An opportunity to redeem expired postal insurance policies!
Posted on: 17/Mar/2020 10:17:12 AM
As per the Postal Insurance Rules and Regulations, it is not possible to redeem the postal insurance policy when the policyholder had failed to pay the premiums for the period over 5 years right from the 1st premium.
Despite this, as a special 1-time opportunity such policies, even if they had exceeded the 5-year-limit with nonpayment of premium, these policies can be renewed till 31st March 2020.
However, medical fitness certificate of good health has to be submitted for this renewal.
The policyholders having such ‘dead’ policies, but now interested in redeeming them can visit the nearest Post Office and submit a written application.
Note that after 31stMarch 2020, these postal insurance policies cannot be redeemed! According to a notification released by the Chief Post Master, these 4 policies will be deemed cancelled as per the policy rules and regulations.
