How is PLI premium calculated?
For the Endowment Assurance Plan under PLI, one can follow the below-mentioned steps for premium or maturity calculation:
The interest on loan availed against the PLI policy is 10% per annum. This is calculated based on a 6 month period.
Which plan is best in PLI?
6 Best Postal Life Insurance (PLI) Plans for Government Employees 2022
Premium Rate-When compares to LIC or any private insurers, PLI offers cheap premium. So this is the most advantage of buying endowment plans with PLI than with LIC. Bonus Rate-Bonus offered by PLI is in the range of 7% or more. Whereas currently, LIC offers a bonus rate of around 4% to 5%.
Which one is better PLI or PPF?
Tenure: While PPF is a long-term investment plans (minimum 15 years) and cannot be taken for a shorter period, LI can be taken for a shorter duration, starting at five years. LI therefore offers greater flexibility.
As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions.
Can I withdraw PLI before maturity?
Yes, before date of last premium, he can apply for its revival and after credit of due premium with interest @ 12% per annum and a good health certificate, he can continue this policy. After revival due bonus will be automatically attached with this policy. Can one revive a lapsed policy?
The Insurance policies offered through PLI have tax benefits which are predominantly under Section 80C which basically states that a policyholder having a policy issued on or before 31st March 2012 will be eligible to avail a tax deduction of 20% of the sum assured.
Is PLI only for government employees?
Since 1894, postal life insurance (PLI) was available only to the government and semi-government employees, including the employees of public sector undertakings, financial institutions, and nationalized banks, but back in 2017, it was made open to a more wider section of the population.20-May-2019
You can also call on the toll-free number 1800 180 5232, 155232. You can also call their land line number 011 24673177.
Can I open PLI Online?
You can start the procedure of buying the policy online even if you are not a customer of India Post. You will be able to navigate to Purchase a Policy. Quote to select the suitable product and coverage for you. After this, you will have to fill personal, employment, medical and other information.
It now covers employees of Central and State Governments, Central and State Public Sector Undertakings, Universities, Government aided Educational institutions, Nationalized Banks, Local bodies, autonomous bodies, joint ventures having a minimum of 10% Govt./PSU stake, credit co-operative societies etc.
Which is better sip or PLI?
The answer is that both are different products. Mutual Fund is a pure investment product. For short-term investments, you should invest in a debt mutual fund. For the long-term goals, Equity Mutual funds provide better returns.
Comparison of the Various Post Office Savings Schemes
What happens to PPF after death?
In case of the death of a Public Provident Fund (PPF) account holder, any money left in their PPF account is passed on to the nominee or the legal heir. The paperwork and documentation for the claim vary based on whether a nomination has been registered by the PPF subscriber or not.
PLI is a good option for people, who are 'eligible' for it, as it charges lower premiums and offers higher returns than comparable policies of life insurers.
Can we show PLI in 80c?
6. Is income tax rebate admissible for PLI policies? Income tax rebate is available under the section 80-C of Income Tax Act.
Features:
Can we deposit PLI premium online?
Answer- Yes, Now you can pay your pli policy premium online.06-Sept-2020
It is a Joint Life Endowment Assurance in which one of the spouses should be eligible for PLI policies. Life cover to both spouses to the extent of sum assured with accrued bonus with a single premium. Minimum sum assured ₹ 20,000; Maximum ₹ 50 lac. Minimum age & Maximum age at entry of spouses: 21-45 years.
What is customer ID in PLI?
On login page of pli you will find below – “generate customer id” here you have to fill all information from your pli policy bond. And click on submit button. After 24 hours of submit you will receive a mail for noreplypli@indiapost.gov.in. in this mail you will receive your pli customer id and pli password set link.27-Jul-2020
How is PLI premium calculated?