PLI Calculator: Postal Life Insurance Online Premium Calculator

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6 min read

Updated on Jan 23, 2023

A PLI Calculator or Postal Life Insurance Premium Calculator is a tool available online to calculate and compare the premiums of different Postal Life Insurance Plans. Let’s understand the PLI calculator in detail, in this post.

When an individual plans to buy a Postal Life Insurance policy, they like to check on different PLI plans and their premiums before choosing the one which suits them the most. By using a PLI calculator comparing premiums of various PLI plans becomes an easy task. PLI Calculators offer a rough approximation of the premium which is required to be paid for a policy. Hence, the policy seeker can choose to buy a particular plan depending on their requirement and affordability. Let us take a look at the PLI insurance plans and the PLI calculator in detail here.

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About Postal Life Insurance (PLI)

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.

Know More: Postal Life Insurance (PLI) Surrender Value Calculator

 

Postal Life Insurance Types

Here are the 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

PLI 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.

Read More: PLI (Postal Life Insurance) Interest Rate on Loans 2022-23

Factors Affecting PLI Premium Amount

Below are the factors considered for determining the premium of PLI plans.  The user of the post office PLI 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.

Why is the Postal Life Insurance Calculator Needed?

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 PLI Calculator?

Below are the steps to be taken to use PLI 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

Postal Life Insurance Premium Table

You can check the Postal Life Insurance (PLI) premium table from the below links –

To Conclude 

The postal life insurance policies are best in terms of coverage and the premium rates. Further, these plans offer bonuses to the policyholder, which help them to accumulate a substantial amount of money over the term of the policy.

However, before you choose the exact policy that you want to buy, it is better to use the postal life insurance calculator to help you to make an intelligent choice of plan. PLI calculator support by providing the approximate estimation of the premium to be paid for various PLI policies.

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FAQs on Postal Life Insurance Online Premium Calculator

How is the PLI premium Calculated?

To calculate PLI premium, one can use the PLI premium calculator. This online tool is easy to use and offers almost accurate results.

How different is a PLI from other insurance plans?

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.

Is LIC better or PLI?

PLIs are better as compared to LICs or any other private insurance plans because they are cost-effective and allow bonuses at affordable premiums.

What is the minimum and the maximum sum assured offered under PLI schemes?

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).

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Jan 16, 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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