PLI Calculator: Postal Life Insurance (PLI) Premium Calculator Online 2024
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A postal life insurance (PLI) policy comes with many benefits and attractive features. Offered by India Post, this is a money-back policy offering the maximum sum insured with periodic returns. A PLI calculator is an online tool that helps calculate the premium of the PLI policy to make it easy for the policyholder to evaluate the premium amount to be paid for this policy. Learn more in this post.
Table of Content
- What do you mean by Postal Life Insurance (PLI)?
- Different types of Postal Life Insurance Plans
- Benefits of PLI Calculator
- Factors Affecting PLI Premium Amount
- Who Should Avail Benefits of Postal Life Insurance Calculator?
- How to use a PLI Calculator?
- What details are required for using the PLI Calculator?
- Why to use the Postal Life Insurance Premium Calculator?
- Postal Life Insurance Premium Calculation – Example
- Postal Life Insurance Premium Table
About Postal Life Insurance (PLI) 2024
The postal life insurance (PLI) is regarded as one of the oldest schemes of life insurance in India offered by India Post department. India post with its extensive pan India presence offers a range of different services and products. The Postal life coverage is one of their exclusive products offering a remarkable mix of best features.
The PLI plan was initiated long back in 1884 as a welfare scheme aimed at the employees working in the postal department. Later, in 1888 the plan was extended to the employees of the telegraph department as well.
Like in the case of other term life insurances, PLI also offers death benefit to the nominee of the insured in the event of sudden death of the insured during the term of the policy.
It is interesting to note that in 1894, PLI became the first ever insurance policy to consider insurance coverage for women employees of the then P&T Dept. As it is known, the Postal Life Insurance has seen exceptional growth over the years.
Postal life insurance offers several life insurance plans and a policyholder can determine the premium of PLI plans by using the PLI premium calculator. There are over 6 PLI plans being offered by the Postal Department of India.
Postal Life Insurance (PLI) Types
Here are the 6 popular PLI plans that one can choose from:
| Name of Policy | Entry Age in Years | Loan Facility | Sum Assured | Bonus Declared Last |
|---|---|---|---|---|
| Endowment Assurance (Santosh) | Min – 19 Max – 50 |
Available after 4 years | Min – INR 20,000 Max – INR 50 lakh |
NA |
| Whole Life Assurance (Suraksha) | Min – 19 Max – 55 |
Available after 4 years | Min – INR 20,000 Max – INR 50 lakh |
INR 85 per INR 1000 sum assured per year |
| Joint Life Assurance (Yugal Suraksha) | Min – 21 Max – 45 (For spouses) |
Available after 3 years | Min – INR 20,000 Max – INR 50 lakh |
INR 58 per INR 1000 sum assured per year |
| Convertible Whole Life Assurance (Suvidha) | Min – 19 Max – 50 |
Available after 4 years | Min – INR 20,000 Max – INR 50 lakh |
INR 85 per INR 1000 sum assured per year |
| Anticipated Endowment Assurance (Sumangal) | Min – 19 Max -40 yrs for 20-year term plan, 45 yrs for 15 yrs term plan |
NA | INR 50 lakh (Max) | INR 53 per INR 1000 sum assured per year |
| Children Policy (Bal Jeevan Bima) | Min – 05 Max – 20 (For Children) |
NA | INR 3 lakh (Max Sum Assured) | NA |
Postal Life Insurance Calculator Benefits
Here are some benefits of using a postal life insurance premium calculator:
- Being an online tool, the PLI premium calculator is easily accessible to people at no cost and can be accessed anytime and as many times as required
- You do not need to register in the website to use the calculator
- The use of calculator saves time as well as it allows the policy seeker to get accurate information
- The calculator can be used by anyone anytime from anywhere in the world
- All you need is to provide the correct information to get the approximate estimation of PLI premium.
Factors Affecting Postal Life Insurance (PLI) Premium Amount
Below are the factors considered for determining the premium of PLI plans. The user of the post office PLI premium calculator has to offer these details to calculate the premium.
- Age of the insured – This is the first thing that a PLI calculator would ask for from the user. This is because age of the insured directly impacts the premium of a policy. The older the insured is, the more the premium is charged.
- Monthly income of the insured – This is again a very significant detail to know as it impacts the premium. As per the income and the affordability of the insured, the premium is levied on the insured
- Sum assured – Sum assured is directly related to the premium levied on an individual. If the coverage is higher, the premium will be greater and vise-versa.
- Premium paying duration – The time when the policyholder stops paying policy premium is another determining factor of premium amount. With high ceasing age, the premium paid becomes lower.
Who Should Avail Benefits of Postal Life Insurance (PLI) Calculator?
