What Are The Benefits Of Postal Life Insurance?

What is USPS life insurance?

The Postal Life Insurance plan provides an insurance cover till the insured reaches the age of 80 years.

Offers an assured amount and an accrued bonus to the policyholder after he or she attains the age of 80 years..

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 is PLI surrender value calculated?

{Basic Sum Assured X (Number of Premiums Paid/Total Number of Premiums Payable) plus total bonus received}X Surrender Value Factor. … The surrender value factor is a percentage of paid-up value plus bonus. It is zero for the first three years and keeps rising from thirdyear onwards.

Can we pay PLI Online?

The policyholders who have registered on the department’s portal may pay premium online using PLI Customer Portal. Earlier, the Premium payment period for Postal Life Insurance and Rural Postal Life Insurance was extended up to 30th April 2020.

Is PPF profitable?

Public Provident Fund (PPF) is among the best retirement investment schemes available, offering tax-free benefits as well as a steady interest income. It is an ideal risk-free option with an initial lock-in period of 15 years where you can deposit up to Rs 1.5 lakh a year and earn an interest rate of 8% at present.

Which scheme is best in post office?

3. Comparison of the various Post office savings schemesSchemeInterest RatePost Office Monthly Income Scheme Account (MIS)7.6% per annum payable monthlySenior Citizen Savings Scheme (SCSS)8.6% p.a. (Compounded annually)15-year Public Provident Fund Account (PPF)7.9% p.a. (Compounded annually)5 more rows•Sep 14, 2020

How can I check my PLI maturity amount?

You can check your Postal Life Insurance Policy status online by logging on to the official website of Indian Post, i.e. www.indiapost.gov[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.

How is maturity amount calculated in PLI?

PLI (Santosh) Premium & Maturity Calculator Calculated maturity is based on past bonus rates. … The bonus included in maturity is taken as declared for past years and previous year’s bonus for future years of policy term. Sum Assured is life cover amount between 20,000 to 50,00,000.

What are the benefits of PLI?

Benefits of Postal Life InsurancePLI is the only insurer which gives highest return (bonus) and charges lowest premium for any product in Indian Life Insurance market.You can avail loan facility for immediate liquidity requirements on PLI policies.More items…

Is postal life insurance 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%.

Which is the best postal life insurance scheme?

Salient Features of PLI policiesWhole Life Assurance (Suraksha) Minimum & Maximum age at entry: 19-55 years. … Anticipated Endowment Assurance (Sumangal) It is a Money Back Policy with maximum sum assured of ₹ 50 lacs, best suited to those who need periodical returns. … Children Policy (Bal Jeevan Bima)

What is the bonus rate of PLI?

Postal Life Insurance Scheme Bonus:Type of Insurance PolicyRate of BonusEndowment Assurance (EA)Rs. 50 per Rs. 1000 of the sum assuredWhole Life Assurance (WLA)Rs. 65 per Rs. 1000 of the sum assured2 more rows

Which policy is best in post office?

InstrumentInterest rate (%) from 01.10.2020Max amt (Rs)Time Deposit#5.50-6.70No limitPost Office Monthly Income Scheme6.6Single: 4.50 lakhPost Office Monthly Income Scheme6.6Joint: 9 lakhKisan Vikas Patra6.9No limit6 more rows•7 days ago

How can I close my PLI policy?

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.

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.

Which one is better PLI or PPF?

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 can I buy 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.