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