Find your suitable insurance plan
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7 min read
Updated on Jan 22, 2024
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 premium calculator comparing premiums of various PLI plans becomes an easy task. PLI Calculator offers 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 premium 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 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 |
Also Read: RPLI calculator
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 premium calculator has to offer these details to calculate the premium.
Also Read: PLI calculator maturity amount
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 Postal Life Insurance (PLI) Premium Calculator:
Below are the details required to submit by an individual in the PLI scheme calculator to get approximate results:
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.
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 |
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 premium 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).
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.
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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