Postal Life Insurance Premium Calculator is an online tool that allows the policyholders to check and compare the premiums of all the PLI schemes . You can see how the premium changes by changing the age, sum assured, policy term, and plan type. This makes it easier to find a Postal Life Insurance policy that fits your needs and your budget. The tool provides quick and accurate estimates, so you don't have to do the math yourself or visit the post office. It's helpful for anyone who wants to narrow down their options for a PLI plan before submitting an application.
The Postal Life Insurance Premium Calculator is a free online tool that helps you see how your premiums, bonuses, maturity amounts, total returns, and taxes will affect all Postal Life Insurance (PLI) plans. This tool is specifically designed for the Government of India's Department of Posts life insurance plans, also known as Postal Life Insurance or Post Office Life Insurance. The PLI Calculator applies to both Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI).
Term Plans
Let's understand how the PLI calculator works 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 PLI premium calculator to determine the premiums for different plans. He compares the available plans and purchases the one that best fits his needs.
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
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Follow the steps listed below to use the postal life insurance premium calculator:
Step 1: Visit the website of Postal Life Insurance.
Step 2: Then click on the ‘Buy Policy’ tab that is placed on the page at the right side.
Step 3: Here one will be taken to a new page wherein the subtleties need to be entered correctly.
Step 4: Once the details are provided, to authenticate, enter the captcha image and then click on the ‘Get Quote’ tab.
Step 5: The postal life insurance monthly premium will now be displayed on the screen.
Let’s understand an example of postal life insurance premium calculation and how different factors, such as the policyholder's age and the sum assured chosen, affect the premium amount to be paid. This can easily be calculated using the PLI calculator:
Example 1: Whole life insurance (Suraksha)
Benefits of this plan:
Accumulated bonus + sum assured when the policyholder reaches 80 years of age or payment made in the nominee’s name on the policyholder’s death, whatever occurs earlier.
Facility of loan after 4 years
| Entry Age | Premium ceasing age | Sum Assured | Monthly Premium |
| 30 years | 60 years | Rs. 30 lakh | Rs. 6,470 |
| 30 years | 60 years | Rs. 50 Lakh | Rs. 10,750 |
| 35 years | 60 years | Rs. 30 lakh | Rs. 7,650 |
| 35 years | 60 years | Rs. 50 lakh | Rs. 12,750 |
Note: the premium ceasing age is the age at which last premium shall be payable.
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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.
The PLI calculator has the following benefits:
Anyone can use the Postal Life Insurance premium calculator online for free.
You don't have to worry about doing the math by hand because the PLI calculator is fast and accurate.
The PLI premium calculator helps you plan your money better by showing you how much you need to pay in premiums each month and how much you have left over for other expenses.
You can use the PLI calculator from anywhere in the world. They just need to provide the right information and get an estimate of the postal life insurance premium.
The life insurance schemes by PLI offer 6 types of postal life insurance 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)
The PLI Calculator works with all Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) plans. You can quickly see the premium, total amount due, maturity value, bonus, taxes, and overall returns for that policy by selecting it from the dropdown.
Here is a quick look at all the PLI calculators:
Calculator for Endowment Assurance (Santosh)
If the insured person dies before the end of the term, this plan pays a death benefit. If they live to the end of the term, they pay a lump sum. The calculator can help you figure out the premium, the total amount of installments paid, the bonus, and the final maturity amount.
Calculator for the Expected Endowment Assurance (Sumangal)
A policy that pays out three survival benefits of 20% each, plus a maturity amount at the end of the term. The calculator shows your total returns, premium, survival benefits, and bonus.
Whole Life Assurance Calculator (Suraksha)
This type of insurance covers you for your whole life and pays out when you die if you live through the term. Use the calculator to check the premium, total payments, bonus, and maturity value.
Suvidha's Convertible Whole Life Assurance Calculator
You can turn the plan into an Endowment Assurance after five years. Using the calculator, you can easily see how the premiums, bonuses, and maturity values are different for the two situations: the converted and the not converted.
Calculator for Joint Life Assurance (Yugal Suraksha)
One policy covers both spouses. You can figure out the premium, total premiums paid, bonus, and maturity benefits for the joint plan.
Calculator for the Children's Policy (Bal Jeevan Bima)
Designed for children aged 5 to 25. It protects both the parent and the child, and if the child lives through the term, it pays a maturity amount. The calculator helps you figure out the premium, bonus, and maturity value.
Now that we have understood the basics of the post office life insurance calculator, let us take a look at the types of life insurance plans and their details.
| 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 using the postal life insurance calculator, the first question will be your age. It should be understood that age directly affects the premium amount. The older you are, the higher the premiums will be and vice versa. Someone who is 30 years old will pay a lower premium than someone who is 40 years old.
Monthly Income: Another important factor to consider when using the PLI calculator is the monthly income. This plays a key role in deciding the premium amount. This is important because it shows the affordability of one’s pocket 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 when disclosing income and provide accurate information.
Sum Assured: The premium is directly proportional to the sum assured. That means the higher the sum assured, the higher the premiums will be. While using the postal life insurance premium calculator, you can adjust the sum assured to find the amount that offers budget-friendly premiums.
Premium Ceasing Age: The age at which an individual stops paying the premium. It implies that the higher the ceasing age lower the premium sum. For an individual aged 55, the premium will be high, while for those aged 60, it will be lower.
Policy Type: Different life insurance plans have varying premium rates due to differences in coverage and benefits.
Policy term: Longer policy terms may result in lower annual premium rates, but the total premium payable over time may be higher.
Here is a list of points to remember when using the PLI premium calculator:
Provide Correct Information: When using the PLI calculator, ensure that all information is accurate to obtain an accurate premium estimate.
Compare premiums for different cover: When using the PLI 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 an estimate. The exact premium you may need to pay depends on your annual income, sum assured, health conditions, and more. Besides, the postal life insurance scheme has centralized accounting, which makes the claim process much quicker and easier.
Postal Life Insurance is the oldest insurance scheme available in India, offered by the India Post, with six protection plans. Similar to term insurance, PLI plans provide a death benefit amount upon the policyholder's death during the policy term. If the PLI policy offers maturity or bonus benefits, the accrued bonus will be payable along with the applicable maturity benefit upon policy maturity.
The journey of postal life insurance began on 1 February 1884. Initially, this commenced as a welfare scheme for postal employees, and was later extended in 1888 to the telegraph department employees.
In 1894, PLI extended coverage to female employees working with the erstwhile Department of P&T. At that time, 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 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.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
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