PLI Loan Eligibility Calculator

The PLI Loan Eligibility Calculator helps policyholders determine whether they qualify for a loan under their PLI insurance policy and the amount they may be entitled to. This is because the loan will be secured against the policy, and the eligible amount will be based on a percentage of its surrender value. At the India Post customer portal, it will be possible for the eligible policyholders to know about their loan eligibility and obtain a Loan Quote from the PLI customer portal. This eligibility is based on the kind of PLI policy and the years after which it was issued.

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How Does the PLI Loan Eligibility Calculator Work?

The PLI Loan Eligibility Calculator is an online tool that insured persons can use to estimate the loan amount they could borrow against their Postal Life Insurance policies. Generally speaking, it depends on the combination of the policy's surrender value and loan entitlement as to whether one is deemed eligible. India Post allows customers eligible for policy loans to sign in to the PLI customer portal and obtain a Loan Quote showing the loan amount they are eligible to avail.

Main factors for the computation include:

Type of policy: Each PLI loan facility has its own eligibility requirements and different types of loan policies

Surrender value: The eligible loan amount is tied to a given percentage of the policy's surrender value.

Time since purchase: The policy should be at least the minimum period specified for the loan.

Prior loans: Any outstanding balance on an existing loan can reduce how much you're eligible to borrow on a new one.

Applicable PLI Rules: Loan eligibility is ultimately governed by India Post's current loan regulations, which can be revised over time

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Who Is Eligible for a Loan Against a PLI Policy?

The eligibility depends on the type of Postal Life Insurance policy and how long it has been active:

Endowment Assurance (Santosh): A loan facility becomes available after 3 years.
Yugal Suraksha: A loan facility is available after 3 years.
Whole Life Assurance (Suraksha): A loan facility is available after completion of 4 years.
Convertible Whole Life Assurance (Suvidha): A loan facility is available after completion of 4 years.
Anticipated Endowment Assurance (Sumangal): The loan facility is not available.
Bal Jeevam Bima: Loan facility is not available.

These eligibility requirements are based on the information available from India Post and the PLI Customer Portal.

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How to Check PLI Loan Eligibility Online?

PLI Policyholders can verify their eligibility for a loan through the PLI Customer Portal. According to India Post, policyholders can log in to check their eligibility status and get their Loan Quote.

The general process is:

Visit the PLI customer portal.
Log in using your customer credentials.
Access your policy details.
Select the relevant loan facility or loan request option.
Check the available loan eligibility.
Generate the Loan Quote, if required.

The PLI portal also provides facilities to make loan repayments and submit loan-related service requests.

What Information Is Required to Check PLI Loan Eligibility?

To determine whether a policyholder may qualify for the benefit of a loan against their life insurance policy from India Post, the information about the policy and the loan that is being planned to be made with PLI should be provided; these details are necessary for calculating the loan amount which the person will become eligible for, as well as to generate a PLI Loan Quote in the PLI portal.

Policy number and the name of the insured
Policy's acceptance date and maturity date
Details of any previous loans taken against the policy
The policy bond details
Premium payment history
ID and address proof
Past records of loan repayment (in case a loan had previously been taken).

How Is the PLI Loan Amount Calculated?

The PLI loan amount is usually calculated as a predetermined proportion of the policy's surrender value. The actual loan amount can, because of this, differ as it will depend on the policy and its accumulated surrender value. By using the Loan Quote feature on the PLI portal, policyholders can see their actual loan eligibility for their policy, rather than a rough calculation.

What Is the Interest Rate on a PLI Loan?

The interest rate for the PLI loan is 10% per year, compounded semiannually. The interest will be paid once every six months. The applicable loan terms will need to be determined at the time of application, as the amount payable depends on the total loan amount and interest.

What are the Documents Required to Apply for a PLI Loan?

To avail a loan under the PLI plan, you must provide the documents required for a loan application. Here are some of the necessary documents, as mentioned by India Post, for a loan against the policy:

Completed Loan Application Form
Assignment Form
Policy Bond
Premium Receipt Book, if applicable
Certificate of Disbursing Officer for the last six months, if it is a pay-recovery policy
Loan repayment receipt book for the second or succeeding loan
Loan Bond

It could also be possible that India Post asks for identity and address proof, and bank account information

Summing Up

A PLI Loan Eligibility Calculator can be useful in determining the loan amount for your PLI policy. But the official procedure at PLI enables you, as an existing customer, to determine your eligibility and get a Loan Quote. Based on your policy type, completion of policy tenure and surrender value, you will be eligible for getting a loan.

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FAQ's

How much loan can I get from PLI?

In PLI, one can obtain a loan of up to 90% of the policy’s surrender value, subject to the applicable terms and conditions.
Can we take a loan from PLI?

Yes, eligible PLI policyholders can take a loan in PLI. However, the facility is available in PLI for selected policies with the completion of the required policy period.
How to repay a PLI loan?

One can repay the PLI loan via the PLI Customer Portal or at any Departmental Post Office. One can also make payments for the required amount through India Post Payments Bank.
What is a Postal Life Insurance (PLI) policy loan?

It is the facility in PLI through which eligible customers can take a loan against their policy’s surrender value without surrendering the policy. The loan will always be subject to PLI's rules and regulations.
How to check PLI loan status?

You can check their PLI loan status in the PLI Customer Portal with your customer login credentials.
What is the interest rate for a PLI loan?

The interest rate charged on the PLI loan is 10% per year, and interest will be computed every six months. The interest due has to be paid on a six-monthly basis.
How to pay PLI loan interest?

The interest due on the PLI loan can be paid by logging into the PLI Customer Portal or by visiting a Departmental Post Office. Before paying interest, you should check the outstanding balance and the payment method.

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+On the basis of your profile

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*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

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