Premium Calculation Of PLI And RPLI Plans

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Calculation Of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) Plans Maturity Premium 2022 through Calculator

It is important to use tools such as a PLI calculator to find out how much you can gain financially from such a policy.

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

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.

Also Read: 6 Rural Postal Life Insurance (RPLI) Plans – Features and Benefits

The 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 calculator. 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

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

Premium calculator for Postal Life Insurance (PLI) Policies

Just as there is no specific calculator for the RPLI policies you do not have any dedicated PLI maturity 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

The factors that affect PLI And RPLI Plans Premiums 

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 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 and RPLI Calculators?

There are several reasons why using a postal life insurance premium 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.

>> Buy a Term Life Insurance or Family Health Insurance 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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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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