India Post Postal Life Insurance - Premium payment suggestion

[R@J]

I have also PLI premium payment coming up. How much in advance we can pay the premium? Also is postal website only way to pay premium or other 3rd part apps supports this? Is Amex accepted via website payment gateways?

@nikhilesh71 How much advance- Any number of premiums upto final number of premiums.....Note that you get certain % as rebate if you pay half yearly or annual premium in advance for a monthly policy.
Ways to pay - I only know of IndiaPost website and IPBB app from where one can pay.... not possible currently through paytm, amazon, phonepe, etc
Amex: Not accepted as of now

 

[doctoramar]

@nikhilesh71 How much advance- Any number of premiums upto final number of premiums.....Note that you get certain % as rebate if you pay half yearly or annual premium in advance for a monthly policy.
Ways to pay - I only know of IndiaPost website and IPBB app from where one can pay.... not possible currently through paytm, amazon, phonepe, etc
Amex: Not accepted as of now

This month Paid thru tata neu upi will get 1% cashback as neucoins and 0.5 % as credit card rewards.
Last month paid thru tata neu hdfc card and got 1.5% as cashaback.But 1% was transaction fee at payment so net 0.5%

 

[SpiesCan'tCatchMe]

This month Paid thru tata neu upi will get 1% cashback as neucoins and 0.5 % as credit card rewards.
Last month paid thru tata neu hdfc card and got 1.5% as cashaback.But 1% was transaction fee at payment so net 0.5%

I paid via tata neu a few months back but I didn't get any cashback?
How and which payment portal are you using

 

[nikhilesh71]

This month Paid thru tata neu upi will get 1% cashback as neucoins and 0.5 % as credit card rewards.
Last month paid thru tata neu hdfc card and got 1.5% as cashaback.But 1% was transaction fee at payment so net 0.5%

How about DCB card? Atleast it should give 3.3% rewards

 

[panchabhut]

I have also PLI premium payment coming up. How much in advance we can pay the premium? Also is postal website only way to pay premium or other 3rd part apps supports this? Is Amex accepted via website payment gateways?

paying for 6 mths give 1% discount
paying for 12 mths give 2% discount
never tried beyond 12 mths

 

[R@J]

How about DCB card? Atleast it should give 3.3% rewards

no, it doesn't anymore! govt transactions are excluded!

 

[nikhilesh71]

no, it doesn't anymore! govt transactions are excluded!

Oh, then options are very limited, I can think of SC smart cards, Amazon ICICI only these cards give rewards on Govt transactions. Another good option is IDFC vistara card.

 

[doctoramar]

I paid via tata neu a few months back but I didn't get any cashback?
How and which payment portal are payed theu

I paid via tata neu a few months back but I didn't get any cashback?
How and which payment portal are you using

Paid thru PLI website- pay u- chose upi and paid using tataneu upi id .
Will confirm cashback after the statement.

Net 0.5% Cashback using tata neu hdfc infinity card is confirmed received last month.

I paid via tata neu a few months back but I didn't get any cashback?
How and which payment portal are you using

 

[vishal pawar]

Paid thru PLI website- pay u- chose upi and paid using tataneu upi id .
Will confirm cashback after the statement.

Net 0.5% Cashback using tata neu hdfc infinity card is confirmed received last month.

Please update did you get cashback or not.

 

[nikhilesh71]

Please update did you get cashback or not.

Yes, I got 1.5% neu coins through Tata Neu UPI ID, but max cap is 500 coins only.

 

[vishal pawar]

Yes, I got 1.5% neu coins through Tata Neu UPI ID, but max cap is 500 coins only.

I didn't received any I paid through tata neu plus UPI
Merchant name was SBIMOPS.

 

[SpiesCan'tCatchMe]

I didn't received any I paid through tata neu plus UPI
Merchant name was SBIMOPS.

There are 2 payment portals or gateways sbi and payu I think SBI shows govt transaction mcc
And payu shows some other so we will get neu coins on payu gateway

 

[doctoramar]

There are 2 payment portals or gateways sbi and billdesk I think SBI shows govt transaction mcc
And bill desk shows some other so we will get neu coins on billdesk gateway

I am getting 2 payment gateways sbi and pay u.
For me Pay u accepted upi on credit card previously but is not accepting now.
Only way left for me is to pay by tata neu card and get net 0.5% neu coins.
Tried kiwi yes bank also it accepts transaction but no rewards.

 

[doctoramar]

Are u using app or pli website to pay?

 

[vishal pawar]

Are u using app or pli website to pay?

Using website and currently pay u is not working so only option is sbi

 

[doctoramar]

Any one tried other cards for

No idea about the MCC, it's a real problem.
Yea... Atlas is better

Sir any way of getting rewards on postal life insurance payment? Its considered Government payment.

No idea about the MCC, it's a real problem.
Yea... Atlas is better

 

[doctoramar]

I didn't received any I paid through tata neu plus UPI
Merchant name was SBIMOPS.

Havent got any neucoins on upi payment through tata neu in last three months .

Tried applying for stanchart smart card as it gives 2% return but my pincode is not eligible.

Planning to use amazan icici card.it gives 1% on government payments. transaction fee will be 1%.So net 0.
Pay the amazon card bill with hdfc debit card and get 1% cashabck.

Any other suggestions welcome.

 

[iscoopicecreams]

Hi All,

This might be a bit offbeat question/topic.

I have an upcoming annual premium payment of 1 Lakh+ for my family member. The provider is India Post's Postal Life Insurance (yes, something like this exists 😄 ) - hence, most of the bill pay platforms/ options are already out (as it is not available at those platforms). Only option known to me is their own website, which levies ~1% charge for Credit Card payment.

1. I wanted to ask if anyone who has paid it through their India Post PLI website - knows the MCC code or category? I'm not sure if it will fall under Utility/Insurance (by nature of payment) or Govt Transaction(nature of service provider). Since, it is a govt entity, the accuracy and compliance wrt MCC tagging is also not guaranteed.

2. I wanted to use this opportunity to collect some reward points and also compensate the 1% charge. Available card options to use: Magnus, Vistara Infinite, Atlas, DCB, SBI CB.
As of now, Atlas seems like the safest option. Any suggestions? [Magnus's monthly milestone for Aug is already done]

@TechnoFino @Subhankar @anirban.choudhury @4uziaul @TheMentalist @adigk @Walter White @VISHESH_BANSAL

Can you tell some details of the policy for GK purpose!

 

[doctoramar]

Postal life insurance has slightly better returns than Lic.I Took it 5 yrs back as a favour to a relative.
My advise is dont take it.
Just term insurance+Mutual funds best combination.

 

[SpiesCan'tCatchMe]

Postal life insurance has slightly better returns than Lic.I Took it 5 yrs back as a favour to a relative.
My advise is dont take it.
Just term insurance+Mutual funds best combination.

True, i myself took a 50 lacs policy but later realised it's not that good so I cancelled the 30 lakh and kept 20
Now I do sip of the amount i intended to invest in the policy