The postal life insurance premium calculator is essentially an online instrument, which helps to compare and check the premiums for the different plans that are offered within postal life insurance.Read more
*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
Using the PLI calculator will give a rough estimate in regards to the premium that will be paid. This is helpful as an individual could buy the plan as per the requirements and affordability.
The postal life insurance is the oldest insurance schemes available in India by the India Post and it offers a total of six protection plans.
When we talk about the Indian Post, it has widespread presence PAN India with 1, 54,339 branches. It offers a range of products and services that are essential including the life cover, which is a remarkable part of this mix of services.
The journey of the postal life insurance began in 1884, 1st February. Initially, this commenced as a welfare scheme for the postal employees, which was later extended in 1888 to the telegraph department employees. The PLI then in 1894 extended the cover for the employees that were female then working with the erstwhile department of P & T. At this point, no insurance company in India provided cover for the females. Over these years, Postal Life insurance has grown exponentially well.
Now, before we get into understanding the basics of postal life insurance premium calculator let us take a look and understand the types of life insurance plans offered under postal life insurance.
The table below consists of the six insurance plans that are offered under PLI:
|Policy Name||Entry Age||Loan Facility||Sum Assured||Last Declared Bonus|
|Whole Life Assurance (Suraksha)||Minimum- 19 years Maximum- 55 years||After 4 years||Minimum- Rs 20,000 Maximum- Rs 50 lakh||Rs 85 per Rs 1000 sum assured each year|
|Convertible Whole Life Assurance (Suvidha)||Minimum- 19 years Maximum- 50 years||After 4 years||Minimum- Rs 20,000 Maximum- Rs 50 lakh||Rs 85 per Rs 1000 sum assured each year for the WLA policy|
|Joint Life Assurance (Yugal Suraksha)||Minimum- 21 years Maximum- 45 years (For Spouses)||After 3 years||Minimum- Rs 20,000 Maximum- Rs 50 lakh||Rs 58 per Rs 1000 sum assured each year|
|Endowment Assurance (Santosh)||Minimum- 19 years Maximum- 50 years||After 4 years||Minimum- Rs 20,000 Maximum- Rs 50 lakh||NA|
|Anticipated Endowment Assurance (Sumangal)||Minimum- 19 years Maximum- For 20 years term plan 40 years For 15 years term plan 45 years||NA||Maximum- Rs 50 lakh||Rs 53 per Rs 1000 sum assured each year|
|Children Policy (Bal Jeewan Bima)||Minimum- 05 years Maximum- 20 years (For Children)||NA||Maximum Rs 3 lakh or equivalent to the sum assured of the parent||NA|
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The following are the key advantages of using the PLI calculator:
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
Before one uses the PLI calculator, it is important to consider the listed below factors that affect the postal life insurance premium amount:
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Any Indian citizen who is employed with listed below organizations can easily buy the postal life insurance plans conveniently:
When using the PLI calculator, make sure that all the information is correct so that one obtains the accurate estimate in regards to the premium. When using the calculator know that as it is a free online tool, therefore try for various sum assured as it will help to get the best premium depending upon the budget and the choice can be made accordingly.
Moreover, it is prudent to understand the value one will get when using the PLI calculator is only indicative. Using the postal life insurance premium calculator does not mean that one would get a replica of the actual PLI premium figure. Besides, the postal life insurance scheme has centralized accounting, which makes the claim process much quicker and easier.
Yes, to use the PLI Calculator listed below are the details that would be required by an individual respectively:
Follow the steps listed below to use the postal life insurance premium calculator:
The Bottom Line
The postal life insurance offers good coverage at low premiums. Moreover, these plans also provide a bonus, which enables an individual to create a substantial corpus over the policy term. In case an individual loses the original policy document or is mutilated/ torn/ burnt, a duplicate policy will be issued.
Before an individual zero down a postal life insurance plan, use the postal life insurance premium calculator and make the wisest choice. Calculate the estimate with the help of the PLI calculator as it is accessible to everyone.
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