How is PLI premium 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.
Which postal life insurance is best?
6 Best Postal Life Insurance (PLI) Plans for Government Employees
- 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)
What is PLI bonus?
Scheme: Assured amount + accrued bonus is paid to proponent when he or she attains the pre-decided age of maturity. The sum amount insured and bonus is payable to the assigned, nominee or legal heir in case of unprecedented death.
Which is better PLI or LIC?
In terms of premiums, LIC has a higher rate of a premium compared to PLI. Many PLI plans offer a bonus which is quite high. Many LIC plans also offer bonus. However, the bonus rate is low compared to PLI plans.
Is PLI maturity tax free?
The premium of Rs 45,000 exceeds 10% of the sum assured. Therefore, the insurance maturity proceeds are taxable, and not entitled to exemption under section 10(10D) of the Income Tax Act. Since the maturity payment is above Rs 1 lakh, the insurance company is liable to deduct tax on the maturity proceeds.
Which is better LIC or post office?
Which is better postal life insurance vs LIC?
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. Whereas currently, LIC offers a bonus rate of around 4% to 5%.
Is PLI better than LIC?
What is PLI salary?
A performance-linked incentive (PLI) is a form of incentive from one entity to another, such as from the government to industries or from an employer to an employee, which is directly related to the performance or output of the recipient and which may be specified in a government scheme or a contract.
Is PLI tax free?
Investment in PLI gets all tax benefits any life policy is entitled for. The returns are tax-free and premium payment is subject to tax exemption under section 80C. Whole life assurance policy can be surrendered after 48 months.
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. Started in 1884, PLI is managed by the Department of Posts under the Government of India.
How to calculate postal life insurance premiums online?
For any PLI plan, following factors are taken into consideration while calculating the premium estimate through the Postal Life Insurance premium calculator: Age: Age is the first thing asked while using PLI calculator.
Which is the oldest Postal Life Insurance in India?
PLI, one of the oldest insurance schemes in India, is provided by India Post, and it offers 6 protection plans. In order to calculate the premium for the plans using Postal Life Insurance premium calculator, the following details are required:
What’s the minimum sum assured for postal life insurance?
Postal Life Insurance schemes offer minimum sum assured of Rs. 20,000 and a maximum of Rs. 50 lakh for all the plans except the Child plan (Bal Jeevan Bima). Maximum sum assured for this particular policy is Rs. 3 lakh.
Is there an online PLI premium calculator?
The following are the key advantages of using the PLI calculator: The Postal Life Insurance premium calculator is an online tool, which is accessible to everyone easily and free of cost. To use the PLI calculator, one need not register on the website and easily avail the benefits.