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Postal Life Insurance Premium Calculator
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.
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.
What is Postal Life Insurance
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.
Types of Postal Life Insurance Plans?
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
Advantages of PLI Calculator?
The following are the key advantages of using the PLI calculator:
- The Postal Life Insurance premium calculator is an online tool, which is accessible to everyone easily and free of cost.
- To use the PLI calculator, one need not register on the website and easily avail the benefits.
- Using the PLI calculator helps in saving time and the chances of any discrepancy in the calculation are almost negligible as there is no manual calculation involved.
- 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.
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
Factors that Affect the Postal Life Insurance Premium Amount?
Before one uses the PLI calculator, it is important to consider the listed below factors that affect the postal life insurance premium amount:
- Age: When it comes to using the postal life insurance premium 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 the higher premium will be paid and vice-versa. Someone who is 30 years old will pay less premium to someone who is 40 years of age.
- Monthly Income: Another prudent factor during 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 mount. In case if an individual is unable to pay the life insurance premium on the time it might go into losses. Therefore, be careful while disclosing the income and provide correct information.
- Sum Assured: The sum assured has a connection directly with the premium amount an individual needs to pay. The rue is simple higher the coverage then higher will be the premium. The premium for a Rs 10 lakh policy cover will be in comparison to Rs 2 lakh policy cover.
- Premium Ceasing Age: Well, this is the time when an individual stops paying the premium amount. It implies that the higher the ceasing age lower will be 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 a lower side.
| You may like to Read: saral jeevan bima yojana guidelines |
Who Can Buy the Postal Life Insurance Plans?
Any Indian citizen who is employed with listed below organizations can easily buy the postal life insurance plans conveniently:
- Anyone who works with NSE or BSE in certain sectors
- State Government or Central
- Autonomous bodies
- Local Bodies
- Reserve bank of India
- Any financial institutions
- Paramilitary forces or defence services
- Public sector employees
- Professionals
- The educational institutions that are aided by the government
- Individuals working in universities that are deemed
- Employees in scheduled commercial bank
- The banks that have been nationalised
- Co-operative society employees
Why Should I use Postal Life Insurance Premium Calculator?
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.
Details Required to Use PLI Calculator
Yes, to use the PLI Calculator listed below are the details that would be required by an individual respectively:
- Policy Name
- Gender
- Birth Date
- Email Id
- Contact Number
- Pin Code
- Sum Assured
- Policy Cease Date
- Monthly Income
How to Use PLI Calculator?
Follow the steps listed below to use the postal life insurance premium calculator:
- Visit the website of postal life insurance.
- Then click on the ‘Buy Policy’ tab that is placed on the page at the right side.
- Here one will be taken to a new page wherein the subtleties need to be entered correctly.
- Once the subtleties are provided, to authenticate enter the captcha image and then click on the ‘Get Quote’ tab.
- Now, the postal life insurance monthly premium will be on the screen.
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.
FAQs
-
What is the minimum and maximum sum assured amount within the postal life insurance schemes?
Ans: Apart from the Bal Jeewan Bima plan, the PLI schemes provide minimum sum assured of Rs 20,000 and Rs 50 lakh to the maximum. The maximum sum assured for the Bal Jeewan Plan is Rs 3 lakh. -
Is any medical history required when using the postal life insurance premium calculator?
Ans: When calculating the PLI premium, the personal details such as gender, age, and so forth will be asked and no medical history shall be asked. -
How is postal life insurance different from any other insurance?
Ans: Postal life insurance can be accessed by semi-government and government employees. Moreover, PLI is the only provider, which offers high bonuses to the policyholders at cost-effective premiums. -
What would be the interest rate on the loan taken against the plan?
Ans: The interest rate on the loan accessed against the PLI plan is 10 per cent every year, which is calculated on the premise of 6 months period. -
How is the PLI premium calculated?
Ans: To calculate the PLI premium when using the PLI calculator one needs to provide certain details such as policy number, mobile number, the sum assured, gender, date of birth, and so forth. -
Is PLI better than LIC?
Ans: When compared to any of the private insurers or the LIC, PLI offers affordable premiums comparatively. However, it is better to decide on the premise of what fulfils and satisfies an individual’s criteria.
