Which PLI plan is best?
6 Best Postal Life Insurance (PLI) Plans for Government Employees 2022
15 Years Term Policy: 20% of benefits are paid post six years 20% of the assured sum, nine years 20% of the assured sum, 12 years 20% of the assured sum and 15 years 40% of the assured sum + assured bonus.
What is the benefit of postal life insurance?
Postal Life Insurance Scheme Bonus
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%.
Is PLI income tax free?
Is income tax rebate admissible for PLI policies? Income tax rebate is available under the section 80-C of Income Tax Act.
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.
How is PLI amount calculated?
Process of Using PLI Maturity Calculator
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?
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.
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.
Who is eligible for PLI?
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.
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
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.
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 sum assured in PLI?
Maximum two children of policy holder (parent) are eligible. Children between 5- 20 years of age are eligible. Maximum sum assured ₹ 3 lac or equal to the sum assured of the parent, whichever is less. Policy holder (parent) should not be over 45 years of age.
Maturity benefit is calculated as the [Sum Assured + Bonus Amounts] which have been accumulated throughout the policy term + any [Final Addition Bonus] if declared. However if the policy holder does not survive the policy tenure, the nominee will additionally get the Sum Assured amount as the Death Benefit.
Which scheme gives highest rate of interest in post office?
Comparison of the Various Post Office Savings Schemes
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.
What is the maximum limit of PLI?
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/-.
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
How can I apply for PLI scheme?
How to Apply for a PLI Scheme?
Which PLI plan is best?