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No medical examination of child necessary.Has facility for making it paid up, provided premiums are paid continuously for 5 years.Policy holder (parent) shall be responsible for payment of Children policy No loan admissible.Full sum assured and bonus accrued shall be paid on completion of term No premium to be paid on the Children Policy, on the death of policy holder (parent).Policy holder (parent) should not be over 45 years of age.Maximum sum assured ₹ 3 lac or equal to the sum assured of the parent, whichever is less.Children between 5- 20 years of age are eligible.Maximum two children of policy holder (parent) are eligible.​The scheme provides life insurance cover to children of policy holders.The salient features of this scheme are as under: It now covers employees of Central & State Governments, Defence and Para-Military Services, Public Sector Undertakings, Banks, Educational Institutions, Local Bodies, professionals (such as doctors, engineers, chartered accountants, MBAs, lawyers etc.) and employees of companies listed with National Stock Exchange (NSE) / Bombay Stock Exchange (BSE) Over the years, PLI has grown substantially from a few hundred policies in 1884 to more than 50 Lacs policies as on.

It is the oldest life insurer in this country.

In 1894, PLI extended insurance cover to female employees of the erstwhile P & T Department at a time when no other insurance company covered female lives.

Postal Life Insurance (PLI) was introduced on 1st February 1884.It started as a welfare scheme for the benefit of postal employees and was later extended to the employees of the Telegraph Department in 1888.