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While buying a life insurance policy comes with a lot of benefits, some of the questions hover in the mind of the policyholders. One of the most common questions is calculating the surrender value of the insurance plan that they are purchasing. Well, before you jump on to using a PLI surrender value calculator, let us first try to understand what Postal Life Insurance is.
Post Life Insurance (PLI) is basically a term life insurance plan which is for employees from government, and semi-government sectors, and for other professionals in India. The benefits associated with a PLI plan are many. Nevertheless, there could be a host of reasons why a policyholder may choose to surrender his/her postal life insurance policy. If you are one of them, then you need to know the surrender value. Therefore, while you are buying a PLI policy, you must be aware of the calculation policy, as it will help you to make an informed decision.
As you surrender your PLI plan, you will get a certain amount of premiums that you paid. This will be returned by the insurer. The payment you receive is called the surrender value. In the case of WLA, EA, CWLA, and YS policies, you will receive the PLI surrender value after 3 years. The value you receive will depend on the surrendering type, factor, and plan term.
Also Read: RPLI
If you have a PLI plan and now you want to surrender it, you need to know the surrender value. The easiest way to do that is using a PLI policy surrender value calculator. All you need is a device that can be connected to a stable internet connection and the PLI Surrender Value Calculator. You would be required to provide certain information such as the premium amount that you paid, the term of your policy, the mode of premium payment, the number of years that your plan completed, the amount of the premium installment that you paid, and many more.
Once all of these details are provided, the calculator will calculate the surrender value of your PLI policy. With the help of this PLI calculator, you can also find out the PLI surrender value of 3 years, PLI surrender value of 5 years, and PLI surrender value of 10 years.
The PLI surrender value calculator is an online tool that you can use at any time at your convenience. As you provide some basic information that is related to your PLI policy, you will get to know the surrender value in just a few seconds.
You can refer to the below-mentioned PLI Surrender Value Calculation Sheet for calculating the surrender amount.
Also Read: PLI Interest Rate
Using the surrender value calculator of the PLI term plan is not at all difficult. You just need to follow some simple steps, which are mentioned herein below:
Also Read: LIC Surrender Value Calculator
Some of the benefits of using the PLI surrender value calculator are mentioned herein below:
On the basis of several parameters, a PLI surrender value calculator fetches out the approximate surrender value. You can use the calculator to come up with a decision while choosing the right plan.
Also Read: HDFC Life vs ICICI Prudential
You can surrender your PLI policy after 3 years, if the policy is WLA, EA, CWLA, and YS. In the case of the AEA and Children policy, there is no surrender facility available.
Surrender value depends on the factor of surrendering, type, and policy term.
To calculate your PLI surrender value, you can use the PLI surrender value calculator. You can visit the website of Postal Life Insurance, find the surrender value calculator from there, enter all the required details and get the approximate PLI surrender value.
The lock-in period of a PLI policy is 3 years. After completion of this lock-in period, you can choose to surrender the policy.
Although both come with their set of benefits, the premium you have to pay for a PLI policy is much more affordable than a LIC policy. Apart from this, the bonus rate offered by PLI is 7% or more, while LIC’s bonus rate is around 4% to 5%.
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