Is PLI better than LIC?
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%.
Whole Life Insurance The policy is ideal for government employees. The minimum age is 19 years, and the maximum age is 55 years to enter into this plan. It offers an assured sum with accrued bonuses to a policyholder.
What are the types of postal life insurance?
Benefits of Investing in PLI: The insured can avail income tax exemption as provided under Sec. 88 of the Income Tax Act. Additional facilities offered under this policy are Assignment, Loan, Conversion, Surrender and Paid-Up Value options.
Is PLI tax-free?
Investment in PLI gets all tax benefits any life policy is entitled for. The returns are tax-free and premium payment is subject to tax exemption under section 80C.
As per Section 10(10D) of the Income Tax Act, the sum assured received on maturity or surrender of a policy or upon the policyholder's death is completely tax-free.09-Sept-2021
Who is eligible for PLI?
couple should be between 21 years to 45 years. rate is ₹ 58/- per ₹ 1000 sum assured per year. PLI is the only insurer in the Indian Life Insurance market today which gives the higher return (bonus) with the low premium charged for any product in the market.
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.
Which 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.
Rs. 20/- per sum assured of Rs. 10,000/- subject to maximum of Rs. 1000 for Whole life assurance and Endowment assurance policies with term of 20 years or more.18-Jan-2022
How is maturity amount calculated in PLI?
Input the Sum Assured amount. Input the year of purchase of the policy. Input the current age of the customer. Input the maturity age of the customer.
76 per thousand of sum assured while for Endowment Assurance including Joint life and children policies, Rs. 52 per thousand of sum assured will be the bonus amount.24-Feb-2021
How can I withdraw my PLI amount?
Here is the list of documents which you need to keep handy before starting the process of surrendering the PLI policy, according to the India Post tweet on its official Twitter account. Indemnity Bond if duplicate bond not available. Policy Bond . Surrender Request Form.28-Apr-2022
If you already have a policy, you will have to register with the portal by going to the Generate Customer ID . You will have to fill the form as per the information in your policy document.
How can I check my PLI status?
There are other ways that you can use to check the status of your policy: In case you have any query related to your policy, you can send a mail to the email ID pli.dte@gmail.com. You can also call on the toll-free number 1800 180 5232, 155232. You can also call their land line number 011 24673177.
Maximum Age -20 years (The age of main policy holders should be below 45 years) Sum Assured Limit Minimum- INR 20,000/- Maximum-INR 3,00,000/-.
Is postal life insurance for everyone?
Anyone who is an employee of the specified governments, armed forces, institutions and organisations, can apply for the policy provided they are over 19 years of age but below 55 years. The Postal Life Insurance policy offers a cover from Rs. 20,000 to Rs. 50 lakh.
If the premia are not paid for 6 months in case of policy within 3 years, (or) 12 months in case of policy more than 3 years, then the policy becomes lapsed. This needs revival to make it active.
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.
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
Can PLI be done online?
Candidate can pay PLI premium online through PLI Online Portal, PLI Payment app and much more. You can also use all payment method like pay using credit card, debit card, UPI, etc., There are two minimum requirements to pay PLI online. Mobile number should be registered in your PLI Policy.
Is PLI better than LIC?