PLI Maturity Amount Calculator 2024 – How to Calculate PLI Maturity Amount?

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Updated on Jan 15, 2024

PLI or Postal Life Insurance schemes were launched by India Post aided by the central government of India. PLI is among the several services offered by India Post. Let us understand the PLI Premium and maturity calculator, in this post.

The Postal Life Insurance (PLI) presents several beneficial insurance schemes targeted at the common people of the country. Like in Term Insurance plans, PLIs also offer death benefits to the nominee of the insured in case of death of the policyholder during the policy tenure. By using the PLI maturity amount calculator, one can evaluate the amount that a policyholder would pay as premium through the tenure of the policy as against the maturity benefits received by the insured at the end of the policy. Further, the PLI calculator maturity also helps the insured to find the sum assured earned at the time of policy maturity.

Why to Use PLI Maturity Calculator?

Being a digital tool, PLI maturity calculator helps in evaluating the PLI scheme maturity amount that the investor is likely to receive at the end of the policy term. There are many insurance providers offering numerous PLI plans, which makes it difficult to choose the best plan. Hence, it is suggested to use the PLI calculator so that the customer can purchase a policy to suit their needs.

Below are few reasons why a policyholder should choose a PLI maturity calculator:

  • Supports policyholders to understand the difference between various PLI policies
  • Support investors to evaluate the maturity amount of a PLI plan easily and effectively
  • Allow the customer to have a better perspective of the maturity benefit at the end of a policy term and help them to making better financial decisions.

How to Use the PLI Maturity Calculator?

It is very simple to use the maturity calculator of PLI. The PLI maturity calculator is an online tool that can be found at the PLI official website and other insurance sites. Policyholders can use this tool freely and as many times as they want without any hassle. The calculator offers details of the premium amount that has to be paid as well as the maturity amount that the policyholder would receive at the end of the term if he/she outlives the plan. Further, in case of sudden demise of the policyholder, the nominee of the insured would receive death benefit under PLI plans.

Here are some details that an individual has to provide to use the online PLI maturity calculator:

  • Provide the chosen amount of sum insured
  • Mention the year of policy purchase
  • Submit the present age of customer
  • Submit the maturity age of customer
  • Press the ‘Calculate’ button to see the result

GRP Plan from PayBima

Benefits of Using PLI Maturity Value Calculator

The postal life insurance maturity calculator is a tool that is used to determine the amount paid as premium during the term of the policy as well as the maturity benefit earned at the end of the policy.  There are many benefits of PLI maturity calculator online such as;

  • Easy Accessibility of the Calculator – The best thing about the PLI insurance maturity calculator is that it can be used easily as they are available online at the official website of India Post as well as other insurance portals. The customer can use it as per his/her convenience and as many times as they want
  • Omit the Bulky Manual Calculations – The online use of the calculator lowers the burden of going through the task of manual calculations and comparisons to choose the best policy as per the need of the policyholder.
  • Support in Financial Planning – Since the PLI maturity calculator helps in estimating the premium and maturity amount of the PLI, it supports the policyholder to plan his/her finances accordingly.

Details Required for Using PLI Maturity Calculator

Here are some details required to provide while using the maturity amount calculator of PLI:

  • Personal details of the individual like age, name, contact number, email id, gender, DOB, profession, policy type etc.
  • Health details of the individual to check if the person is an alcoholic or smoker or if he/she is suffering from a critical illness
  • Details of sum assured that the policyholder seeks to have
  • Estimation of future financial goals and financial constraints (if any). This will help the investor to buy the best policy

Benefits of Purchasing Postal Life Insurance Schemes

Below are the benefits of Postal Life Insurance Policies:

  • They are available at low premium costs and allow greater coverage at nominal prices
  • The PLIs allow tax benefits to the insured under the income tax act of 1961
  • The PLIs also allow the insured to avail loans at low interest rates against the maturity amount under the scheme. However, loans are available after 3 – 4 years term of the policy depending on the particular scheme
  • PLIs allow the insured to switch nominees anytime during the term of the policy
  • Further, PLIs allow the policyholders to seek for duplicate policy papers in case the original papers were lost or damaged.

What are the Different Types of Postal Life Insurance Plans?

