PLI Maturity Calculator

PLI offers several government-run insurance schemes for the benefit of Indian citizens. Similar to term plan, PLI plans offer a death benefit amount on the death of the policyholder within the policy term.

PLI Maturity Calculator can be accessed easily to calculate the premiums that a customer will have to pay for the insurance based on the information provided by him. This calculator also gives a clear idea of the maturity amount that a customer stands to gain at the end of the term of the policy. 

Process of Using PLI Maturity Calculator

The PLI Maturity Calculator is one of the easiest ways to calculate maturity sums online. It is freely available on the official website of the organization and can be accessed by anyone. This calculator can be used either to determine the premium amount of a particular policy or to calculate the expected maturity amount of a particular policy. The following steps are to be undertaken in order to use the calculator:

• Input the Sum Assured amount.
• Input the year of purchase of the policy.
• Input the current age of the customer.
• Input the maturity age of the customer.
• Once the customer clicks on the “Calculate” button, the results will be displayed on the screen.

Advantages of Using PLI Maturity Calculator

PLI Maturity Calculator helps determine the premiums that a customer will be expected to pay during the term of the policy and the maturity amount that he can expect to collect once the policy has matured. It offers many benefits, such as:

1. Easily Accessible

   The calculator is available for use at the company's website online and can be used at any time as per the convenience of the customer.

2. Reduces Manual Tasks

   Using the calculator omits the cumbersome task of manually going through all the policies and making comparisons to find a policy that best fits the customer's requirements. It can easily be done online without having to visit a post office and stand in long lines.

3. Helps in Financial Planning

   The calculator gives an estimate of premiums and also maturity amount. This helps the customer to plan his finances accordingly. The customer can plan events in his life, keeping in mind all these details.

Information Required

A customer using the PLI Maturity Calculator would be required to provide the following information:

• Personal Information – Customer's name, age, gender, date of birth, occupation, type of policy, contact number, email id, etc.
• Health Information – Whether or not the customer is a smoker and if he/she suffers from any serious illness
• Desired Sum Assured 
• An approximate of the customer's future financial goals and monetary constraints so as to find a policy suitable for him/her

Why Should the PLI Maturity Calculator be Used?

The Postal Life Insurance Maturity Calculator is a digital tool that helps to calculate the premium for the term of a PLI policy and also the value payable to a customer upon maturity of the policy. With innumerable insurance policies being offered by several companies, it becomes a daunting task to choose a particular policy that will suit the needs of the customer. The calculator simplifies this task and helps a customer make comparisons and choose a policy that will provide him with the maximum benefit.

Enlisted below are a few reasons why a customer should use a Maturity Calculator:

• It helps to calculate the maturity of a policy, free of cost and in a very short time.
• Helps to understand the difference between policies.

Gives the customer a clear perspective of the sum to be received upon maturity of the policy and therefore helps the person in planning his/her finances for the future.

Benefits of Buying Postal Life Insurance

Postal Life Insurance secures the financial future of the nominees of the policyholder and provides the policyholder to develop a means of regular saving, the benefits of which can be reaped as a lump sum when the policy matures. 

Following are some of the benefits of Postal Life Insurance:

1. Lowest Premium 

   PIL offers one of the lowest premiums in the market. It also provides one of the highest covers for such premiums, making it a highly sought-after insurance policy.

2. Loan Facility

   A policyholder can avail of a loan under this plan. The Endowment Assurance Plan can provide a loan once it completes a term of 3 years. The Whole Life Assurance cover can provide a loan after it completes a term of 4 years.

3. Switching of Nominee

   The policyholder is allowed to switch nominees at any time during the duration term of the plan.

4. Tax Benefits

   PIL plans offer tax benefits to their policyholders under the Income Tax Act, Sec 80C.

5. Duplication of Policy

   In the event that a policy is lost, burnt or destroyed, due to any reason, the policyholder will be provided with a duplicate policy.

6. Assignment of Policy to a Financial Institution

   The policy may be assigned to a financial institution in the event that the policyholder wishes to take a loan on it. This is a facility provided by PLI to its policyholders.

Persons employed with the following organizations may apply for a PLI policy:

• Central Government
• State Government
• Defense Services
• Para Military Forces
• Reserve Bank of India
• Government – aided Educational Institutions
• Nationalized Banks and Financial Institutions
• Public Sector Undertakings
• Local Bodies
• Employees of all commercial banks
• Extra departmental agents in departments of posts
• Employees of deemed universities or appointed on contracts
• Employees of all private educational institutions
• Professionals such as doctors, engineers, etc. 
• Employees of certain companies listed with the government, e.g., NSE, BSE, etc.
• Autonomous Bodies

Postal Life Insurance Premium Rates

Postal Life Insurance has one of the lowest premium rates while offering one of the best coverage at these rates. However, the rates vary on a number of factors. The factors that affect the premium rate are as follows:

• Age of the customer – Customers falling in a younger age group category get the benefit of availing lower premiums. 
• Gender – In general, women are offered better premium rates as compared to men.
• Sum Assured – The higher sum assured amounts usually guarantee higher premium rates.
• Policy Term – The higher the duration of the policy, the lower the premium can be expected to be.
• Occupation of the Customer – Usually, people in high-risk occupations, e.g., miners, pilots, sailors, etc., are expected to pay higher premiums.

Postal Life Insurance Calculator can be used to determine the premiums that a customer will be expected to pay throughout the term of the policy as well as the maturity that he can expect at the end of the policy term. This facility can be availed by the customer at his convenience for a quick, accurate, and hassle-free estimate. 

FAQ's