Post Office Life Insurance
Life insurance is one of the most important insurance policies to have in order to protect your family from financial ruin. Before investing in any financial instrument, you should obtain life insurance to protect your loved ones in the event that you die. We will learn about post office insurance schemes, PLI scheme details, benefits, and eligibility for PLI in the post office in this article.
What exactly is Postal Life Insurance?
PLI stands for postal life insurance. PLI at the post office provides a wide range of life insurance plans at reasonable premium rates to meet the needs of various people. Postal PLI schemes are one of India’s oldest and most trusted life insurance schemes. It was founded in February 1884 to provide benefits to its employees through a welfare scheme. Post office life insurance has over 50 lakh PLI policies as of March 31, 2021. The policy protects your family financially in the event of the policyholder’s death.
The earlier you purchase an insurance policy, the lower the premium you will have to pay to the insurance company, and you should choose the duration of your insurance policy until your retirement. You can purchase postal life insurance online or in person at a post office. In addition, the policyholder has the option to cancel the postal insurance policy after three years. The surrender value, on the other hand, is determined by the type and duration of the plan.
The Government of India guarantees postal life insurance schemes.
The minimum age for purchasing PLI is 19 years old, and the maximum age is 55 years old.
You can purchase a PLI policy at a low premium rate.
Postal Life Insurance Eligibility
Postal life insurance is available to employees of the central government, the Reserve Bank of India, the defense services, financial institutions, public sector undertakings, the Department of Posts, state governments, paramilitary forces, local bodies, nationalized banks, educational institutions, extra-departmental agents, and autonomous bodies.
People working in the private sector are not eligible to purchase postal insurance.
Except for the child plan, the entry age for all post office PLI schemes should be between 19 and 55 years old. The maximum age for purchasing a postal children policy is 45 years old. Make sure the child is between the ages of 5 and 20.
The PLI scheme provides insurance coverage starting at INR 20,000 and going up to INR 50 lakh.
Postal Insurance: What Are the Advantages?
Outstanding returns: The PLI scheme at the post office provides the highest coverage as well as a higher bonus than other insurance.
Loan availability: You can borrow money against your insurance policy. However, you must wait three policy years for a loan if you purchased an Endowment Assurance plan and four policy years if you purchased a whole life insurance plan.
Policy conversion: Policyholders who have purchased a whole life assurance policy can convert it to an endowment assurance plan. You can also switch the Endowment Assurance plan to a different Endowment Assurance plan.
Nominating a beneficiary: Post office policies allow policyholders to name their beneficiaries. You can also change the nominee of your PLI during the plan’s duration.
Postal insurance can be revived if the policyholder has not paid the premium for six consecutive premium amounts and the policy has been active for less than three years. If the policy has been active for more than three years and the policyholder has not paid the premium for 12 consecutive premium amounts, the policy can be revived.
Duplicate policy document issuance: If you have lost or torn the original policy document, you can apply for the issuance of a duplicate document.
Income tax benefits: The policyholder can claim income tax benefits of up to INR 1.5 lakhs on the premium paid under Section 80C of the Income Tax Act. You can get a 20% tax break on your total insurance coverage.
Several PLI policies: You may purchase more than one PLI policy. The total sum assured, however, should not be less than INR 20,000 and should not exceed INR 10 lakhs.
- free mortgage calculator
- Loan Comparison
- mortgage calculator
- A Guide On How To Get A finbooster Credit Card From YES BANK 2021.
- How to fill SBI xpress credit loan application form-eligiblity and interest rate 2021
What You Need To Know About Tree Of Heaven
Discover more from Learn Finance by Managing Finance
Subscribe to get the latest posts sent to your email.
