This is the best plan for ensuring an enough income at retirement or an earlier age when certain responsibilities are expected to be satisfied.

Death Benefit

• 100% Basic Sum Assured, PLUS
• Accured Bonuses, if any

Maturity Benefit

• 100% Basic Sum Assured, PLUS
• Accured Bonuses, if any

Surrender Value

• Surrender Value of Sum Assured, PLUS
• Surrender Value of Accured Bonuses, if any

*You may surrender your policy after payment of two years premium in full and completion of two policy years.

Terms & Age Limits

Supplementary Riders

You can choose any of the following supplemental riders for a little additional fee:

• Accidental Death Benefit (ADB)
• Additional Sum Cover will be payable in case of accidental death to the insured
• Accidental Death & Disability Benefit (AD&D)
• Additional Sum Assured in case of accidental death and total permanent disability and 50% of sum assured in case of partial disability to the insured due to accident.
• Benefit for Treatment of Cancer
• Full sum assured opted under this rider will be payable on diagnosis of Cancer to the insured
• Benefit for Bypass Surgery
• Sum Assured opted under this rider will be payable on bypass surgery to the insured

Mode of Premium Payment

• Annually
• Semi-Annually
• Quarterly
• Monthly

3.2 Anticipated Endowment Assurance Plan – Postal Life Insurance Company Limited, Pakistan

This plan is appropriate if you wish to pay in installments. In which 25% of the sum insured is paid at the end of the third term, 25% at the end of the second term, and the remaining 50% is paid when the term matures.

Death Benefit

• 100% Basic Sum Assured, PLUS
• Accured Bonuses, if any

Survival & Maturity Benefit

• 25% of the Sum Assured at the 1/3rd of the policy term, PLUS
• 25% of the Sum Assured at the end of 2/3rd of the policy Term, PLUS
• 50% Sum Assured including accured bonuses at the end of policy term

Surrender Value

• Accumulated Surrender Value of Sum Assured, PLUS
• Surrender Value of Accured Bonuses, if any

*You may surrender your policy after payment of two years premium in full and completion of two policy years.

Terms & Age Limits

Supplementary Riders

Paying minimal additional premium, you may opt any of the following supplementary riders;

• Accidental Death Benefit (ADB)
• Additional Sum Cover will be payable in case of accidental death to the insured
• Accidental Death & Disability Benefit (AD&D)
• Additional Sum Assured in case of accidental death and total permanent disability and 50% of sum assured in case of partial disability to the insured due to accident.
• Benefit for Treatment of Cancer
• Full sum assured opted under this rider will be payable on diagnosis of Cancer to the insured
• Benefit for Bypass Surgery
• Sum Assured opted under this rider will be payable on bypass surgery to the insured

Mode of Premium Payment

• Annually
• Semi-Annually
• Quarterly
• Monthly

4. Branches – Postal Life Insurance Company Limited, Pakistan

4.1 Head Office – Postal Life Insurance Company Limited                                         

• Lahore
• Karachi
• Quetta
• Multan
• Peshawar

4.2 Field Offices – Postal Life Insurance Company Limited

For Office Address and Phone Number visit following website:

https://plic.com.pk/contact

5. Required Documents – Postal Life Insurance Company Limited, Pakistan

1. Proposal Form
2. Preliminary Information Sheet
3. Claim Form
4. Operational Mechanism
5. Policy (Template)
6. Certificate (Template)

6. Board Of Directors – Postal Life Insurance Company Limited, Pakistan

1. CAPT (R) MUHAMMAD KHURRAM AGHA
2. Hassan Akhter Khan
3. Amjad Mahmood
4. Farzin Khan
5. Naeem Akhtar Seikh

7. Online Helpline – Postal Life Insurance Company Limited, Pakistan

• Email Address: info@plic.com.pk
• Address: PLIC, 2nd Floor, ECO, Postal Staff College, G-8/4, Islamabad
• Hotline Numbers: 051 9262814-15
• Complains: https://1auppsnxbttql.cdn.shift8web.com/assets/images/plic-complaint-form.webp

8. Verification – Postal Life Insurance Company Limited, Pakistan

No verification of Postal Life Insurance is available at the Jama Punji;

https://jamapunji.pk/verify/licensed-entities

9. Disclaimer – Postal Life Insurance Company Limited, Pakistan

• If the Postal Life Insurance Company Limited, Pakistan have not resolved your concern satisfactorily, you may file a complaint with the Securities and Exchange Commission of Pakistan (SECP).
• Please keep in mind that SECP will only consider complaints that were initially asked to be resolved directly by the firm and were not resolved.
• Furthermore, complaints that are not related to the SECP’s regulatory domain/competence will not be considered.

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