Postal life insurance (PLI) is a Government of India endorsed life insurance product created specifically for predominantly rural India. It provides a variety of benefits for low-income families and individuals, making it a practical and attractive option for meeting one's life insurance needs.
The main benefit of PLI is the affordability of its premiums, since these tend to be quite low. This makes it a great option for individuals who may not have the resources to purchase higher-end life insurance plans with more costly premiums.
PLI also offers tax benefits, as the premiums are eligible for tax deductions up to the eligible limits specified by the Government of India. This provides a significant incentive for individuals and families looking to save on their taxes.
In addition, PLI provides many additional benefits such as survivorship benefits, death payouts, maturity payouts, and so on. This means that should an individual or family member die, their loved ones are guaranteed a certain level of financial support. Furthermore, individuals can also access generous loan amounts against the policy.
Ultimately, PLI offers plenty of great features to meet the life insurance needs of individuals of all income levels. Its low premiums and added benefits make it an especially attractive and sensible choice for low-income families.