1. Is PLI better than LIC?
Postal Life Insurance (PLI) is a cost-effective option with the highest bonuses. When you compare its premium rates to those of LIC or other private insurers, PLI offers more affordable premiums. Choosing endowment plans with PLI can prove to be highly advantageous.
Speaking of bonuses, PLI offers a bonus rate typically in the range of 7% or higher. In contrast, currently, LIC provides a bonus rate that’s around 4% to 5%.
2. Which plan is best in PLI?
Postal Life Insurance mainly offers 6 plans:
· Whole Life Assurance (Suraksha)
· Endowment Assurance (Santosh)
· Convertible Whole Life Assurance (Suvidha)
· Anticipated Endowment Assurance (Sumangal)
· Joint-Life Insurance (Yugal Suraksha)
· Children Policy (Bal Jeevan Bima)
However, Endowment Assurance (Santosh) is the most popular and best plan in PLI.
3. Is postal life insurance a good investment?
It is a good option for those who are eligible for it as it provides a higher bonus with lower premiums than comparable policies of life insurers.
4. Is PLI maturity tax-free?
No, 5% TDS will be deducted for a PLI policy having a Sum Assured more than one lakh at the time of maturity in case the PLI policy is purchased after the year 2023.
5. What is the PLI interest rate?
Normally investment return on the PLI policy is more than 7 %. PLI offers an equal bonus rate for all terms of the policy, however, shorter-term policies get more return compared to LIC.
6. Can I withdraw my PLI?
Yes, You can surrender your PLI policy after 3 Years except for the AEA/Children policy. However, PLI provides
the risk cover as a good return. In case need money, it’s better to get a loan against the policy instead of withdrawing/surrendering your policy.
7. What will be the surrender value of the PLI/RPLI policy?
A surrender facility is available after 3 years in case of WLA, EA, CWLA, and YS policies. However, you can not surrender an AEA and Children policy. Surrender value depends on the surrender factor, type, and term of the policy. However actual surrender value can be checked in the customer portal of PLI.
8. What is the bonus rate of PLI?
Bonus rates are declared by the PLI every year in January. The same is available in the blog.
9. Who is eligible for the PLI scheme?
Now PLI eligibility has been extended, the same is available in the blog.
10. What if I stop paying PLI?
Normally, you’ll have a grace period, usually lasting up to 30 days after the premium’s due date. If, unfortunately, you’re unable to make the premium payment even within this grace period, your insurance policy will lapse. However, there’s still a way to reinstate it – you can pay the premium along with any required default charges, and you’ll also need to provide a health certificate to ensure everything’s in order.
11. How can I check my PLI amount?
Postal Life Insurance has a toll-free number 1800 266 6868.
12. What are the benefits of the PLI scheme?
Postal life Insurance provides a high bonus with low premiums. Income tax rebates also available in PLI Premium. The maturity value is also tax-free. A loan facility is also available against the PLI Policy.
13. What is the max PLI policy limit for a person?
The mini. sum assured for the PLI is Rs. 20,000 and the maxi amount is Rs. 50,00,000. In the case of Rural PLI maximum Sum Assured limit is Rs. 10 Lakh.
14. Is PLI only for government employees?
No, now PLI has extended its clientele.
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