What is rural postal life insurance?
It is a short term money back scheme for Rural populace only. Insurant is given life cover to the extent of Sum Assured for 10 years. Survival benefits are paid after 4 years- 20% after 7 years- 20%, and after 10 years – 60% with accrued bonus. Minimum & maximum age at entry 20 – 45 years.
Tax Benefits of RPLI The following are the tax benefits one can avail if he or she has taken a RPLI policy: Deduction under Section 80C for the premiums paid as per the Income Tax Act, 1961. The insured can also avail rebate under Section 88 of the IT Act.
Which RPLI policy is best?
6 Best Rural Postal Life Insurance (RPLI) policies and with their details.
6 Best Postal Life Insurance (PLI) Plans for Government Employees 2022
Is RPLI 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%.
Minimum Sum assured: Rs. 10,000. Maximum Sum Assured: Rs. 10 lakhs.
What is the interest rate of RPLI?
Interest Rate @ 10% on loan,half yearly compounded.
The premium amount won't get any deduction benefits under Section 80C of the Income Tax Act. Returns: The maturity amount, periodic returns from the money back policy and the death benefit amount are completely tax free. The surrender value is also tax free.
What is the maturity amount of PLI?
20 Years Term Policy: Benefits are paid post eight years 20% of the assured sum, 12 years 20% of the assured sum, 16 years 20% of the assured sum and 20 years 40% of the assured sum + assured bonus. Maximum Sum Assured: Rs. 50 lakh.
Bal Jeevan Bima
What is the bonus rate of PLI?
You can also call on the toll-free number 1800 180 5232, 155232. You can also call their land line number 011 24673177.
Is PLI income tax free?
PLI Tax Benefit under Section 80C Under section 80C of the ITA of India, the premiums paid towards a life insurance policy are eligible for tax deductions. The overall maximum deduction that can be made is limited to Rs. 1.5 Lakhs.
Is income tax rebate admissible for PLI policies? Income tax rebate is available under the section 80-C of Income Tax Act.
Is PLI a good option?
Postal Life Insurance (PLI) does not offer any pension and Unit Linked Insurance Plans (ULIP). It is a good option for them who are eligible for it as it provides higher returns and charges low premiums than comparable policies of life insurers.
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.
What is difference between PLI and RPLI?
PLI : Sum assured/Aggregate Sum assured limit is more than Rs. 1 lacs or proposer's age is more than 35 years. RPLI : Sum assured/Aggregate Sum assured limit is more than Rs. 25,000/- or proposer's age is more than 35 years.
Here are some of the ways to make RPLI payments online.
What are the benefits of postal life insurance?
The salient features of this scheme are as under:
IPPB mobile App – Customers can deposit their PLI/RPLI premium through the IPPB mobile app, from their IPPB Account.27-May-2022
How do I turn off RPLI?
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
What is rural postal life insurance?