The rural postal life insurance calculator is a tool that allows users to estimate premiums against the maturity benefit prior to purchase. This helps RPLI insurance buyers to arrive at the most comprehensive coverage at desired premium rates according to their budget.
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Rural postal life insurance schemes were introduced in 1995 to enhance insurance coverage in rural areas of the country. Currently, the RPLI portfolio comprises of 6 insurance plans serving different requirements. These are as follows:
Gram Suraksha - Whole life assurance scheme
Gram Suvidha - Convertible whole life assurance policy
Gram Santosh - Traditional endowment assurance plan
Gram Priya - 10 Years Rural Postal Life Insurance
Gram Sumangal - Anticipated Endowment Assurance Money-back policy
Bal Jeevan Bima - Life insurance for children
Anyone considering investing in RPLI policies should make use of the postal RPLI calculator to get an idea of the premiums payable against their desired coverage. This will allow them to understand if the required cover is even affordable at the estimated premium rates. If the calculated premiums are lower than you had expected, you can increase the coverage which is always a good idea. If the rates come out to be higher than your expectations, you can change the premium paying frequency, the premium ceasing age, or the coverage to reach the optimal coverage per your needs. This post office RPLI calculator also factors in the applicable rebates on higher sums assured to give you the most accurate premium estimation against the chosen policy.
The rural postal life insurance premium calculator is an online tool that calculates premiums payable against the sum assured under a policy. The tool can be used multiple times to recalculate premium rates by changing policy features, policy terms, premium payment, sum assured, etc. This ensures that the policyholder gets to the right life insurance cover that fits her/his needs and budget. The RPLI premium calculator is available online on India Posts’ official website and the Department of Posts mobile application, Postinfo.
Similarly like, term insurance plan, on surviving the policy term of an RPLI policy, the life assured can claim the maturity benefit amount. The sum assured on maturity is decided by the buyer at the time of policy inception based on his/her requirements. Given that the bonus rate for the policies keeps on changing, RPLI maturity calculation will not be accurate. However, once buyers have fixed the sum assured amount, they can keep track of the latest bonus rates and calculate the final maturity amount themselves. The bonus rates are usually declared at a rate per 1000 sum assured.
Apart from the maturity benefit, the RPLI surrender value calculation can also be done by the policyholders themselves based on the year of surrendering and the RPLI policy’s terms and conditions. You should note that RPLI policies do not offer the bonus amount if the policy is surrendered before the completion of 5 policy years.
Age of the policyholder
Name of the policy
Chosen policy term
Premium ceasing age
You can calculate rural postal life insurance online through the website of India Post. Follow the guide below if you are looking to purchase any of the 6 RPLI schemes discussed above.
On India Post’s website, scroll down to Postal Life Insurance and click on it.
You shall be redirected to an external website after clicking on OK.
Under the tab Purchase a Policy, click on Quote.
Fill in the required contact details, DOB, product type (RPLI in this case), sum assured, occupation, gender, state of residence, and the name of the insurance scheme.
Fill in the image captcha and click on Get Quote.
The resulting page offers monthly, quarterly, half-yearly, and yearly premium quotes.
Alternatively, you can download the Postinfo application on your device and use the premium calculator available on the platform. Once you are satisfied with the premium displayed, you can proceed to buy the policy.
It helps in your financial decision-making.
It lets you customize coverage to fit your budget.
The premium quotes are calculated in an instant.
The tool is free and can be used as many times as one wants.
The calculator displays premiums payable monthly, quarterly, half-yearly, and annually.
It eliminates third-party involvement, thereby reducing the risk of misselling.