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Postal Life Insurance Premium Calculator is an online tool that allows individuals to check and compare the premiums for different plans and policies available under postal life insurance (PLI). This PLI calculator provides an approximate estimation of the premium amount, which helps in choosing a life insurance plan that aligns with one’s requirements and budget.
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Postal life insurance is the oldest insurance scheme available in India by the India Post, offering 6 protection plans. Similar to term insurance, PLI plans offer a death benefit amount on the policyholder's death within the policy term. If the PLI policy offers maturity or bonus benefits, the accrued bonus will be payable along with the applicable benefit at the policy's maturity.
The journey of postal life insurance began on 1 February 1884. Initially, this commenced as a welfare scheme for postal employees, later extended in 1888 to the telegraph department employees.
In 1894, PLI extended the coverage for female employees working with the erstwhile department of P & T. At this point, no insurance company in India provided coverage for females. It offers a range of essential products and services, including life insurance, a remarkable part of this mix of services.
The Postal Life Insurance Premium Calculator is an online tool that helps individuals compare premiums for various Postal Life Insurance (PLI) plans. By entering personal details, users receive estimated premiums, making it easier to find a policy that fits their budget and coverage needs. This transparency allows for informed decision-making when selecting life insurance.
Let’s understand this with the help of an example:
Suppose Ravi, a 30-year-old man, wants to secure his family's future and is looking for the best term insurance plan under budget. He learned about postal life insurance and used the premium calculator to determine the different plans available quickly. He quickly enters all the details necessary to get the best plan and also understands each plan's premiums in detail.
Term Plans
The life insurance schemes by PLI offer 6 types of calculators:
PLI Endowment Assurance (Santosh) Calculator
PLI Whole Life Assurance (Suraksha) Calculator
PLI Convertible Whole Life Assurance (Suvidha) Calculator
PLI Joint Life Assurance (Yugal Suraksha) Calculator
PLI Anticipated Endowment Assurance (Sumangal)
PLI Children Policy (Bal Jeevan Bima)
*Note: The insurer provides all savings as per the IRDAI approved insurance plan. Standard T&C Apply
Postal life insurance is the oldest insurance scheme available in India by the India Post, offering 6 protection plans. Similar to term insurance, PLI plans offer a death benefit amount on the policyholder's death within the policy term. If the PLI policy offers maturity or bonus benefits, the accrued bonus will be payable along with the applicable maturity benefit at the policy's maturity.
The journey of postal life insurance began on 1 February 1884. Initially, this commenced as a welfare scheme for postal employees, later extended in 1888 to the telegraph department employees.
In 1894, PLI extended the coverage for female employees working with the erstwhile department of P & T. At this point, no insurance company in India provided coverage for females. It offers a range of essential products and services, including life insurance, a remarkable part of this mix of services.
Here is a list of details you might need to fill in while using the PLI calculator:
Policy Name
Gender
Birth Date
Email Id
Contact Number
Pin Code
Sum Assured
Policy Cease Date
Monthly Income
Follow the steps listed below to use the postal life insurance premium calculator:
Visit the website of postal life insurance.
Then click on the ‘Buy Policy’ tab that is placed on the page at the right side.
Here one will be taken to a new page wherein the subtleties need to be entered correctly.
Once the subtleties are provided, to authenticate enter the captcha image and then click on the ‘Get Quote’ tab.
Now, the postal life insurance monthly premium will be on the screen.
Accurate Premium Estimation: The Postal Life Insurance Calculator provides an approximate premium amount based on the entered details.
User-Friendly: The PLI Calculator is easy to use, requiring minimal information such as age, sum assured, and policy type.
Cost-Free Access: It is available online for free, without any registration.
Transparency: The calculator enables users to make informed decisions by comparing premiums across multiple PLI plans.
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The following are the key advantages of using the PLI calculator:
Free of Cost: The Postal Life Insurance premium calculator is an online tool, which is accessible to everyone easily and free of cost.
No Registration Needed: To use the PLI calculator, one need not register on the website and easily avail of the benefits.