All citizens of India who are working with the below mentioned organizations can purchase the PLI plans conveniently:
- Employees of state and central government
- People working in NSE and BSE in certain sectors
- Employees of autonomous bodies
- Employees of RBI
- Employees of Financial Institutions
- Paramilitary and defense workers
- Public sector employees
- Employees of educational institutions aided by government of India
- Employees of deemed universities
- Employees of commercial and nationalized banks
- Employees of co-operative society
How to use a Postal Life Insurance Calculator?
Below are the steps to be taken to use Postal Life Insurance (PLI) Premium Calculator:
- Visit Postal Life Insurance portal
- Click on the tab of ‘Buy Policy’ on the main page
- You will be redirected towards a new page where you have to submit certain details correctly
- Now enter the captcha image and click on the tab of ‘Get Quote’
- You can see the PLI monthly premium on the screen displayed
What details are required for using the PLI Calculator?
Below are the details required to submit by an individual in the PLI scheme calculator to get approximate results:
- Policy name
- Date of birth
- Contact Number
- Gender
- Email ID
- Pin Code
- Sum assured
- Monthly Income
- Policy end date
Why to use the Postal Life Insurance Premium Calculator?
By using the PLI calculator, you can obtain the accurate estimation of the premium you would be paying for the plan. Further, being a free online tool, it can be used several times to try different plans and sum assured and check the premium in each of them.
However, you should remember that the estimate provided by a PLI premium calculator is just indicative. So, you can’t expect the exact amount of premium as shown in the calculator from your insurer.
Example of Postal Life Insurance Premium Calculation
Here is an example of premium calculation to help you understand how factors like age of insured and chosen sum assured affect the premium rate of postal life insurance policy.
For instance, let’s consider the Whole Life Assurance (Suraksha) plan to understand it better. The plan comes with various benefits like sum assured together with accrued bonus offered to the insured when the person turns 80 years. However, in the event of the demise of the policyholder, the payment is given to the nominee. Further, the policy also offers a loan facility after 4 years into the plan.
| Age of Insured (in years) | Sum assured (in INR) | Monthly premium (in INR) | Premium ceasing age (in years) |
|---|---|---|---|
| 30 | 30 lakhs | 6,450 | 60 |
| 30 | 50 lakhs | 10,750 | 60 |
| 35 | 30 lakhs | 7,650 | 60 |
| 35 | 50 lakhs | 12,750 | 60 |
In the above example, Premium Ceasing Age means the age at which the last premium is paid.
Let’s take another example of Endowment Assurance (Santosh), which offers benefits to nominees like full payment of sum assured with accrued bonus in the event of death of the insured. The plan also comes with a loan facility after 3 years of plan commencement.
| Age of Insured (in years) | Sum Assured (in INR) | Monthly premium (in INR) | Premium ceasing age (in years) |
|---|---|---|---|
| 30 | 30 lakhs | 8,250 | 60 |
| 30 | 50 lakhs | 13,750 | 60 |
| 35 | 30 lakhs | 10,050 | 60 |
| 35 | 50 lakhs | 16,750 | 60 |
Postal Life Insurance Premium Table
You can check the Postal Life Insurance (PLI) premium table from the below links –
- Anticipated Endowment Assuarance
- Convertible Whole Life Assurance
- Endowment Assurance
- Whole life Assurance
- Yugal Surksha
FAQs on Postal Life Insurance Online Premium Calculator
To calculate PLI premium, one can use the PLI premium calculator. This online tool is easy to use and offers almost accurate results.
PLI are different because they can be availed by semi government and government employees. Other insurance policies can be accessed by everyone alike. Also, PLIs offer bonuses at economical premiums.
PLIs are better as compared to LICs or any other private insurance plans because they are cost-effective and allow bonuses at affordable premiums.
The minimum sum assured is INR 20,000, while maximum sum assured is INR 50 lakh (except in Bal Jeevan Bima plan with maximum sum assured of INR 3 lakh).
No, it is not compulsory. All you need is to provide details like your gender, age etc. to evaluate the premium amount in the calculator.
The minimum sum assured of PLI scheme is INR 20,000, while the maximum sum assured is INR 50 lakh for all the plans except the Child plan (Bal Jeevan Bima), which comes with a maximum sum assured of INR 3 lakh.
A Postal Life Insurance Calculator is an online tool that is used to calculate or estimate the premium that the insured is required to pay to avail the benefits of the PLI.
If the insured forgets to pay the premium in a certain month, they can pay it in the next month. However, there might be a minimum penalty that the insured might have to pay. The penalty applied is 1% of the per month premium amount that you have missed to pay.
Yes, you can update the mobile number and registered email ID in your policy details by visiting the post office. You will have to submit a letter to the post office requesting the same.
Yes, you can add nominees to the Postal Life Insurance policy.
Yes, you can avail of a loan against the Postal Life Insurance policy if your policy has already been active for a minimum period of three years.
To resolve any query about the policy, you can call 1800 180 5232 or 15232 customer care number.
Yes, a PLI can be reinstated even if it is discontinued. However, there are certain terms and conditions regarding the same.
Author Bio
Paybima Team
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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