Postal Life Insurance is an initiative by India Post under the Ministry of Communication and Information Technology. It has countless branches in almost every part of the country, and life insurance is one of the many services it has to offer. It is famed for being the oldest life insurer in the country.
Read more#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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.
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.
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:
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.
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.
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.
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
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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:
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.
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.
The policyholder is allowed to switch nominees at any time during the duration term of the plan.
PIL plans offer tax benefits to their policyholders under the Income Tax Act, Sec 80C.
In the event that a policy is lost, burnt or destroyed, due to any reason, the policyholder will be provided with a duplicate policy.
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
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
Insurance
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.