Find your suitable insurance plan
206
6 min read
Updated on Jan 23, 2023
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.
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
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 |
Here are some benefits of using a postal life insurance premium calculator:
Read More: PLI (Postal Life Insurance) Interest Rate on Loans 2022-23
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.
All citizens of India who are working with the below mentioned organizations can purchase the PLI plans conveniently:
Below are the steps to be taken to use PLI Calculator:
Below are the details required to submit by an individual in the PLI scheme calculator to get approximate results:
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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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).
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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