Best Money Back Policy 2023 – Check Feature, Benefits and Eligibility for Money Back Policy
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The PLI or Postal Life Insurance helps the policyholder to protect their loved ones in the event of their sudden demise. Further, these plans also provide extra benefits in the form of loan facilities to the insured to fulfill their emergency financial needs, like medical expenses or urgent need for home repair. Hence the loan amounts offered under PLIs are subject to the postal life insurance interest rate. Let us read more about the PLI meaning and the PLI interest rate in detail!
PLI, or Postal Life Insurance, is a government of India initiative introduced to offer easy and affordable life insurance protection to employees working in government and semi-government organizations, including the employees of India Post.
The PLI scheme allows the policyholders to enjoy life coverage, including the benefits of availing loans against the sum assured. The loan facility is available up to a certain percentage of the assured sum of your policy. With the PLI loan facility, policyholders can easily overcome the financial emergencies occurring in their lives.
The postal life insurance or PLI scheme allows the policyholders to avail of loans against their insurance plan once the plan completes a minimum duration of 3 to 4 policy years. The loans are available against the PLI interest rate of 10% per annum on a semi-annual basis. Thus, the interest rate under PLI loans needs to be paid in six months.
Below are specific key points to be noted about the PLI or postal life insurance interest rate:
The key benefits of availing a loan against your PLI or postal life insurance are mentioned below:
The PLI scheme allows the policyholders to avail of a loan under the following conditions:
The PLI interest rate calculator is an online tool that can be used by the insured free of cost to calculate the total premium that the policyholder has to pay under the policy. Further, the PLI loan calculator can be used to calculate the premium amount on a monthly, quarterly, semi-annual, or annual basis. The policyholder needs to enter specific details like the policyholder’s age, sum assured, policy term, etc., to calculate the interest rate using the plan calculator.
To Conclude
Among all your financial assets, your life insurance policy plays an important role in securing the future of your loved ones. The PLI, or the Postal Life Insurance policy, was offered by the Indian government for employees of government and semi-government organizations. Along with insurance coverage, these policies also offer loan benefits to the policyholders.
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