Find your suitable insurance plan
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11 min read
Updated on Jan 16, 2024
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The government of India takes care of its employees and their respective families by introducing schemes from time to time. PLI and RPLI are two such schemes run by the Indian Post Office for the welfare of its employees. PLI stands for Postal Life Insurance and RPLI is the abbreviated form of Rural Postal Life Insurance. While the former is essentially designed for the overall welfare of the employees of the Indian postal department specifically, the latter is exclusively meant for the wellbeing of the rural population.
This is because the rural sections of our society are still largely untouched by term life insurance benefits. Hence, to bring them into the coverage arena, RPLI plans are designed for the rural public, also because post offices seem to enjoy wider coverage in these sections of the country. Now, Iit is important to use tools such as a PLI calculator or an RPLI calculator to find out how much you can gain financially from such a policy.
Also Read: Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme
The government came up with the RPLI scheme in India to specifically provide insurance benefits to the economically weaker and rural sections of the society. This is after the government realized in 1993 that the rural sector of the country remained uncovered by insurance.
The idea of introducing insurance to this segment of the society via post offices immediately appealed to the government, considering that postmasters enjoyed an excellent rapport with the rural population already. Hence, it was inevitably easier to convince the rural people towards buying insurance through the post offices. As such, the RPLI plan came into force.
Here are some life insurance plans offered by Postal Life Insurance:
| Plan Name | Plan Type | Features |
| Santosh | Endowment plan |
|
| Suvidha | Convertible whole life plan |
|
| Suraksha | Whole life plan |
|
| Sumangal | Money-back plan |
|
| Yigal Suraksha | Joint life endowment plan |
|
| Bal Jeevan Bima | Child plan |
|
You can use the postal life insurance calculator to estimate the amount that you can invest to receive the desired returns as per your need.
Any citizen of India who works in any of the government organizations listed below can purchase PLI, RPLI insurance plans:
Also, for RPLI insurance plans, the investor must be an Indian citizen and a permanent dweller of a rural area.
Now, these calculators can be of two types – one is supposed to help you calculate the amount you would receive at maturity in both these policies, and the other one is meant to assist you in calculating how much premium you would have to pay for these policies. Let us now understand both these calculators in greater detail.
There are two types of PLI and RPLI calculators, namely RPLI and PLI maturity calculator and RPLI and PLI insurance premium calculator.
Under the RPLI plans, the insured can ask for maturity benefits in case he/she survives the policy term. The SI or sum insured of an RPLI is fixed at the time of buying the policy by the policyholder as per his/her requirement. Since the bonus offered under these plans keeps changing, you may not get the exact RPLI calculator maturity amount using the tool. However, the investors can use their exact sum insured amount and track the final maturity amount as per the updated bonus rates. Generally, the bonus rates are declared as per 1000 sum assured.
The RPLI calculator post office is an online tool that is used to estimate the premiums that an insured has to pay to avail the benefits of a plan. You can use this tool as many times as you want to estimate the premium rates by changing policy terms, sum assured, premium payment terms, etc. This way, you can ensure to avail the right life insurance coverage that fits your budget and requirements. You can use the RPLI premium calculator by visiting the RPLI official website and India Post mobile app.
When both the PLI (postal life insurance) and RPLI (rural postal life insurance) policies mature you get the sum assured guaranteed by the policy along with the bonuses that have accrued on the same.
Since in these policies the bonus is not fixed or guaranteed it is not possible to calculate the money you would receive in advance even if you use a postal life insurance calculator.
There is no specific rural postal life insurance calculator that helps you calculate the premium that you have to pay for these policies. However, you do get premium tables that you can use to get a good idea of the premium that you would have to pay in these policies.
So, in one way, you get the information that you may have expected from an RPLI maturity calculator in 2024. Please remember that the premium tables are different for individual policies. Below we would look at the premium tables for the Gram Sumangal and Gram Suvidha policies.
Following is the premium table for the Gram Suvidha policy with a sum assured of one lakh rupees:
| Age of entry | Monthly premium in INR for every 1000 rupees if the policy is changed to an endowment policy | Monthly premium in INR for every 1000 rupees if the policy is not changed and matures when the policyholder is 60 years old |
| 30 years | 205 | 305 |
| 35 years | 250 | 395 |
| 40 years | 325 | 535 |
| 45 years | 440 | 80 |
Following is the premium table for the Gram Sumangal policy with a sum assured of one lakh rupees:
| Age of entry | Monthly premium in INR for every 1000 rupees with a term period of 15 years | Monthly premium in INR for every 1000 rupees with a term period of 20 years |
| 30 years | 660 | 500 |
| 35 years | 665 | 510 |
| 40 years | 675 | 530 |
The following factors are taken into consideration when computing premium as per the RPLI calculator:
The easiest way to use the RPLI calculator for premium calculation purposes is by visiting the India Post website, www.indiapost.gov.in. Here are the steps to follow on the website for using the RPLI calculator:
Just as there is no specific calculator for the RPLI policies you do not have any dedicated Postal Life Insurance interest rate calculator as such. However, just like those policies you have a premium table for the PLI policies as well. Once again the premium that you pay in this case depends on the policy that you have bought.
