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PLI Surrender Value Calculator

Postal Life Insurance (PLI) is an insurance plan for Indian government and semi-government employees and professionals in India. These plans not only help provide protection but can also offer financial aid in times of need.

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However, due to personal financial constraints, emergencies, or other reasons, a policyholder might decide to surrender their postal life insurance. In such cases, knowing the surrender value is crucial. Understanding this calculation from the policy’s inception can help make informed decisions later. Here is a detailed overview of the PLI surrender calculator: 

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What is the Surrender Value of Postal Life Insurance (PLI)? 

At the time of surrendering your plan, you receive a certain amount of premiums that you paid regularly, which will be returned from the insurer. This payment receipt is known as Surrender value. 

A surrender facility is available after 3 years in case of EA, WLA, YS, and CWLA policies. This value depends on the surrendering type, factor, and term of the plan. Bonus on the reduced sum assured amount is paid only if the plan is surrendered after 5 years. 

Policyholders have the facility to avail of loans against PLI as their interest rates are less and affordable. Let’s say if the policyholder misses three premium payments, the insurer will start the surrendering of the plan. The surrender value will then be utilised to settle the outstanding premium and the remaining loan amount.

How to Calculate the PLI Surrender Value?

PLI Policyholders who are looking for different ways to calculate the surrender value can opt for the PLI Surrender Value calculator. One can easily calculate the exact surrender value in a few clicks with the help of an effective cloud-based online tool called PLI Surrender Value Calculator. 

  • You need to provide some basic information such as the premium amount paid, policy term, mode of premium payment, number of years the plan has completed, amount of premium installment, etc.

  • After providing all these details, the online PLI surrender value calculator instantly determines the surrender value of your PLI life insurance policy.

  • It also helps to calculate the PLI Surrender value after 3 years, PLI surrender value after 5 years, and PLI Surrender value after 10 years.

And similarly, term plan calculator can be used to calculate the term insurance premium rates.

Before understanding the Postal Life Insurance Calculator, let’s understand when the PLI policy will acquire a surrender value: 

  • If policy term less than 10 years: Surrender value attained after 2 years of premium payments.

  • If policy term 10 years or more: Surrender value attained after 3 years of premium payments.

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What is PLI Surrender Value Calculator? 

PLI surrender value calculator is an online tool that helps customers calculate the amount they would receive on surrendering their Postal life insurance. This calculator can make long and tedious calculations accurately in just a few minutes. With this PLI Santosh surrender value calculator, you can make quick and simple calculations from the comfort of your home. But before we take a look at how the surrender value is calculated, let us take a look at when PLI attains the surrender value.

How Does PLI Surrender Calculator Determine Surrender Value?

PLI Surrender value calculator uses PLI surrender factor table. This gives an estimate of how much you will receive on surrendering a PLI policy. The PLI Surrender Calculator determines the Surrender Value using the following formula: 

Surrender value = (Paid-up value + Reduced Bonus) X Surrender factor. 

Paid-up value = (Sum assured amount X Number of months/years premium)/Total term of the policy (number of months/years). 

Reduced Bonus = (Paid-up value X Policy Term X existing bonus rate of PLI)/1000

Bonus is added each year in April for the plans that are paid up to March. So, in this way, bonuses will be added for the years for which the premium amount is paid in March. 

The PLI Surrender factor can be calculated from the PLI Surrender factor table. Some details are required to complete the process such as date of surrender application, date of birth of insured, and Age as a factor can be used to compute the PLI factor in terms of days, months, and years. 

