Postal Life Insurance Premium Calculator Online 2024

In this comprehensive guide, we demystify the workings of this tool that aids in calculating premiums for your insurance policies. Discover how this calculator simplifies the process, factors influencing premium determination, and its significance in planning a secure financial future. Scroll through the section as we break down this essential tool step by step.

Postal Life Insurance Premium Calculator (PLI) In 2024

At present, India Post manages around 154,939 branches throughout the nation, encompassing even the most remote areas. While providing diverse services, India Post is renowned for delivering cost-effective premium rates and attractive assured sums for life insurance. The Postal Life Insurance (PLI) scheme has extended approximately 4.6 million insurance policies, benefiting individuals across the entire expanse of India.

What is Postal Life Insurance?

Postal Life Insurance (PLI) is a government-administered life insurance scheme in India, catering to central and state government employees, defence personnel, and personnel affiliated with government entities. Established in 1884 initially for postal staff, its coverage subsequently expanded to encompass employees from various departments. This term insurance program is one of the nation's most time-honoured and substantial insurance initiatives.

Here are several advantages accessible to policyholders through PLI:

• Alterations and adjustments to policy nominations are feasible.
• Under the Endowment Assurance Plan within PLI, after a policy has been active for a minimum of three years, policyholders are eligible to request a loan using the policy as collateral. The policy must be pledged to the respective Circle Heads.
• For loan procurement purposes, the policy can be assigned to any reputable financial institution.
• Lapsed policies have the potential to be reinstated under PLI.
• In cases where the original policy bond is misplaced, damaged by fire, or torn, a duplicate policy bond can be provided.

What is a Postal Life Insurance Calculator?

The primary function of a postal life insurance premium calculator is to calculate the overall premium sum needed for your policy. This tool produces outcomes (premium value) that encompass the prevailing GST rate. Moreover, it provides premium calculations annually, monthly, quarterly, and semi-annually, contingent on the policyholder's total assured amount, age, and policy duration.

Example of Postal Life Insurance Calculator

To calculate premiums or maturity values for the Endowment Assurance Plan within PLI, you can adhere to the subsequent instructions:

• Step 1: Input the sum assured amount.
• Step 2: Specify the policy's purchase year.
• Step 3: Indicate your current age.
• Step 4: Input your maturity age.
• Step 5: Activate the 'Calculate' button, and the results will be displayed.

Types of Policies Offered under Postal Life Insurance

At present, the following policies are available within the ambit of Postal Life Insurance:

• Whole Life Assurance Policy (Suraksha)
• Anticipated Endowment Assurance (Sumangal)
• Convertible Whole Life Assurance (Suvidha)
• Joint Life Assurance (Yugal Suraksha)
• Endowment Assurance (Santosh)
• Children Policy (Bal Jeevan Bima)

To secure a policy through Postal Life Insurance, eligibility entails being employed by the State and Central Governments, State and Central Public Sector Undertakings, Government-aided Educational Institutions, Universities, Local Bodies, Nationalised Banks, and similar entities. Furthermore, the coverage of insurance under PLI extends to officers and personnel of the Defense services and Paramilitary forces.

The most notable advantage of opting for a PLI policy is the requirement for a nominal premium payment, leading to a substantial return on investment. Post offices, readily available across cities, provide accessible and customer-oriented services.

How To Use A PLI Calculator?

Finding an estimate of the premium payment amount for your postal life insurance policy is easy and convenient. Below mentioned are the steps you can follow to use the PLI calculator: 

• Visit the webpage of Postal Life Insurance. Then, on the right-hand side of the page, click on the 'Buy Policy' link. 
• Enter all the information accurately on a new page. 
• To authenticate, enter the captcha image and then click the 'Get Quote' link once the information has been provided. 
• Now on the screen, you can check the monthly postal life insurance premium. 

Benefits Of Using PLI Calculator Online

The following are some of the ways that customers can avail of benefits from using the PLI premium calculator: -

• A free online tool is the PLI policy calculator. This implies that anyone can utilize it without difficulty.
• All you need to do is to register on the website to use and get accurate results  There is a limited risk of a discrepancy as everything is handled automatically by the PLI calculator. 
• You'll save a lot of time with the postal life insurance calculator.
• Anyone, from anywhere around the globe, can use the PLI calculator. To obtain an estimated insurance premium cost for their coverage, the customer must enter all data accurately.

Details Required To Use Postal Life Insurance Calculator 

To use the online PLI calculator, you would be required to submit the below-mentioned details: 

• Contact Number 
• Pin Code 
• Policy Name 
• Gender 
• Sum Assured
• Policy Cease Date 
• Monthly Income 
• Birth Date 
• Email ID 

Why Use the Postal Life Insurance Premium Calculator?

Utilizing the PLI calculator enables you to acquire a precise projection of the premium associated with your chosen plan. Additionally, as an accessible online resource, it can be employed repeatedly to explore diverse plans and assured sums, gauging premiums for each.

Nevertheless, it is essential to keep in mind that the estimate furnished by the PLI premium calculator serves as an approximation. Thus, the premium amount displayed on the calculator may not precisely match the premium quoted by your insurer.

Who Should Avail Benefits of Postal Life Insurance (PLI) Calculator?

Individuals employed in the organizations outlined below are eligible to acquire PLI plans conveniently:

• Workers of both state and central government
• Professionals engaged in specific sectors of NSE and BSE
• Employees of autonomous bodies
• Personnel of RBI
• Workforce of Financial Institutions
• Paramilitary and defence personnel
• Staff in the public sector
• Employees of educational institutions supported by the government of India
• The staff of deemed universities
• Employees of commercial and nationalized banks
• Members of co-operative societies

Conclusion

In conclusion, the Postal Life Insurance Premium Calculator stands as a vital asset in navigating the world of insurance planning. Providing a user-friendly interface and transparent insights into premium calculations empowers individuals to make informed decisions about their financial security.

As we wrap up our exploration, remember that this tool simplifies complexities and paves the way for a stable and safeguarded tomorrow.

FAQs

Q. What does a Postal Life Insurance Calculator do?
A. An online tool, the Postal Life Insurance Calculator, approximates the premium payment you'll need to make.

Q. How is the PLI premium calculated?
A. To calculate the PLI premium, input information like insurance, birthdate, mobile number, etc., into the PLI premium calculator.

Q. What happens if I miss a premium payment in a month?
A. The premium can be settled in the following month, but a penalty of 1% of the premium amount per month applies.

Q. How can I update my registered email ID and mobile for the Postal Life Insurance policy?
A. To modify your registered email ID and mobile number, a written request must be submitted at the post office.

Q. Is adding nominees to the Postal Life Insurance policy possible?
A. Certainly, nominees can be included in the Postal Life Insurance policy.

Q. Can a loan be obtained against the Postal Life Insurance policy?
A. Indeed, a loan can be procured against the policy, provided it has been active for at least three years.

Q. For policy-related inquiries, who should I get in touch with?
A. Any policy-related queries can be addressed by calling 1800 180 5232 or 15232.

Q. Can a lapsed Postal Life Insurance policy be reinstated?
A. Yes, a lapsed Postal Life Insurance policy can be reinstated subject to specific terms and conditions.

Also read: 

Advantages Of Insurance For Child

Benefits Of Child Savings Plan