Name of Plan  Sum assured  Eligibility (in years) Loan facility  Bonus declared last
Anticipated Endowment Assurance (Sumangal) Max – INR 50 lakhs Min – 19 yrs

Max – 40 yrs (for 20 yrs term)

45 yrs (for 15 yrs term)

N/A INR 53/1000 sum assured
Convertible Whole Life Assurance (Suvidha) Min – INR 20,000

Max – INR 50 lakhs

Min – 19 yrs

Max – 50 yrs

Available after 4 years of buying the plan INR 85/1000 sum assured
Children Policy (Bal Jeewan Bima) Max. INR 3 lakhs Min – 05 yrs

Max – 20 yrs

N/A N/A
Endowment Assurance (Santosh) Min – INR 20,000

Max – INR 50 lakhs

Min – 19 yrs

Max – 50 yrs

Available after 4 years of buying the plan N/A
Joint Life Assurance (Yugal Suraksha) Min – INR 20,000

Max – INR 50 lakhs

Min – 21 yrs

Max – 45 yrs (spouse)

Available after 3 years of buying the plan INR 58/1000 sum assured
Whole Life Assurance (Suraksha) Min – INR 20,000

Max – INR 50 lakhs

Min – 19 yrs

Max -55 yrs

Available after 4 years of buying the plan INR 85/1000 sum assured

GRP Plan from PayBima

What Factors Affect the PLI Premium Amount?

If you are planning to purchase a PLI plan, you must take note of the factors mentioned below which affect your PLI premium:

  • Age of the applicant – The age of the person is the key factor to consider and it impacts the premium of the PLI to a great extent.  If you are young, the premium charged will be less and if you are old, you will be charged with greater premium amount.
  • Monthly Income of the Applicant – The monthly income reveals if the PLI applicant can afford to pay the premiums regularly. That is because if the applicant cannot pay the premium later, the policy might close and the applicant will suffer losses.
  • Sum Assured of the PLI – The premium charged is also connected to the sum assured of the PLI. The greater the sum assured of your PLI plan, the more the premium charged.
  • Premium Ceasing Age – Similar to other factors, this is another important aspect to consider while deciding the premium amount of your PLI. If the ceasing age of the applicant is high, the premium sum will be low and vice-versa.

Who is Eligible to Buy the Postal Life Insurance Plans?

PLIs can be availed by Indian citizens employed with the organizations mentioned below:

  • Central government employees
  • State government employees
  • Employees of autonomous bodies
  • Individuals working in BSE and NSE
  • Individuals employed with local bodies
  • Employees of RBI or Reserve Bank of India
  • Employees of financial institutions
  • Defence personnel
  • Employees of other public sectors
  • Workers of government-aided educational institutions
  • Scheduled commercial bank employees
  • Nationalised bank employees
  • People working with co-operative societies

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FAQs: How to Calculate PLI Maturity Amount?

Is medical history of the investor required while using the PLI Calculator?

No, the investor isn’t required to provide details of medical history while using the PLI calculator. They just need to submit personal details such as age, gender, income etc. to check the premium.

What is the highest and least sum assured available under the PLI schemes?

INR 20,000 is the minimum sum assured under Postal Life Insurance (PLI) plans, while the maximum amount is INR 50 lakh for all the plans except the Bal Jeevan Bima plan, which is specifically designed for the child. The maximum sum assured of Bal Jeevan Bima plan is INR 3 lakh.

Can I get tax benefits under the PLI plans?

Yes, the PLI schemes allow tax benefits under section 80C of Income Tax Act, 1961.  Hence, the policyholder can get tax exemption for the premiums paid under this plan.

Can a policyholder buy more than one Postal Life Insurance policies at a time?

Yes, a policyholder can pay multiple PLI policies at a time. The PLIs serve different classes of people equally. Depending on their investment needs and budget, an interested individual can decide the sum assured between INR 20,000 to INR 2,00,000. 

Can I surrender a PLI policy?

Yes, a policyholder can surrender a PLI policy. However, the amount received as surrender value depends on different factors like terms of policy, surrender factor and type etc.

What is the minimum and maximum entry age under PLI schemes?

The minimum entry age is 19 years, while the maximum age of entry is 55 years.

Where can I buy a PLI plan?

A PLI plan can be purchased from any post office in India. Alternatively, you can buy a PLI plan online from the official website of India Post.

Can I pay the PLI premiums online? 

Yes, PLI premiums can be paid online from the official website of India Post.

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Jan 30, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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