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Postal Life Insurance Tax Rebate

Postal Life Insurance is one of the oldest insurers in India and provides various welfare schemes to people working for financial, government and non-financial institutes. You can visit the official website of PLI to check the insurance tax rebate for each scheme.
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Life Insurance
  • Claim up to Rs. 1,50,000 deduction under section 80C*
  • Insurers provide online renewal of policy
  • Choose between annual and monthly premium payment options

The Postal Life Insurance has been around since 1884 and provides life insurance policies for all central and state government employees along with employees from semi-governmental bodies. These insurance policies are basic policies that provide the holder with an assured sum along with accrued bonuses on maturity or pays the nominee the sum assured with bonuses accrued upon the death of the policyholder.

The Postal Life Insurance plans are traditional and do not have any Unit Linked plans or term insurance plans. Since the insurance policies are only for government employees, the premiums are very cheap and the bonuses and sum assured offered for the low premiums are very attractive. The minimum sum assured is RS 20,000 with the maximum sum assured being RS 50 Lacs

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. For those who have availed a policy on or after 1st April 2012 will be eligible to avail a tax deduction of 10% of the sum assured.

Thus the policies offered by PLI not only guarantee an assured sum upon maturity or death but also helps the policyholder in claiming tax deductions and improve savings.

Read More about Postal Life Insurance

Postal Life Insurance for Central Government Employees
Postal Life Insurance Bonus Rates
Postal Life Insurance for the Physically Handicapped
Postal Life Insurance Interest Rate on Loan
Rural Postal Life Insurance

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Life Insurance Reviews

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  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I took my life insurance policy from LIC around 5 years back and this policy is going to matured in the year of 2026. It was for the safety and protection for the family. I have selected the payment option as very half year and i pay the premium amount of Rs. 2000. I will give the cash to my agent and he will pay in the LIC office.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC
    LIC Life Insurance
    "Safe and secure policy"
    0.5 5.0/5 "Blown Away!"
    LIC policy is safe and if you have a long term policy, it will be useful. If i go to their office, the response is fine. They have a good portal to know about the payment premium amount and existing policy details. I make the premium through online. I took the money back policy and it got matured already.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC Life Insurance
    "Good security policy"
    0.5 3.5/5 "Pretty good"
    In LIC website, they are updating the policy details on a timely basis. I took my retirement plan in life insurance corporation of India. For the safety purpose, i have selected this company. I am investing the money of Rs. 10K every month. I get the returns after my age of 56. This is a tax benefitable policy.
    Was this review helpful? 0
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Service should be improved"
    0.5 3.5/5 "Pretty good"
    I have taken money back policy from LIC its because of the safety reason. I have been investing the money of Rs. 10K every month. I purchased the policy 4 years ago. They are providing the sum assured amount of Rs. 1.2 lakhs. This is a tax beneficial policy. I make the premium amount through online.
    Was this review helpful? 0
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I didn't use the customer care service till now in LIC where i have taken my life insurance policy. I'm not sure about the plan name but i pay the premium every year once. I have been paying the premium amount of Rs. 17699 and total term period of the plan is 16 years. For the savings purpose, i have chosen LIC.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Best service "
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is 10 years .I am paying the premium through Half yearly basis and paying the premium through Online .The agent gave a clear picture about the policy and not yet faced any difficulties .I am satisfied with the service so far .
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC since 1990. This policy term is 20 years. I am paying premium on monthly package and the amount which is nominal. I am paying premium in a cheque mode. While getting a policy my agent has given an information about the policy details and this is a money back policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life Insurance policy taken through LIC agent.This was a Maturiy benefit policy and each and every details was shared by the agent .This policy is still active and there was no difficulties faced as well. Overall am happy with it.
    Was this review helpful? 0
    , surat
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. Tenure period of policy is 20 years. I am paying premium on quarterly package the amount of 3K which is nominal. Agent is my neighborhood so he has given an information about this policy. It covers my whole family.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 3 years before. The policy is for 16 years. I am paying premium on monthly package the amount of Rs. 17k which is nominal. I am paying premium manually. While getting a policy my agent has given an information about the policy details. It covers myself. It is a jeevan anadha policy
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good Investment plan"
    0.5 5.0/5 "Blown Away!"
    LIC plan is a savings cum income plan and i get the good returns in future. Its covers for life. I took the policy through agent who is my relative recommended me about this policy. My father is taking care of the premium part hence I'm not sure about the coverage value.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 08, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC more than 5 years.The agent is very supportive and providing proper guidance and this is a JEEVAN ANAND policy. Policy is valid for life long and the tenure is 20 years after some years. I am paying annual premium is Rs.24k, this is a death benefit plan after that my wife will be getting some returns.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 07, 2019
  • LIC Life Insurance
    "Good cover for entire life"
    0.5 5.0/5 "Blown Away!"
    Chosen the life insurance policy from LIC its because of the good benefits. Jeevan policy has a coverage till life time. I have not paid the premium for a couple of years even though they are giving a proper reminders every year. This is a tax cover policy.
    Was this review helpful? 1
    , pune
    Reviewed on Dec 07, 2019
  • Bharti Axa Life Life Insurance
    "Best insurance "
    0.5 5.0/5 "Blown Away!"
    I have taken a BHARTI-AXA LIFE INSURANCE more than 2 years. The policy is for 15 years term . I am paying premium on monthly package the amount which is nominal and i will do cheque payment. While getting a policy they given an information about the policy details. It covers myself.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 06, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy direclty through LIC agent.The policy tenure is for 20 years and paying the premium on quarterly basis .I will be paying the premium through the agent.The policy details was clearly explained by the agent ,Still this policy is active.I am paying Rs.15,000 premium for this policy.
    Was this review helpful? 1
    , sikar
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy direclty through LIC agent.The policy tenure is for 30 years and paying the premium on half yearly basis through the agent.The policy details was clearly explained by the agent ,Still this policy is active.I am paying Rs.10,000 premium for this policy.
    Was this review helpful? 0
    , sikar
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through LIC agent .The policy tenure is for 20 years .The premium is paid on quarterly basis and all the details about the policy was shared by the agent.I am paying the premium through the agent .There was no drawbacks faced so far .
    Was this review helpful? 0
    , sikar
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy through LIC agent.This was a maturity benefit policy and the tenure is for 20 years and I am paying the premium on monthly basis through ECS and not yet faced any issues. The process was smooth and there was no drawbacks faced so far.
    Was this review helpful? 0
    , arakkonam
    Reviewed on Dec 05, 2019
  • ICICI Prudential Life Insurance
    "Good Plan"
    0.5 4.0/5 "Great!"
    I have taken my term insurance from ICICI prudential. I have trusted this bank because its a top most high, that is the reason i have chosen them. I'm happy about the claim ratio. I'm satisfied with the sum assured amount. I have chosen the annual payment mode after 1 year, i will change the payment mode on a monthly basis.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Best Plan"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy from LIC because my friend is working as a LIC agent and i do not have idea about the plan name. I have been paying the premium amount of Rs. 15000 per year and i make the payment through online and through cash. Overall, I'm happy about the plan.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Dec 05, 2019
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