Quick Answer: What Is PLI And Its Benefits?

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..

What is difference between PLI and RPLI?

➢ Rural Life Insurance The salient features of the Whole Life, Endowment, Convertible Whole Life and Anticipated Endowment Schemes of RPLI are same as the corresponding schemes of PLI except that the minimum Sum Assured is Rs. 10,000 and the maximum Sum Assured is Rs.

What are the benefits of PLI?

Benefits of Investing in PLI: The insured can avail income tax exemption as provided under Sec. 88 of the Income Tax Act. The premium payable for the sum assured and coverage is much lower than that payable under any other .

What do you mean by PLI?

performance-linked incentiveA 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.

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.

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.

Who is eligible for PLI policy?

Rural Postal Life Insurance (RPLI) The scheme shall cover all persons , male or female , who permanently reside in rural areas and are ordinarily residents in India to the exclusion of foreigners and non resident Indians provided they have attained majority.

Is PLI maturity tax free?

Is Postal Life Insurance covered under 80C? Yes, premiums paid towards PLI are tax exempted as per Section 80C of the Income Tax Act, 1961. … No, the maturity amount will be taxable only if the sum assured in less than the prescribed limit.

Can PLI pay 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.

Which PLI scheme is best?

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)

Is PLI or LIC better?

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. … Maximum Sum Assured-PLI offers you the maximum sum assured of Rs.

Is PLI only for government 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.