Time-efficient and Accurate: Using the PLI calculator helps save time, and the chances of any discrepancy in the calculation are almost negligible, as no manual calculation is involved.
Ease of Access: Anyone can use the PLI calculator from anywhere across the globe. All they need to do is provide the information correctly and get an estimate of the postal life insurance premium amount.
Now that we have understood the basics of the postal life insurance premium calculator let us take a look at the types of life insurance plans offered by postal life insurance.
| Postal life insurance | Entry Age | Loan Facility | Sum Assured | Last Declared Bonus |
| Whole Life Assurance (Suraksha) | Minimum- 19 years Maximum- 55 years | After 4 years | Minimum- Rs 20,000 Maximum- Rs 50 lakh | Rs 76 per Rs 1000 sum assured each year |
| Convertible Whole Life Assurance (Suvidha) | Minimum- 19 years Maximum- 55 years | After 4 years | Minimum- Rs 20,000 Maximum- Rs 50 lakh | Rs 76 per Rs 1000 sum assured each year for the WLA policy |
| Joint Life Assurance (Yugal Suraksha) | Minimum- 21 years Maximum- 45 years (For Spouses) | After 3 years | Minimum- Rs 20,000 Maximum- Rs 50 lakh | Rs 52 per Rs 1000 sum assured each year |
| Endowment Assurance (Santosh) | Minimum- 19 years Maximum- 55 years | After 4 years | Minimum- Rs 20,000 Maximum- Rs 50 lakh | Rs 52 per Rs 1000 sum assured each year |
| Anticipated Endowment Assurance (Sumangal) | Minimum- 19 years Maximum- For 20 years term plan 40 years For 15 years term plan 45 years | NA | Maximum- Rs 50 lakh | Rs 48 per Rs 1000 sum assured each year |
| Children Policy (Bal Jeewan Bima) | Minimum- 05 years Maximum- 20 years (For Children) | NA | Maximum Rs 3 lakh or equivalent to the sum assured of the parent | Rs 52 per Rs 1000 sum assured each year |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Here is a list of factors that affect the postal life insurance premiums:
Age: When it comes to using the postal life insurance calculator, the initial thing that will be asked is the age. It should be understood that age has an impact directly on the premium sum. The older you are, the higher the premiums will be and vice-versa. Someone who is 30 years old will pay less premium than someone who is 40 years of age.
Monthly Income: Another important factor while using the PLI calculator is the monthly income. This plays a key role in deciding the premium amount. This is important as it will depict the affordability one’s pocket allows to pay a specified premium amount. In case an individual is unable to pay the life insurance premium on time, the policy may lapse. Therefore, be careful while disclosing the income and provide correct information.
Sum Assured: The premium is directly proportional to the sum assured. That means, the more the sum assured, the more the premiums will be. While using the postal life insurance premium calculator, you can alter the sum assured to find the amount that would require budget-friendly premiums.
Premium Ceasing Age: This is the time when an individual stops paying the premium amount. It implies that the higher the ceasing age lower the premium sum. In case an individual is 55 years of age, the premium will be high, and if 60 years of age, it will be on the lower side.
Policy Type: Different types of life insurance plans have differing premium rates because of differences in coverage and benefits.
Policy term: Longer policy terms might result in lower premium rates per annum, but the total premium payable over time may be higher.
Here is a list of points to remember when using the PLI scheme calculator:
Provide Correct Information: When using the PLI calculator, make sure that all the information is correct so that one obtains an accurate estimate in regard to the premium.
Compare premiums for different cover: When using the PLI scheme calculator, try checking the premiums for various sum assured as it will help to get the best premium depending upon the budget, and the choice can be made accordingly.
Premiums are estimated: Moreover, it is important to understand that the value you get as a premium in the calculator is only indicative. Using the postal life insurance calculator does not mean that one would get a replica of the actual PLI premium figure. Besides, the postal life insurance scheme has centralized accounting, which makes the claim process much quicker and easier.
The postal life insurance calculator can help policyholders calculate the premiums they must pay for their desired PLI policy and make informed decisions. You can easily calculate it by entering your basic information and getting accurate minute results.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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