You can also get the life insurance policy from the Post Office, know the complete information about the scheme
By investing in the Small Saving Scheme of the Post Office, you get both good returns and guaranteed money security. However, you can also get a life insurance policy from the post office. You will also have many benefits in the post office life insurance policy. Explain that this scheme was started on 1 February 1884 in the name of Postal Life Insurance (PLI). It is the oldest insurance policy in Indian history. A postal life insurance policy of up to Rs 10 lakh can be taken in the Postal Life Insurance scheme of the post office.
Who can take policy
According to the official post office website, people up to 55 years of age can take this policy. The best thing is that you can also take a loan if needed on this insurance policy. In this policy, if you do not choose the option for six years, then it will be considered for life time. Many benefits are available in this scheme. In this, you can change the nominee. Apart from this, you can surrender this policy after three years. But, if you take a loan or surrender the policy before five years, you will not get the benefit of bonus.
Income tax exemption
The Income Tax Act in Postal Life Insurance is exempt under section 88. It can be transferred anywhere. However, if the policy holder has not paid the premium for six consecutive times then his policy may be lapsed.
Payment in installments
Premium can be paid annually, half-yearly or monthly for the post office life insurance policy. Postal Life Insurance has several schemes. This includes schemes related to Sumangal, Santosh, Suvidha, Suraksha, Couple Protection, Child Life Insurance and the handicapped.