PLI Surrender Factor Table To Calculate Surrender Value

Below is the illustration of the PLI Surrender Value Calculation sheet that can help you calculate the surrender amount easily: 

Exact Age  EA/30 EA/33 EA/35 EA/40 EA/45 EA/50 EA/55 EA/58 EA/60 WL
20 0.616 0.533 0.485 0.383 0.303 0.242 0.196 0.174 0.162 0.101
22 0.678 0.587 0.533 0.420 0.333 0.266 0.214 0.190 0.176 0.109
24 0.747 0.646 0.587 0.462 0.366 0.291 0.234 0.208 0.192 0.118
26 0.823 0.712 0.646 0.508 0.402 0.319 0.257 0.227 0.210 0.128
28 0.907 0.784 0.712 0.560 0.441 0.351 0.281 0.249 0.230 0.139

What Are The Benefits Of Using PLI Surrender Value Calculator Online?

A PLI Surrender Value Calculator is a variable tool that helps quick and easy comparison of plans based on a number of parameters. Using a PLI calculator, insurance buyers can evaluate their requirements and make an informed decision about choosing the right plan. Here are some major benefits of using a PLI surrender value calculator online. Similarly, check the major benefits of term insurance

  • It is a user-friendly online tool, accessible anytime and anywhere via your computer, to effortlessly calculate the surrender value of PLI. No financial expert assistance is required. Compare various 

  • PLI policies to identify the best option aligned with your family's financial commitments. 

  • Make informed decisions to manage your financial needs effectively. 

  • Evaluate the factors influencing the premium rates of your PLI policy.

How Can You Buy Postal Life Insurance (PLI)?

You can buy PLI from the following sources:

  • Employees of the Department of Posts like the Inspector staff, Clerical staff, Postmen etc.

  • Field Officers of Postal Life Insurance

  • Gramin Dak Sevaks of Branch Post Office / Gramin Dak Ghar

  • Direct Agents

How To Use the PLI Surrender Value Calculator?

Following is the step-by-step guide to using the PLI santosh Surrender value calculator: 

  • Step 1: Visit the official website of the Postal life insurance 

  • Step 2: Click on Surrender Value Calculator 

  • Step 3: Enter the basic details such as name, mobile number, policy term, plan name, premium payment mode, number of premium instalments paid, etc., 

  • Step 4: After submitting these details, the PLI policy surrender value calculator immediately computes the approximate surrender value.

  • Step 5: The surrender value will be displayed on the page. 

What Are The Postal Life Insurance Online Payment Options?

There are several ways to make PLI Online Premium Payment. All the methods are easy to follow for the users and have their own set of steps.

Here is a list of premium payment methods to pay PLI online payment:

  • PLI Online Payment By Mobile Banking

  • PLI Online Payment By Fund Transfers
    Here are two major ways of fund transfer processes:

    • Immediate Payment Service (IMPS)
      National Electronic Fund Transfer (NEFT)

  • PLI Online Payment By Real-Time Gross Settlement (RTGS)

  • PLI Online Payment By Unified Payments Interface (UPI)

  • PLI Online Payment By AADHAAR Enabled Payment System (APIs)

  • PLI Online Payment By QR Card

  • IPPB Micro ATMs

  • Credit Card

  • Debit Card

  • UPI Apps

*Note: The customer is responsible for covering any debit/credit or other transaction charges in accordance with the prevailing regulations.

What Is The Claim Settlement Process of Postal Life Insurance (PLI)?

The claimant can submit the claim form along with the original policy bond, premium receipt book, and loan repayment record book (if any) to the concerned Central Processing Centre (CPC). The claims will be reviewed by the competent authority, and upon approval, the payment will be made either electronically or through cheque.

The policyholders are also offered many additional facilities like:

  • Revival of his/her lapsed policy

  • Change of nominee

  • Assignment of Policy to any financial institution for a loan

  • Conversion of Whole Life Assurance to Endowment Assurance and of Endowment Assurance to other Endowment Assurance (for change in policy term)

  • Issue of Duplicate Policy Bond

Wrapping Up!

Understanding how this PLI surrender value is calculated at the policy's inception is crucial for making informed financial decisions down the line. The online PLI surrender value calculator simplifies this process with a few easy steps. It is user-friendly, easy to use and tells the value in a couple of minutes and helps in the comparison of various PLI policies for optimal decision-making.

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