(1) “Acceptance letter” is an intimation sent by Postmaster General/ Accepting Authority to the proposer regarding acceptance of proposal.
(2) “Accepting Authority” means an officer who is authorized to accept the proposal for Postal Life Insurance policy / Rural Postal Life Insurance policy.
(3) “Age proof” means the proof given by the proposer to determine his/her age on the next birth day on the date of proposal.
(4) “Anticipated Endowment Assurance” means a life insurance contract entered into by Government to pay a given sum of money, in stipulated installments, to an individual or his assignee, on survival to the end of specified periods, or to pay the given sum of money in one lump sum to his legal representatives or assigns on his death, if death occurs before the specified date of maturity.
(5) “Auto paid up” means a policy for which 36 or more premiums have been paid and also has completed three years or more duration from its date of acceptance and the policy holder without intimation discontinues payment of further premia. However, the policy shall be maturing on the same date as the original policy, either for the original sum assured, when the future premiums payable are compounded by a single payment, or for a reduced sum assured, when the premium in respect of the original policy are discontinued before the stipulated terms.
(6) “Children Policy”1 means a life insurance contract entered into by Government to pay a given sum of money to a child or his/her parent at a certain specified period of child’s life or to his/her legal representatives or assigns at his/her death, if death occurs before the specified date.
(7) “Commutation” means any alteration in a contract of insurance excepting one in the date of maturity, and includes alteration in the amount of premium in the premium-term, or in the sum assured.
(8) “Conversion” means any alteration affecting the date of maturity of a contract of insurance and includes not only alteration from Whole Life Insurance class to the Endowment class but also the antedating or post dating of the maturity of an Endowment policy and consequent increase/decrease of premium.
(9) “Convertible Whole Life Assurance” means a life insurance contract entered into by Government to pay a given sum of money, on the death of an individual, to his legal representatives or assigns, with option to the policy holder to convert the policy, at the end of five years (with a grace period at the end of six years) from the date of commencement of risk, into an Endowment Assurance maturing at a specified age.
(10) “Date of Acceptance” means the date on which the proposal is accepted and mentioned in the “Acceptance letter” issued to the proposer.
(11) “Date of commencement of risk” means the date on which the proposal is accepted. No claim shall lie with Postal Life Insurance or Rural Postal Life Insurance before date of acceptance.
(12) “Direct Agent” means an Insurance Agent engaged by the Postmaster General / Head of the Division who receives or agrees to receive payments by way of commission or other remuneration in consideration of his/her soliciting or procuring PLI/RPLI business including business relating to continuance, renewal or revival of policies of PLI/RPLI.
(13) “Director PLI” means the Director, Postal Life Insurance, Kolkata.
(14) “Due date of premium” means the first day of the month for which the premium is payable.
(15) “Endowment Assurance” means a life insurance contract entered into by Government to pay a given sum of money to an individual or his assigns at a certain specified period of his life or to his legal representatives or assigns at his death, if death occurs before the specified date.
(16) “Head of Division” means Head of Postal Division/ RMS Division/ Chief Post Master.
(17) “Immediate Superior” means the head of the office in which the proposer is serving. If the proposer is himself the head of the office “Immediate Superior” means the officer to whom the proposer is directly subordinate.
(18) “Insured” or “insured person” means the person to whom a policy of Postal life insurance/Rural Postal Life Insurance has been issued.
(19) “Joint Life Insurance/Yugal Suraksha” means a life insurance contract entered into by Government to pay a given sum of money to an individual or his/her surviving spouse or his/her assigns after a certain specified period of term or his/her legal representatives or assigns at his/her death, if death occurs before specified term of period.
(20) “Lapsing of policy” – a policy which is in existence more than three years.
shall be treated as lapsed if premium/ premia remain unpaid for more than twelve months.
(21) “ Life Insurance ”contract is a contract by which the Government, in consideration of a certain premium, either in a gross sum or periodical payments, undertakes to pay the person for whose benefit the insurance is made, a stipulated sum upon the expiry of a fixed period, or a stipulated sum upon death of the person whose life is insured.
(22) “Marketing staff” is an official or person who is authorized by the Postmaster General or Head of Division to procure Postal Life Insurance and Rural Postal Life Insurance business. The marketing staff includes IPOs, ASPOs, ASRMs, Ex- D.O (PLI), PRI (P), Postmasters, Selected Postal Assistant, Postman, Retired GDS BPM, D.O (PLI), Field Officer (PLI), SPM (Rural S.O), GDS staff, and also includes Direct Agents such as Anganwadi worker, Mahila Mandal worker, Ex-Serviceman, Retired school teacher, SHGs, Gram Pradhan & Member Gram Panchayat and any other official/person as considered suitable by the Head of Postal Division.
(23) “Paid up Policy” means a policy which requires no further payment of premium in respect of it, but maturing at the same date as the original policy, either for the original sum assured, when the future premiums payable are compounded by a single payment, or for a reduced sum assured, when the premium in respect of the original policy are discontinued before the stipulated term.
(24) “Pay and Accounts Officer and Drawing and Disbursing Officer” means the Officer whatever is his official designation, in whose office the account of pay and allowances of the proposer or the insured person is maintained.
(25) “Period of Grace” shall extend up to the last day of the calendar month for which the premium is due or the day before the last day if the last day of the month falls on Sunday or Postal holiday.
(26) “Policy” means the written document containing the terms of contract in respect of insurance.
(27) “Policy in Force” means a policy for which all the due premia have been paid regularly and such policy has neither become ‘void’ nor ‘lapsed’ under any rule of Post Office Insurance Fund Rules.
(28) “Post Office Life Insurance Fund (POLIF)” means the amount outstanding in the fund arising out of Postal Life Insurance.
(29) “Postal Life Insurance (PLI)” includes Whole life Insurance, Endowment Assurance, Convertible Whole Life Assurance, Anticipated Endowment Assurance, Joint Life Insurance and Children Policy and such other schemes as may be introduced by the Department of Posts from time to time.
(30) “Postmaster General” means the Head of Postal Circle or Region concerned and includes all officers exercising the powers of a Postmaster General in Postal Life Insurance and Rural Postal Life Insurance matters.
(31) “Post Office” means a Head or Sub-Post Office or Branch Post Office in India under the control of the Director General (Posts). For insurants on Field Service with an expeditionary Force, it includes Base Post Offices as well.
(32) “Premium” means the periodical payment for any policy.
(33) “Proposer”/ “Proponent” means the person who applies for scheme/schemes of PLI/RPLI.
(34) “Rural Post Office Life Insurance Fund (RPOLIF)” means the amount outstanding in the fund arising out of Rural Postal Life Insurance.
(35) “Rural Postal Life Insurance (RPLI)” includes Whole life Insurance, Endowment Assurance, Convertible Whole Life Assurance
(36) , Anticipated Endowment Assurance, Joint Life Insurance, Children Policy, and 10 Year policy in Rural Postal Life Insurance and such other schemes as may be introduced by the Department of Posts from time to time.
(37) “Surrender Value” of a policy means the amount that is payable to an insured, when he foregoes the contingent benefit of his policy and surrenders it for an immediate cash payment, provided at least 36 premiums have been paid and policy has completed minimum 36 months duration.
(38) “Void” means a policy which is less than three years duration and any premium(s) that have become due, not paid either on the first day of the month for which the premium is due or within the period of grace.
(39) “Whole Life Insurance” means a life insurance contract entered into by Government to pay a given sum of money, on the death of an individual, to his legal representatives or assigns provided the policy is in force on the date of death.
