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PLI Surrender Value Calculator

PLI Surrender Value Calculators have proven to be one of the simple tools for digitally savvy customers. PLI (Postal Life Insurance) company has come up with its own surrender calculator to promote buyer satisfaction and easiness. With PLI Surrender Value Calculator, you can now calculate the surrender value that you are entitled to before buying a PLI Plan.

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What is Surrender Value? 

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

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. 

When does a PLI Attain a Surrender Value? 

A PLI policy acquires a surrender value in the following cases: 

When the plan duration is 10 years or more than that 

In this case, the surrender value of PLI is obtained if the premiums are paid regularly at least for 3 consecutive years. PLI surrender value after 10 years can also be calculated using a calculator. 

When the policy duration is less than 10 years 

In this case, the PLI gets a surrender amount if the premiums are regularly paid for at least 2 consecutive years.  

How is the Surrender value calculated?

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 that is called PLI Surrender Value Calculator. 

To obtain information from this calculator, you are only required 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. And similarly, term insurance calculator can be used to calculate the term insurance premium rates.

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. 

About Postal Life Insurance (PLI) Surrender Value Calculator 

PLI Surrender value calculator is a freely available online tool that helps you calculate the approximate details of the PLI policy surrender. By providing the basic information related to your plan, you can easily calculate your PLI surrender value instantly. 

Postal Life Insurance Surrender Value Calculation Using Surrender Factor Table 

PLI Surrender value calculator uses PLI surrender factor table. This gives an estimate of how much you will receive on surrendering a PLI policy. A PLI calculator works on the basis of 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 

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

How To Use the Surrender Value Calculator? 

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

  • Visit the official website of the Postal life insurance 

  • Click on Surrender Value Calculator 

  • Enter the basic details such as name, mobile number, policy term, plan name, premium payment mode, number of premium installments paid, etc, 

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

  • The surrender value will be displayed on the page 

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. And similarly, check the major benefits of term insurance

  • Simple process to know the Surrender Value 

  • Easy to manage finances 

  • Hassle-free comparison of PLI policies 

  • Access to the details about factors that affect premium rates

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