Issue
of Policies
- After
deduction of first Premium, the employee has to fill up and submit a
proposal form duly signed and attested by his/her DDO/Head of office for
obtaining APGLI policy.
- In
respect of second or subsequent policies also, the policy holder has to
submit proposal forms and obtain subsequent policies.
- Only
premium payment without submission of proposal form will not give any risk
coverage or monetary benefit to the subscriber and such payments will be
treated as unauthorized amounts which will be refunded on application with
out any interest or bonus.
- Employees
who have completed (53) years of age are not eligible to take APGLI
policies(first or subsequent).
- Proposals
submitted after(53) years of age will not be considered for issue of
policies even if premiums are paid prior to 53 years of age.
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Sailent
Features:
- The
Government employees who are between 21 and 55 years of age are eligible
for taking APGLI Policies.
- The
APGLI Department issues only Endowment Policies which mature one day
before attaining(58) years of age.
- APGLI
policies do not lapse.
- The
Premium rates are low.
- APGLI
Premium is exempted from income tax under section 80C.
- Attractive
Bonus rates.
- The
present rate of Bonus is Rs 100/- for every Rs 1000/- Sum Assured per
annum.
- The
Loans are sanctioned up to 90% of Surrender Value.
- Only
Simple Interest of 9% per annum is charged against loans sanctioned.
- In case
of maturity of the policy, the total Sum Assured and Bonus till Date of
Maturity are paid to the policy holder.
- If the
Policy Holder ceases to be Government servant, and decides to surrender
the policy by discontinuing the payment of Premium, the subscriber will be
paid the Surrender Value and the eligible Bonus.
- In case
of Death of policy holder before maturity of the policy, the full Sum
Assured along with Bonus till date of death are paid to the legal heirs.
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