Premium Calculator of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) Plans 2022-23

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Updated on Jan 30, 2023

Maturity Calculation of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) Plans with Premium 2022-23 through Calculator

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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

About Rural Postal Life Insurance

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.

Types of PLI and RPLI Calculators

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.

The Maturity Calculators of PLI and RPLI Plans 2022-23

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.

RPLI Maturity Calculator 2022-23 – The Maturity Premium Calculator for Rural Postal Life Insurance (RPLI) Policies

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 2022-23. 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.

RPLI Premium Calculator Table 2022-23 for Gram Suvidha Policy of a Sum Assured of 1 Lakh Rupees

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

RPLI Premium Calculator Table 2022-23 for Gram Sumangal Policy of a Sum Assured of 1 Lakh Rupees

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

Factors Considered by the RPLI Calculator

The following factors are taken into consideration when computing premium as per the RPLI calculator:

  1. The term of the plan, as selected by the policyholder
  2. The age of the policyholder
  3. The age at which the premium ceases to be paid
  4. The name of the plan purchased by the policyholder
  5. The total sum assured under the plan

How to Use the Rural Postal Life Insurance 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:

  • Click on Postal Life Insurance on the above website.
  • Click OK. You will now be redirected to an external website.
  • Select Purchase a Policy on the website.
  • Now click Quote.
  • You will be asked to fill in some details such as your date of birth, contact details, type of product, occupation, sum assured, gender, name of the insurance scheme (RPLI, in this case), and state of residence. Fill out all the information correctly.
  • Now fill out the image captcha.
  • Click on Get Quote.
  • You can now get results for the premium rate for RPLI for various terms, such as monthly, quarterly, half-yearly, and yearly.
  • Consider the premium rates carefully before proceeding with policy purchase.

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PLI Maturity Calculator 2022-23 – The Maturity Premium calculator for Postal Life Insurance (PLI) Policies

Come – let us take a look at the PLI maturity calculator 2022-23 now.

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.

PLI Premium Calculator Table 2022-23 for Gram Santosh Policy of a Sum Assured of 1 Lakh Rupees

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

PLI Premium Calculator Table 2022-23 for Gram Sumangal Policy of a Sum Assured of 1 Lakh Rupees

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

The Factors that Affect PLI and RPLI Plans Premiums 2022-23

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:

  • your age
  • the type of policy that you have chosen
  • the term you have selected
  • the mode in which you would pay the premium
  • the sum assured you have chosen

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.

The Details that you Need to Calculate the Premiums of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) Plans

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.

Why Should You use PLI Calculator and RPLI Calculator?

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.

Also Read: Buy an Online Term Insurance or Medical Insurance Online from PayBima 

Conclusion 

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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FAQs on PLI Calculator, RPLI Premium and Maturity Calculator 2022-23

What is the difference between PLI and RPLI?

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.

How can I check my RPLI policy status?

To check RPLI policy status, you can contact at toll free number 1800 180 5232/155232.

Which RPLI policy is best?

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)

What is the benefit of RPLI?

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.

Is PLI better than LIC?

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.

Which is better, PLI or PPF?

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.

How are maturity benefits calculated for PLI and RPLI?

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.

How is the bonus for RPLI calculated?

The bonus for RPLI has been declared at Rs. 48 per 1000 sum assured per annum.

What is the interest rate on RPLI?

The present rate of interest is 10% payable every 6 months.

Is RPLI better than LIC?

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.

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Apr 10, 2022
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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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