Why is PLI better?
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Why is PLI better?
The question of which option is better entirely rests on your requirements. If you are looking to invest in a traditional endowment plan, PLI is a better alternative as it offers the plan at a very low premium rate. Moreover, endowment plans offered by PLI earn higher bonus rates compared to the plans offered by LIC.
Which is best policy LIC or post office?
Difference Between PLI and LIC
| Postal Life Insurance | |
|---|---|
| Premium rate | The premium rates of most plans are cheaper than those offered by LIC. You can also get a rebate of two percent by paying a premium of 12 months in advance. There is also one percent rebate if the premium is paid in advance for six months. |
Which is best PLI or LIC Quora?
Postal life insurance is the best. Earlier PLI was available only for a very limited number of professional like Employee of Central government, State Government,PSU,Nationalized Banks etc. As insurance sector has become very competitive over the years, PLI has redefined itself by expanding its clientele.
Is postal life insurance under IRDA?
Under the Insurance Act 1938, Section 118 (C), life insurance schemes run by several state governments for their employees and the Postal Life Insurance Scheme of the central government don’t come under the IRDA purview. The insurance regulator is looking to extend its reach.
How good is PLI?
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. Over the years, PLI has grown substantially from a few hundred policies in 1884 to 42.83 lakh policies as on 31 March 2010.
Is PLI good investment Quora?
Postal life insurance is good compared with maturity aspect. But it is available for selected category, not available for all and also have very limited plans. , 28 years in LIC of India.
Is USPS life insurance outside jurisdiction of Irdai?
There is, therefore, advantage in maintaining PLI as part of the Department of Posts with appropriate changes so as to enable it to handle a much higher volume of life business. ” This recommendation, which was accepted by the government, conclusively proves that the IRDA has no jurisdiction over PLI.
Is PLI applicable for private employees?
PLI can be availed only by Government and Semi-Government employees. PLI is also the only insurer that offers policyholders high bonuses at reasonably-priced premiums.
Is postal life insurance comes under 80C?
The Insurance policies offered through PLI have tax benefits which are predominantly under Section 80C which basically states that a policyholder having a policy issued on or before 31st March 2012 will be eligible to avail a tax deduction of 20\% of the sum assured.