Andhra Pradesh Government Life Insurance Department (APGLI, apgli.ap.gov.in), has made it possible for all the State Government employees to check their Life Insurance Policy status online, any time. There were many occasions before where Insurance premium used to be debited from the Salary but not credit towards policy payment. If any thing similar happens now, you can immediately check your Policy status online by visiting the above site and report to the head of your department.
All you need to do is visit the above mentioned site to directly go to http://apgli.ap.gov.in/PolicyDetails.aspx. In case you forgot your Policy number, you can search for your Policy by your Name, Father’s Name and your Date of birth by visiting http://apgli.ap.gov.in/PolicyFinder.aspx. You can also see and download annual Account slip.
If you recently joined Government service and don’t have a Policy yet, you should probably know about these things before.
The Policy (an Endowment Policy) will be issued to any State Government employee who has completed 1 year service and is in the age group of 21 to 48 years.
The premium will be debited from the salary and hence the policy will never lapse. This policy will however be mature just a day before the employee attains 58 years of age (retirement age). However, if the employee decides to leave the Government service, he can discontinue the policy, in this case, the Surrender value plus any Bonuses’ accrued will be paid.
This policy is exempted from Income Tax under section 80C. If needed, loans can be taken against this policy, like any other loan against LIC policy, but the interest rate here will be a Simply interest of 9% per annum.
Bonus will be attractive and currently, it is at Rs.100 in Bonus for every Rs.1000 SA.
You will have the choice to choose the Sum Assured as per your needs and your Basic Pay. However, your choosen Sum Assured and premium must be greater than the minimum set by APGLI. These values are as follows:
For Pay scale between Rs.6700 – 8440: The minimum premium should be Rs.250
Rs.8441 – 10900: Rs.350
Rs.10901 – 14860: Rs.450
Rs.14861 – 18030: Rs.600
Rs.18031 – 25600: Rs.750
Rs.25601 and above: Rs.1000
You can choose any premium above these levels up to 20% of your Pay Scale. For example, if your current pay is Rs.12000 per month, you can choose to pay a premium of Rs.2400 per month.