Since PLI( Post Office Life Insurance) is a government-backed insurance program, it provides millions of Indians with a stable source of income.
One of the primary highlights of PLI plans is the Premium extra structure, specifically about sum ensured amounts of 10, 20, and 50 lakhs.
You’ll be able to make an informed choice and take advantage of these boosts by following this tutorial, which will break down the features, benefits, and important information of the PLI Premium Bonus Table.
What’s PLI?
Established in 1884, Post Office Life Insurance( PLI) is one of India’s most ancient life insurance plans. By furnishing nicely priced and all-inclusive life insurance, it has acclimated over time to meet the demands of colourful societal groups.
With its charming gratuities and nicely priced decorations, PLI plans are the perfect choice for anybody seeking a safe approach to investing in their family’s future.
The Premium Bonus Structure
The Premium Bonus Table for PLI policies varies based on the sum assured. The greater the returns and bonus rates, generally speaking, the bigger the sum assured.
For EA 10 Lakhs, EA 20 Lakhs, and EA 50 Lakhs, the PLI Premium Bonus Table is broken out in detail here.
PLI Premium Bonus for EA 10 Lakhs
For a policy with a sum assured of ₹10 lakhs, the premium rates are structured to balance affordability and returns.
The bonus rate under PLI generally ranges from ₹50 to ₹70 per ₹1000 of the sum assured.
Based on the policy term, the bonus payout on a ₹10 lakh policy can significantly boost the final maturity amount.
Example Breakdown for EA 10 Lakhs:
- Sum Assured: ₹10,00,000
- Policy Term: 15 years
- Annual Bonus Rate: ₹60 per ₹1000
- Total Bonus: ₹60,000 per year
- Maturity Bonus: ₹9,00,000 (over 15 years)
PLI Premium Bonus for EA 20 Lakhs
The EA 20 Lakhs policy is designed for individuals seeking higher insurance coverage and bonus payouts. For a sum assured of ₹20 lakhs, the bonus rates are slightly higher, making this plan highly lucrative for long-term savings.
Example Breakdown for EA 20 Lakhs:
- Sum Assured: ₹20,00,000
- Policy Term: 20 years
- Annual Bonus Rate: ₹65 per ₹1000
- Total Bonus: ₹1,30,000 per year
- Maturity Bonus: ₹26,00,000 (over 20 years)
PLI Premium Bonus for EA 50 Lakhs
For the 50 lakh sum assured plan, the premium is higher, but so is the bonus payout. These policies are perfect for those who want maximum coverage and returns.
The annual bonus rates for this policy are among the highest in the PLI scheme, making it one of the most rewarding options.
Example Breakdown for EA 50 Lakhs:
- Sum Assured: ₹50,00,000
- Policy Term: 25 years
- Annual Bonus Rate: ₹70 per ₹1000
- Total Bonus: ₹3,50,000 per year
- Maturity Bonus: ₹87,50,000 (over 25 years)
How to Calculate Your Bonus Payout
Calculating your PLI bonus payout is simple. The bonus is declared annually per ₹1000 of the sum assured. You can multiply this rate by the total sum assured to get your annual bonus.
Multiply the yearly bonus by the policy term to find the total bonus payable at maturity.
As an example, if the policy has a 25-year term and a 50 lakh sum assured, and the bonus rate is ₹70 every ₹1000:
- Annual Bonus is equal to ₹70 * (1000 – 50,000) = ₹3,50,000.
- 25 years of bonus total = ₹3,50,000 * 25 = ₹87,50,000
The policyholder receives a sizable financial gain when this bonus is paid at maturity together with the amount insured.
Qualifications for PLI Policies
To get the PLI Premium Bonus and extra perks, the qualifying conditions listed below must be met:
- Age: The applicant must be between 19 and 55 years old.
- Employment: PLI is primarily available to employees in the public sector, which includes public corporations, nationalized banks, and local governments.
Conclusion
Incredible financial rewards are available with the PLI Premium Bonus Table for EA 10, 20, and 50 lakhs, especially for those looking for government-backed security and long-term investments. PLI plans to provide an unrivalled blend of affordability and returns, thanks to their alluring bonus rates and affordable premiums. Making an informed choice for your financial future is possible if you comprehend the features and advantages of this insurance.