What is Postal Life Insurance (PLI)?

India Post offers the Postal Life Insurance (PLI) policy offer a little money in hand to the citizens of India. It aims to tackle the uncertainities with time by offering multiple policies that can be catered by different needs. PLI schemes are available for people aging between twenty one and fifty five years who seek benefits such as bonuses, loan and a cattering of sum assured. However, PLI is registered only to those who are in dire need.

You can make a decision from three main policies that PLI offers.

Whole Life Assurance (Suraksha): The policy ensures the bonuses and sums that assures the future.

Endowment Assurance (Santosh): The policy makes the customer receive a lump sum at the age agreed upon and bonuses in the end.

Convertible Whole Life Assurance (Suvidha): Plan that is rather flexible for all, incase a PLI member wants a covertion to the Endowment Assurance after a few years it is then done.

Types of PLI Policies

1. Whole Life Assurance (Suraksha)

It is the kind of policy that ensures a bundle amount for the insured if he or she survives the age of 80. If the insured passes away before 80 the money including the bonuses gets donated. Furthermore, the policy out fits a loan that helps making it much easier after four years to borrow and holding an option to selling it out in three years.

Eligibility: The minimum age starts from 19 and goes to maximum age of 55.

Sum Assured: The sum assured ranges anywhere from ₹20,000 all the way to ₹50 lakhs.

Bonus Rate: To every ₹1,000 of sum assured, along with the premium paid, a simple bonus of ₹76 is attached every year.

2. Endowment Assurance (Santosh)

Endowment Assurance (Santosh) is a very good insurance to take out in life if you are expecting to get an amount when you turn a certain age, such as 35, 40, 45, 50, or 60. Further, if the insured person dies before the appointed meaning age which was chosen, the legal representatives will be paid the sum assured and any bonuses that have been paid out to them.

Eligibility: The age requirements are again the same range as earlier (19 to 55 Age).

Sum Assured: The minimum sum Assured is ₹20,000 while the maximum stands at ₹50 lakhs.

Bonus Rate: There is a reduced bonus payout of ₹52 per every ₹1,000 Surrendered.

Surrender Option: You can avail the surrender option after three years have passed.

3. Convertible Whole Life Assurance (Suvidha)

Even after the passage of five years, the policyholder can still change this policy into an Endowment Assurance policy. The policy pays for the entire life of the assured till that person virally matures at a particular age or in case of demise, a sum is paid to the appointed nominee.

Step 1: Assessing The Eligibility Criterion Which Is 19 Years To 50 Years.

Step 2: The Assured Sum Amounts To A Little As Rs 20000 And A Max Of Rs 50 Lacs

Step 3: The Deduced Bonus Amount Is Rs 76 For Every 1000 Sum Assured If Not Conferred In A Year Post One.

Step 4: How Post office PLI works Available Sourses: There are also savings banks and postoffice saving schemes available which are only offered by the Indian Postal Service.

Required Fields: Location, policy type, Date of Birth of Assured, etc, Money Lac is another type of currency that is approximately equivalent to the Indian Rupee. So there are three types of PLI: Santosh, Suraksha, and Suvidha.

Maturity on either submission of birth or completion Policy type will chose submitting Age of 35 years of Assigned age of 40 for endowment policy and survival Age of 55 on reaching the maximum age of 60 on Endowment Assurance. In add-on life assurance plans are focused on a rupee based economy where lacs are the basic unit available, maturity period does depend on the policy age selected for an ounce of completing the period, few exclusions made for minimum.

Yes, With All Input Provided By You along with addresses of your Provider, all gross or net value comes close to every ounce of average payment needed over the signed period.

What Makes Post Office Life Insurance Stand Out?

Protection from the Government: Because Post Office Life Insurance is endorsed by India Post, PLI schemes are secure and dependable places to invest money.

Low Premiums: Where many other privately owned insurance firms charge exorbitant premiums, PLI plans have comparatively low premiums.

Loans from Insurance: After a qualifying period, PLI policies enable loans secured by the policy. This also enhances an element of financial security.

Bonus Payment: As a policyholder, you are also entitled to bonuses which will be multiplied by the sum assured and increase your benefits further.

Deductions in Income Tax: Amounts paid as premium for PLI policies are deductible under section 80C of income tax.

Advantages Of Post Office PLI Calculator

Quick Calculations: We will let you enter your premiums in several steps from your desktop and mobile.

Accessibility: The calculator is intuitive as users do not need to have great financial skills to be able to use it.

Honesty: The bonus rates and policies installed in the PLI calculator are those in force hence the premium sets generated are realistic.

Flexible: The estimate arrives not just by the age of maturity and bonus rate but also by the type of policy you choose to get the estimate.

Design Your Future Today

Post Office Life Insurance guarantees a positive impact on the lives of its target segment, whether it is safeguarding your family’s life or carving out a retirement plan. So go ahead and use the Premium Calculator provided on this page to figure out your premiums and take the first step towards a glorious future.

Frequently Asked Questions (FAQs)

Q1: I have purchased a policy. Can I Now Change My Policy Type?

No. Once you have selected a given policy type, you cannot change it. But you are allowed to switch to another policy (as in Convertible Whole Life Assurance).

Q2: I became unable to service a certain premium. What should I expect?

Most PLI policies provide for a grace period. If there are some payments that were made after the first grace period, your policy may expire. This can be done for the life of the entire policy and other appropriate conditions.

Q3: Is PLI an option for taking loans?

The provision is available only after 3 or 4 years of the term commences depending upon the scheme.

Q4: So, do you think there are tax advantages concerning the PLI policy?

Yes, the PLI policy also has tax advantages.