Question: How Is Postal Life Insurance Premium Calculated?

Which is best PPF or PLI?

PPF is for providing provident fund like benefits to all the investors.

And PLI is purely an insurance scheme.

Both the instruments and schemes are very different than each other.

PPF is a better investment..

How is PLI premium calculated?

In order to calculate the premium for the plans using Postal Life Insurance premium calculator, the following details are required:Date of Birth.Gender.Sum Assured.Policy Name.Policy Cease Date.Monthly Income.Mobile Number.Email ID.More items…•

Is PLI a good option?

Postal Life Insurance (PLI), a 125-year-old life insurance scheme run by the department of posts, is a good option for people eligible for it as it charges lower premiums and offers higher returns than comparable policies of life insurers.

How do I claim PLI maturity?

Once the documents are sent to the insurance company, upon verification, the insurance company will process the maturity claim and make the payment to the policyholder. The maturity proceeds will be credited directly to the bank account of the policyholder after the policy maturity date.

What is PLI and its benefits?

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. A PLI/RPLI policy holder may also get following facilities :- Change of nomination.

Can I open PLI Online?

How to register for PLI/ RPLI online services? Register Mobile number & email id: Visit your nearest post office with request in writing for registering mobile number and email address, if not done while taking policy.

How can I delete my PLI account?

To cancel the coverage all you have to do is leave that section blank. If this same employee had Option A and wanted to keep that coverage they would sign and date in the Option A section. The same would be true if the employee wanted to keep Family Coverage or Option C.

Is PLI maturity 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.

What is yugal Suraksha policy?

Joint Life Assurance (Yugal Suraksha) 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.

How can I check my PLI policy status?

You can check your Postal Life Insurance Policy status online by logging on to the official website of Indian Post, i.e.[dot]in. You need to click on ‘customer care’ on the top. On clicking on the tab, you will see a drop-down list and you need to pick complain registration option.

What is the interest rate of PLI?

10% per annumThe interest on loan availed against the PLI policy is 10% per annum.

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%.

Who qualifies for postal life insurance?

Anyone working in government departments and ministries, local bodies, defence services, para military forces, educational institutions, nationalised and commercial banks, and specified organisations, can apply for the policy. Postal Life Insurance policyholders must be over 19 years of age but less than 55 years old.

What does sum assured mean?

The sum assured is the guaranteed amount that the beneficiary of your life insurance policy will receive in case of your death. The sum assured is also known as the coverage or the cover of your insurance policy.

Which policy is best in post office?

InstrumentInterest rate (%) from 01.07.2020Max amt (Rs)Post Office Monthly Income Scheme6.60Single: 4.50 lakhPost Office Monthly Income Scheme6.60Joint: 9 lakhKisan Vikas Patra6.90No limitRecurring Deposits5.80No limit6 more rows•5 days ago

Which PLI scheme is best?

PLI offers the following six types of policies: Convertible Whole Life Assurance (Suvidha) Anticipated Endowment Assurance (Sumangal) Joint Life Assurance (Yugal Suraksha) Children Policy (Bal Jeevan Bima)

Can we pay PLI premium online?

The government has informed that there will be an extension of the premium payment period for Postal Life Insurance and Rural Postal Life Insurance till 30th June 2020. … The policyholders who have registered on the department’s portal may pay premium online using PLI Customer Portal.

Is PLI for private 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.