PLI Premium Payment and Rebate on Advance Premium
Premium payment can be made through cash or cheque subject realisation.
Also, premium payment can be made in the following manner by executing Standing Instructions from POSA, directly from POSA Mobile Banking or Internet Banking or through IPPB channel.
PLI/RPLI customers having policies (Only in numeric figures) can pay their premia through DoP ATM with their POSA debit card across all POSB ATMs available throughout the country.
In case of policies where premia are payable on monthly basis, the insurant may pay premia for a number of months in advance to avail the facility of rebate.
i) A rebate @ 2% shall be allowed if the premia for 12 months are paid in advance.
ii) A rebate @ 1% shall be allowed if the premia for 6 months are paid in advance.
iii) Similarly, a rebate of 0.5% shall be allowed if the premia for 3 months are paid in advance. (This is applicable only for RPLI).
iv) For Yugal Suraksha Rebate of 2%, 10%, 50% of Premium for One Month is allowed, if Premium is in Advance for 3, 6 & 12 Months respectively.
Refund of Premia
Incase the proposal is rejected, the initial premium will be refunded to the proponent in full.