Which is the best postal life insurance scheme?
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%.
What is postal life insurance rate?
The interest on loan availed against the PLI policy is 10% per annum. This is calculated based on a 6 month period.
It is a Joint Life Endowment Assurance in which one of the spouses should be eligible for PLI policies. It is a Money Back Policy with maximum sum assured of ₹ 50 lacs, best suited to those who need periodical returns. Survival benefits are paid to the insurant periodically.
Who is eligible for postal life insurance?
policies. 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.
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 PLI a good investment?
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. Exemption under section 88 of Income Tax is available for the premium paid for Postal Life Insurance (PLI).
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.
How is PLI maturity value calculated?
Calculated maturity is based on past bonus rates. Postal Life Insurance Premium and maturity calculator lets you to calculate premium and maturity of PLI endowment plan Santosh. The calculator provides complete yearly, half yearly, quarterly, and monthly premium as per sum assured, age and term.
Surrender facility is available after 3 years in case of EA, WLA, YS, and CWLA policies. This value depends on the surrendering type, factor, and term of the plan.
How do I claim my postal life insurance?
Features:
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.
What is bonus rate in PLI?
Joint Life Assurance (Yugal Suraksha)
Insurance provides coverage of up to $5,000 for merchandise that is lost, damaged, or with missing contents in the custody of the United States Postal Service®. (Registered Mail® with insurance has a liability limit of $50,000.) Customers can purchase insurance at a local Post Office™ or online.10-Jul-2022
How much loan can I get on PLI policy?
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.
PLI Scheme, as the Production Linked Incentive Scheme is commonly abbreviated as, is an initiative started by the Government of India to not only encourage foreign companies to find workforce in the country and thereby generate employment, but also encourage domestic and local production to create micro jobs.25-Sept-2022
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
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
Which LIC policy is best for tax benefit?
LIC Jeevan Anand is the best Tax Saving Plan in India. You can save 30% tax (if in the Tax Slab based on your income) every year on the Premium paid towards your policy. Also the Maturity Benefit at the end of policy term is also Tax Free. The second maturity the nominee receives is also Tax Free.
Top Mutual Funds for Lumpsum Investments
Which scheme gives highest rate of interest in post office?
Public Provident Fund (PPF) PPF is a long-term investment for a period of 15 years currently offered at an interest rate of 7.1% per annum (compounded yearly). The maximum amount under this scheme is Rs. 1,50,000 in a financial year.30-Sept-2022
Which is the best postal life insurance scheme?