PLI schemes were launched by India Post aided by the central government of India. PLI is among the several services offered by India Post. Let us understand the PLI Premium and maturity calculator, in this post.
It is very simple to use the maturity calculator of PLI. The PLI maturity calculator is an online tool that can be found at the PLI official website and other insurance sites. Policyholders can use this tool freely and as many times as they want without any hassle.
Here are some details that an individual has to provide to use the online PLI maturity calculator:
1. Provide the chosen amount of sum insured
2. Mention the year of policy purchase
3. Submit the present age of customer
4. Submit the maturity age of customer
5. Press the ‘Calculate’ button to see the result
The postal life insurance maturity calculator is a tool that is used to determine the amount paid as premium during the term of the policy as well as the maturity benefit earned at the end of the policy.
There are many benefits of PLI maturity calculator online such as;
Easy Accessibility of the Calculator – The best thing about the PLI insurance maturity calculator is that it can be used easily as they are available online at the official website of India Post as well as other insurance portals.
Omit the Bulky Manual Calculations – The online use of the calculator lowers the burden of going through the task of manual calculations and comparisons to choose the best policy as per the need of the policyholder.
Support in Financial Planning – Since the PLI maturity calculator helps in estimating the premium and maturity amount of the PLI, it supports the policyholder to plan his/her finances accordingly.
Here are some details required to provide while using the maturity amount calculator of PLI:
Personal details of the individual like age, name, contact number, email id, gender, DOB, profession, policy type etc.
Health details of the individual to check if the person is an alcoholic or smoker or if he/she is suffering from a critical illness
Details of sum assured that the policyholder seeks to have
Estimation of future financial goals and financial constraints (if any). This will help the investor to buy the best policy
Being a digital tool, PLI maturity calculator helps in evaluating the PLI scheme maturity amount that the investor is likely to receive at the end of the policy term.
Below are few reasons why a policyholder should choose a PLI maturity calculator:
Supports policyholders to understand the difference between various PLI policies
Support investors to evaluate the maturity amount of a PLI plan easily and effectively
Allow the customer to have a better perspective of the maturity benefit at the end of a policy term and help them to making better financial decisions.
Below are the benefits of Postal Life Insurance Policies:
2. The PLIs allow tax benefits to the insured under the income tax act of 1961
1. They are available at low premium costs and allow greater coverage at nominal prices
3. The PLIs also allow the insured to avail loans at low interest rates against the maturity amount under the scheme.
4. PLIs allow the insured to switch nominees anytime during the term of the policy
5. Further, PLIs allow the policyholders to seek for duplicate policy papers in case the original papers were lost or damaged.