PLI Calculator: Check Postal Life Insurance Premium Online

How Does the PLI Calculator Work?

Let’s understand how PLI calculator works with the help of an example:

Suppose Ravi, a 30-year-old man, wants to secure his family's future and is looking for the best term insurance plan under budget. He learned about postal life insurance and used the PLI premium calculator to determine the premiums for different plans. He compares the available plans and purchases the one that best fits his needs.

What are the Details Required to Use the PLI Calculator?

Here is a list of details you might need to fill in while using the PLI calculator:

• Policy Name

• Gender

• Birth Date

• Email Id

• Contact Number

• Pin Code

• Sum Assured

• Policy Cease Date

• Monthly Income

How to Use the Postal Life Insurance Calculator?

Follow the steps listed below to use the postal life insurance premium calculator:

• Step 1: Visit the website of postal life insurance.

• Step 2: Then click on the ‘Buy Policy’ tab that is placed on the page at the right side.

• Step 3: Here one will be taken to a new page wherein the subtleties need to be entered correctly.

• Step 4: Once the details are provided, to authenticate enter the captcha image and then click on the ‘Get Quote’ tab.

• Step 5: Now, the postal life insurance monthly premium will be on the screen.

Postal Life Insurance Premium Calculation

Let’s understand example of postal life insurance premium calculation and also that how different factors such as policyholder’s age, sum assured chosen affects the premium amount to be paid. This can easily be calculated using the PLI calculator:

Example 1: Whole life insurance (Suraksha)

Benefits of this plan:

• Accumulated bonus + sum assured when the policyholder reaches 80 years of age or payment made in the nominee’s name on the policyholder’s death, whatever occurs earlier. 

• Facility of loan after 4 years 

Note: the premium ceasing age is the age at which last premium shall be payable. 

What are the Key Features of the Postal Life Insurance Calculator?

• Accurate Premium Estimation: The Postal Life Insurance Calculator provides an approximate premium amount based on the entered details.

• User-Friendly: The PLI Calculator is easy to use, requiring minimal information such as age, sum assured, and policy type.

• Cost-Free Access: It is available online for free, without any registration.

• Transparency: The calculator enables users to make informed decisions by comparing premiums across multiple PLI plans.

What are the Benefits of Using the PLI Premium Calculator?

The following are the key advantages of using the PLI calculator:

• Free of Cost: The Postal Life Insurance premium calculator is an online tool, which is accessible to everyone easily and free of cost.

• No Registration Needed: To use the PLI calculator, one need not register on the website and easily avail of the benefits.

• Time-efficient and Accurate: Using the PLI calculator helps save time, and removes the hassle of manual calculations.

• Financial Planning: With the PLI premium calculator, you can plan your finances better by understanding the amount you would need to pay every month for premiums and the remaining balance you can use for other financial needs.

• Ease of Access: Anyone can use the PLI calculator from anywhere across the globe. All they need to do is provide the information correctly and get an estimate of the postal life insurance premium amount.

What are the Different Types of Postal Life Insurance Calculators?

The life insurance schemes by PLI offer 6 types of postal life insurance calculators:

• PLI Endowment Assurance (Santosh) Calculator

• PLI Whole Life Assurance (Suraksha) Calculator

• PLI Convertible Whole Life Assurance (Suvidha) Calculator

• PLI Joint Life Assurance (Yugal Suraksha) Calculator

• PLI Anticipated Endowment Assurance (Sumangal)

• PLI Children Policy (Bal Jeevan Bima)

Types of Postal Life Insurance (PLI) Plans: Postal Life Insurance Plan Details

Now that we have understood the basics of the post office life insurance calculator, let us take a look at the types of life insurance plans and their postal life insurance plan details.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

What are the Factors that Affect the Postal Life Insurance Premium Amount?

Here is a list of factors that affect the postal life insurance premiums:

• Age: When it comes to using the postal life insurance calculator, the initial thing that will be asked is the age. It should be understood that age has an impact directly on the premium sum. The older you are, the higher the premiums will be and vice-versa. Someone who is 30 years old will pay less premium than someone who is 40 years of age.

• Monthly Income: Another important factor while using the PLI calculator is the monthly income. This plays a key role in deciding the premium amount. This is important as it will depict the affordability one’s pocket allows to pay a specified premium amount. In case an individual is unable to pay the life insurance premium on time, the policy may lapse. Therefore, be careful while disclosing the income and provide correct information.

• Sum Assured: The premium is directly proportional to the sum assured. That means, the more the sum assured, the more the premiums will be. While using the postal life insurance premium calculator, you can alter the sum assured to find the amount that would require budget-friendly premiums.

• Premium Ceasing Age: This is the time when an individual stops paying the premium amount. It implies that the higher the ceasing age lower the premium sum. In case an individual is 55 years of age, the premium will be high, and if 60 years of age, it will be on the lower side.

• Policy Type: Different types of life insurance plans have differing premium rates because of differences in coverage and benefits.

• Policy term: Longer policy terms might result in lower premium rates per annum, but the total premium payable over time may be higher.

What are the Points to Keep in Mind When Using the PLI Calculator?

Here is a list of points to remember when using the PLI premium calculator:

• Provide Correct Information: When using the PLI calculator, make sure that all the information is correct so that one obtains an accurate estimate in regard to the premium. 

• Compare premiums for different cover: When using the PLI calculator, try checking the premiums for various sum assured as it will help to get the best premium depending upon the budget, and the choice can be made accordingly.

• Premiums are estimated: Moreover, it is important to understand that the value you get as a premium in the calculator is only an estimate. The exact premium you may need to pay depends on your annual income, sum assured, health conditions, and more. Besides, the postal life insurance scheme has centralized accounting, which makes the claim process much quicker and easier.

About Postal Life Insurance Company

Postal life insurance is the oldest insurance scheme available in India by the India Post, offering 6 protection plans. Similar to term insurance, PLI plans offer a death benefit amount on the policyholder's death within the policy term. If the PLI policy offers maturity or bonus benefits, the accrued bonus will be payable along with the applicable maturity benefit at the policy's maturity.
The journey of postal life insurance began on 1 February 1884. Initially, this commenced as a welfare scheme for postal employees, later extended in 1888 to the telegraph department employees.
In 1894, PLI extended the coverage for female employees working with the erstwhile department of P & T. At this point, no insurance company in India provided coverage for females. It offers a range of essential products and services, including life insurance, a remarkable part of this mix of services.

What are Postal Life Insurance Schemes?

Postal life insurance is the oldest insurance scheme available in India by the India Post, offering 6 protection plans. Similar to term insurance, PLI plans offer a death benefit amount on the policyholder's death within the policy term. If the PLI policy offers maturity or bonus benefits, the accrued bonus will be payable along with the applicable benefit at the policy's maturity.
The journey of postal life insurance began on 1 February 1884. Initially, this commenced as a welfare scheme for postal employees, later extended in 1888 to the telegraph department employees.
In 1894, PLI extended the coverage for female employees working with the erstwhile department of P & T. At this point, no insurance company in India provided coverage for females. It offers a range of essential products and services, including life insurance, a remarkable part of this mix of services.

Wrapping it Up!

The postal life insurance calculator can help policyholders calculate the premiums they must pay for their desired PLI policy and make informed decisions. You can easily calculate it by entering your basic information and getting accurate minute results.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.