Postal Life Insurance Premium Calculator
Currently, India Post operates approximately 1,54,939 branches across the country, including those in the most distant regions.
India Post offers a wide range of services, but it is well known for offering life insurance to its customers at affordable premium rates and appealing sum assured. Approximately 46 lakh insurance policies are currently available to beneficiaries all throughout India through PLI.
What is Postal Life Insurance?
Postal Life Insurance (PLI) is a government-run life insurance plan in India that offers insurance to employees of the central and state governments, as well as defense personnel and other government organizations. It was founded in 1884 for postal employees and later expanded to include personnel from other departments. It is one of the country's oldest and greatest insurance plans.
Some of the benefits of PLI that can be enjoyed by policyholders are mentioned below:
- Nomination of the policy can be modified or altered.
- With respect to the Endowment Assurance Plan under PLI, if the policy has been in force for at least three years, the policyholder will be able to apply for a loan against the same. The policyholder, however, will be required to pledge the policy to the Heads of the Circle.
- To fulfill the purpose of taking out a loan, the policy can be assigned to any financial institution.
- A lapsed policy can be revived under PLI.
- If the policyholder accidentally loses the original policy bond or if the same gets burnt or torn, a duplicate policy bond will be issued.
What is a Postal Life Insurance Calculator?
A postal life insurance calculator essentially helps you calculate the total amount of premium that you will be required to pay towards the policy. The calculator generates results (premium amount) which are inclusive of the present GST rate.
Additionally, the calculator also offers calculation of premiums on a yearly, monthly, quarterly, and half-yearly basis depending on the policyholder's total sum assured, age, and policy term.
Example of Postal Life Insurance Calculator
For the Endowment Assurance Plan under PLI, one can follow the below-mentioned process for premium or maturity calculation:
Step 1: Enter the sum assured amount.
Step 2: Enter the year of purchase of the policy.
Step 3: Enter your current age.
Step 4: Enter your maturity age.
Step 5: Click on the 'Calculate' button and the results will be displayed.
Types of Policies Offered under Postal Life Insurance
Currently, the below-mentioned policies are offered under Postal Life Insurance:
- Whole Life Assurance Policy (Suraksha)
- Anticipated Endowment Assurance (Sumangal)
- Convertible Whole Life Assurance (Suvidha)
- Joint Life Assurance (Yugal Suraksha)
- Endowment Assurance (Santosh)
- Children Policy (Bal Jeevan Bima)
In order to purchase a policy under Postal Life Insurance, you will be required to be an employee of the State and Central Governments, State and Central Public Sector Undertakings, Government of India aided Educational Institutions, Universities, Local Bodies, Nationalised Banks, and so on. Further, the services of insurance under PLI can also be extended to officers and other staff members of the Defense services and Paramilitary forces.
The biggest advantage of investing in a PLI policy is that you are required to pay a low premium amount and as a repayment, you receive a higher return. Post offices are easily accessible in any city and they are customer friendly as well.
Details Needed to Use PLI Calculator
The various details needed to use PLI calculator are:
- Gender
- Policy number
- Birth date
- Contact number
- Email ID
- Monthly income
- Pin code
- Sum assured
Factors Affecting PLI Amount
You should consider these factors before using the PLI calculator -
- Age: Policyholder's age is an important factor when it comes to the premium amount that needs to be paid. The higher the age of the policyholder is the higher the premium one should pay.
- Age of premium ceasing: Ceasing age means at what age the policyholder will stop paying the premium. When the ceasing age is higher, the premium paid will be lower.
- Monthly Income: Monthly income is an important factor in determining the premium amount. A policy holder’s monthly income helps determine how much the policy holder can pay per month for the policy.
Advantages of PLI Calculator
The various advantages of PLI calculator are mentioned below -
- Everyone can simply access and use the Postal Life Insurance premium calculator online, which is a free service.
- The PLI calculator is accessible to everyone worldwide. All they have to do is correctly enter the information to acquire a ballpark figure for the postal life insurance premium.
- One does not need to register on the website in order to utilise the PLI calculator and conveniently receive the benefits.
- Time is saved by using the PLI calculator, and since there is no manual computation involved, the likelihood of any error in the calculation is nearly nonexistent.
Who Can Buy Postal Life Insurance?
Any Indian person employed by one of the companies below may easily purchase postal life insurance plans:
- Central government
- State government
- Anyone who works in particular industries with NSE or BSE
- Local and autonomous bodies
- Any kind of financial institutions Defense services
- Employees in public sector
- Employees in co-operate organisation
- Educational organisation funded by government
Details Needed for PLI Calculator
The following details are needed while using the PLI calculator -
- Name of the policy
- Date of birth
- Gender
- Contact details
- Cease date of policy
- Sum assured
- Monthly income
Informative Life Insurance Pages
Life Insurance Customer Care Pages
FAQs on Postal Life Insurance Calculator
- What is a Postal Life Insurance Calculator?
A Postal Life Insurance Calculator is an online instrument that estimates the premium you will have to pay.
- How is the PLI premium calculated?
To calculate the PLI premium, you have to enter details like the sum assured, mobile number, date of birth, and more in the PLI premium calculator.
- What will happen if I forget to pay my premium in a month?
The premium can be paid next month. However, you will have to pay a minimum penalty of 1% of the premium amount per month.
- How can I update the registered email ID and mobile of the Postal Life Insurance policy?
In case you wish to update the registered email ID and mobile number, you will need to visit the post office and submit a letter requesting the same.
- Can nominees be added to the Postal Life Insurance policy?
Yes, nominees can be added to the Postal Life Insurance policy.
- Is it possible to avail a loan against the Postal Life Insurance policy?
Yes, you can avail a loan against the Postal Life Insurance policy. However, the policy must be active for a minimum tenure of three years.
- Whom should I contact in regards to any queries about the policy?
You must call 1800 180 5232 or 15232 in regards to any queries about the policy.
- Can a discontinued Postal Life Insurance policy be reinstated?
Yes, a Postal Life Insurance policy can be reinstated as per certain terms and conditions.
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