Postal Life Insurance Scheme is a government supported life insurance scheme offered by India Post. PLI policies are eligible for bonus.
Postal Life Insurance: Postal Life Insurance (PLI) is a government supported life insurance scheme offered by India Post. This scheme has been providing financial security and insurance coverage to individuals for decades. PLI plans are known for their simplicity, reliability and competitive premiums, making it a great option for those seeking life insurance.
What are the special features of Postal Life Insurance?
Affordable Premiums: PLI offers insurance at affordable premiums, making it accessible to a wide range of individuals, including rural areas.
Flexible Plans: This plan offers a variety of plans to meet different needs including whole life insurance, endowment insurance and variable whole life insurance.
Higher Sum Assured: Sum Assured is the amount that the policyholder’s nominees receive in case of the death of the insured. In case of sum assured of Rs 50 lakh, the family or beneficiaries will receive this substantial amount on the death of the policyholder.
Bonuses and Final Addition: PLI policies are eligible for bonuses, and some plans also offer final addition, thereby increasing the total returns.
Loan Facility: Policyholders can avail loan facilities against their policies, giving them financial flexibility during emergencies.
Premium Payment Options: Premium payments can be made monthly, quarterly, half yearly or annually, allowing policyholders to choose the payment frequency to suit their financial situation.
What are the benefits of Postal Life Insurance with Sum Assured of Rs 50 Lakh?
Financial Security: The sum assured of Rs 50 lakh ensures adequate financial security for the policyholder’s family in case of untimely demise.
Income Tax Benefits: Premiums paid for PLI policies are eligible for income tax deduction under Section 80C of the Income Tax Act, which provides additional financial incentives.
Loan against Policy: The policyholder has the option to take a loan against the policy, offering a source of funds during urgent financial needs.
Maturity Benefit: Depending on the type of policy chosen, policyholders may receive a lump sum on maturity or periodic payments during the policy term.
Death Benefit: In the unfortunate event of death of the policyholder, the nominees receive the sum assured along with bonuses and final excess, if applicable.
Bonuses and additional benefits: PLI policies can earn bonuses during the policy term, which will increase the total returns. Additionally, some plans offer final addition increasing the maturity benefit.
