Which PLI plan is best?
Salient Features of PLI policies
- Whole 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 max PLI policy limit for a person?
Question: What is the minimum and maximum sum assured limit under PLI? Reply: Minimum ₹ 20,000 and maximum ₹ 50 lakhs for all plans except children policy. For Children Policy, maximum sum assured limit is ₹ 3 lakh.
How is PLI maturity amount calculated?
For the Endowment Assurance Plan under PLI, one can follow the below-mentioned steps for premium or maturity calculation:
- Enter the sum assured amount.
- Enter the year of purchase of the policy.
- Enter your current age.
- Enter your maturity age.
- Click on the ‘Calculate’ button and the results will be displayed.
What are PLI policies?
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 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%.
What is the maturity amount of PLI?
Scheme:Money back policy. 15 Years Term Policy: 20% of benefits are paid post 6 years 20% of the assured sum, 9 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 bonus rate of PLI?
Postal Life Insurance Scheme Bonus:
| Type of Insurance Policy | Rate of Bonus |
|---|---|
| Endowment Assurance (EA) | Rs. 50 per Rs. 1000 of the sum assured |
| Whole Life Assurance (WLA) | Rs. 65 per Rs. 1000 of the sum assured |
Is PLI maturity tax free?
The premium of Rs 45,000 exceeds 10% of the sum assured. Therefore, the insurance maturity proceeds are taxable, and not entitled to exemption under section 10(10D) of the Income Tax Act. Since the maturity payment is above Rs 1 lakh, the insurance company is liable to deduct tax on the maturity proceeds.
What is PLI salary?
A performance-linked incentive (PLI) is a form of payment from an employer to an employee, which is directly related to the performance output of an employee and which may be specified in an employment contract.
Can PLI pay online?
Answer- Yes, Now you can pay your pli policy premium online. An online portal i.e. PLI customer portal is available on internet to pay online PLI.
Can I surrender my PLI policy?
WLA policy can be surrendered after 48 months. No surrender for AEA policy. Bonus will be taken into account after 5 years for surrender value calculation on the paid up value. But surrendering any policy prematurely is always a loss to the insurant.
Is PLI a good option?
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. Started in 1884, PLI is managed by the Department of Posts under the Government of India.
What are the salient features of PLI policy?
Salient Features of PLI policies 1. Whole Life Assurance (Suraksha) This is a scheme where the assured amount with accrued bonus is payable to the insured either on attaining the age of 80 years, or to his/her legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim.
Which is the best life insurance policy in PLI?
PLI offers the following six types of policies: 1 Whole Life Assurance (Suraksha) 2 Endowment Assurance (Santosh) 3 Convertible Whole Life Assurance (Suvidha) 4 Anticipated Endowment Assurance (Sumangal) 5 Joint Life Assurance (Yugal Suraksha) 6 Children Policy (Bal Jeevan Bima)
How can I Check my PLI status online?
Times have now changed and the internet has made life much simpler. PLI policyholders can now carry out a number of policy related requests online and save not only time, but also money that is spent in making a trip to the post office. Here are some of the options one can use to check their PLI policy status online.
Can a beneficiary be nominated under a PLI policy?
Policyholders can avail the facility to nominate a beneficiary under a PLI policy. Compared to all other types of life insurance policies, PLI policies feature the lowest premiums for providing life insurance coverage and a sum assured.
