There are a few key differences between PLI and LIC that may make one or the other a better choice for you, depending on your needs.
LIC offers a death benefit, while PLI does not. This means that if you pass away while you are still paying off your loan, your family will not be responsible for the remaining balance.
PLI typically has lower interest rates than LIC. This is because the interest is paid by the life insurance policy, rather than by the borrower.
LIC may be a better choice if you are looking for a death benefit. PLI may be a better choice if you are looking for lower interest rates.