Below we would take a look at the premium tables for the Sumangal and Santosh policies. Following is the premium table for the Santosh policy with a sum assured of one lakh rupees:
| Age of entry | Monthly premium in INR for every 5000 rupees with a maturity age of 50 years | Monthly premium in INR for every 5000 rupees with a maturity age of 60 years |
| 30 years | 400 | 260 |
| 35 years | 560 | 320 |
| 40 years | 860 | 420 |
| 45 years | 1740 | 580 |
Following is the premium table for the Sumangal policy with a sum assured of one lakh rupees:
| Age of entry | Monthly premium in INR for every 5000 rupees with a maturity age of 15 years | Monthly premium in INR for every 5000 rupees with a maturity age of 20 years |
| 19-36 years | 660 | 500 |
| 37-42 years | 680 | 520 |
| 43-45 years | 700 | 540 |
So, from the PLI premium table, you would have had a fair idea of the premium structure of these policies. Now, you need to know the factors that affect these premiums, and they may be enumerated as below:
Always remember that the older you are when you buy the policy the higher would your premium be. If you go for a higher term you would have to pay a lower premium.
If the sum assured is higher you would have to pay a higher premium. As you would have seen already certain policies carry higher premium rates than others.
Now you may be thinking about the details that you would require for using the PLI premium calculator. Well, you would have to use the very factors that we have mentioned above. Once you have all these details you should be able to use the premium tables for the policies and calculate the premium that you would have to pay in these cases.
There are several reasons why using a postal life insurance premium or rural postal life insurance calculator is beneficial for you. First of all, it helps you understand the premium that you have to pay for these policies. This means that you have a clear idea of how much such a policy would cost you. This, in turn, helps you make space in your budget for the premium amount. This way, you can also choose the most appropriate and affordable coverage for yourself. Such usage also helps you compare the prices of these policies with other policies being sold in the market.
Here are the steps to access the premium tables:
Let’s take an example to understand how to use the RPLI calculator:
Kaveri is a farmer from a village in Andhra Pradesh. She was planning to buy an RPLI – Gram Santosh, the Endowment Assurance Plan – for her family. The plan is available with a sum assured of INR 50,000 that the insured can avail at the time of maturity at 40 years of age.
She can use the RPLI calculator to estimate the premium options to be paid under the plan. She submits her details in the RPLI calculator online to get the premium quote:
Monthly Quote – INR 713
Quarterly Quote – INR 2132
Half Yearly Quote – INR 4251
Annual Quote – INR 8454
The calculator will provide the premium details at maturity for the same age with options of increased sum assured. This information can be used by Kaveri to decide on the plan that is most suitable for her family.
So, now that you know how to use a PLI calculator and the reasons to do the same we hope it can be fully beneficial for you. As you would have seen already, both these types of policies offer you decent coverage at low premiums. It also helps that these policies offer you attractive bonuses to go with the same. This means that over the entire policy tenure there is a good chance that you would run up a significant corpus. So, you can always go ahead and buy any or both of these plans at your convenience.
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The key difference between PLI and RPLI is with regards to its sum assured. The sum assured in PLI is above Rs. 1 lakh and for RPLI it is above Rs. 25,000 with proposer's age being the same in both the cases at 35 years.
To check RPLI policy status, you can contact at toll free number 1800 180 5232/155232.
Below are the Best Rural Postal Life Insurance (RPLI) Plans in India:
# Whole Life Assurance (Gram Suraksha)
# Endowment Assurance (Gram Santosh)
# Convertible Whole Life Assurance (Gram Suvidha)
# Anticipated Endowment Assurance (Gram Sumangal)
# 10 Years Rural PLI (Gram Priya)
# Children Policy (Bal Jeevan Bima)
Below are some of the RPLI benefits:
# 100% security as offered by the Government.
# You get a high bonus by paying a low premium payment.
# You can take out a loan against the policy.
Both the policies have their best features and both are backed by the government. The premium rate of PLI is cheap as compared to LIC. Hence, this is the best advantage of PLI over LIC, especially if you buy an endowment plan. In terms of bonus, PLI offers about a 7% bonus rate, while it is 4% to 5% for LIC at present. So, these features give PLI an upper hand as compared to LIC.
Here again, both the policies have their own benefits and are offered by the post office. PPF serves the purpose of investment and tax, while PLI is the best endowment plan offering a high bonus rate at a low premium. PPF is a long term investment plan and cannot be bought for short duration, while the PLI can be taken for short durations as well.
To calculate the maturity benefit of PLI and RPLI, you need to submit details such as Sum Assured, name of the policy and policy purchase year, the age of the individual at the time of calculating the maturity and the maturity age of the insured.
The bonus for RPLI has been declared at Rs. 48 per 1000 sum assured per annum.
The present rate of interest is 10% payable every 6 months.
There are a number of reasons that suggest that RPLI schemes are generally more popular among customers than LIC. The premium rate, for example, for PLI plans is generally lower and more affordable than the one offered by LIC. Similarly, the bonus rate for PLI or RPLI is generally around 7% or higher while LIC offers only 4-5% of bonus to its policyholders currently.
The minimum sum insured under PLI plans is INR 20,000, while the maximum sum insured is INR 50 lakhs. But there is an exception under the Bal Jeewan Beema plan, which offers a maximum sum insured of INR 3 lakhs.
No, generally people residing in rural areas are only eligible to avail themselves of the RPLI schemes.
Under the RPLI schemes, one can obtain a maximum of INR 5.5 lakhs
Loans under PLI are available with a 10% interest rate, which is charged at an interval of every 6 months.
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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