A detailed guide on Postal Life Insurance Premium Calculator
A postal life insurance (PLI) calculator is an integral part of your postal life insurance plans. This PLI calculator calculates the total amount of premium that you need to pay for your policy. In addition, the PLI premium calculator estimates the premium amount by incorporating the present GST rate. The post office PLI calculator is a valuable tool for customers as it helps them purchase the best post-life insurance plans according to their needs and requirements.
What is Postal Life Insurance?
The postal life insurance started its journey in 1884 as a welfare scheme ideally designed for post office employees. But it was extended over the period, and currently, it offers 46 lakh insurance policies to beneficiaries across the nation.
Types of insurance plans under Postal Life Insurance (PLI)
The postal life insurance embraces its customers with 6 kinds of life insurance plans.
- Whole life assurance
- Convertible whole life assurance
- Joint life assurance
- Endowment assurance
- Anticipated endowment assurance
- Children Policy
Benefits of using post office PLI scheme calculator
PLI calculator offers a plethora of advantages to customers as mentioned below:-
- PLI policy calculator is a free online tool. This means anyone can easily access and use it without any hassle.
- You just need to register on the website to enjoy and use the online PLI calculator.
- With the PLI calculator, everything is done automatically. Hence, there is a minimal chance of discrepancy, as no manual task is involved.
- The postal life insurance calculator saves a lot of time for you.
- The PLI calculator can be used by anyone sitting anywhere in the world. The customer needs to put all information accurately to get an estimated insurance premium amount for their policy.
Pivotal factors that may affect your postal life insurance premium amount
Nowadays, customers are using the PLI calculator to get an idea about their premiums for their policies. But before using the calculator, you should have adequate knowledge of certain factors that may affect your postal insurance premium amount.
- Age: If you plan to use the PLI calculator to know your premium amount, you need to put the correct information about your age. Your age has a direct impact on your premium amount. The older customers need to pay a higher premium as compared to the younger ones. For example, a 30-year-old customer will pay a lesser premium as compared to a 40-year-old person for the same policy.
- Monthly income: Your monthly income is another pivotal factor for your premium. So, before using the PLI calculator, your monthly income will help you to know whether you can afford this policy or not. If you can’t pay the premiums on time, your policy may get terminated or face a huge loss. Therefore, you should be very careful while disclosing your monthly income and correctly fill up all the information.
- The sum assured: The sum assured is related directly to your monthly income. You need to pay a higher premium for higher policy coverage. For example, the premium for a 10-lakh policy will be higher than a policy of 2 lakh.
- Premium ceasing age: This is the time when an individual doesn’t need to pay the premium amount. If your ceasing age is higher, your premium will be lower.
Why should you use a PLI calculator?
Before using the PLI calculator, you should enter all the information properly so that you can get the exact premium amount for your policy. Since this calculator is a free online tool thus, you should try for various sums assured. This will help you to know the best premium according to your budget. Moreover, you can purchase the best policy that resonates with your needs and requirements by comparing them all.
But it would be best if you remembered that the premium amount you will get by using the PLI calculator is tentative. This doesn’t imply that you need to pay the exact amount; the actual amount may vary. Since the postal life insurance scheme has a centralized accounting thus, the claim process is facile and faster.
What details do you need to give while using the PLI calculator?
Before using the PLI calculator, you need to provide the below-mentioned details.
- Name of the policy
- Date of birth
- Email id
- Contact number
- Pin code
- The sum assured
- Your monthly income
- Policy termination date
How do you use the PLI calculator?
You need to follow the below-mentioned steps if you want to use the postal life insurance calculator.
- First, you need to visit the website of postal life insurance
- Now, you need to click on the “buy policy tab” that is located on the right side of the page
- Then, you will be automatically directed to the next page to fill up all the information correctly.
- Once all subtleties are properly filled, then you need to enter the captcha for authenticity.
- Now, just click on the “get a quote” tab
- Finally, you can see your monthly premium amount on the screen.
Example of Postal Life Insurance Calculator:
If you want to purchase an Endowment Assurance Plan under PLI, then following the below-mentioned steps, you will know your premium amount for this plan.
- First, enter the sum assured amount that you are looking for
- Enter the policy purchased year.
- Put your present age
- Enter your maturity age
- Now click on the ‘Calculate’ button
- You will get delighted with the final results
What is the Postal insurance rate of interest?
The postal insurance rate of interest is 10% per annum. This is calculated based on a 6 month period.
Customers highly applaud the postal life insurance plans as they offer astonishing coverages at minimal premiums. In addition, postal insurance plans come with a bonus that also strengthens your policy plan. Moreover, post offices are customer-friendly, and you can access them in any city. To know the best PLI scheme in a post office calculator, always use the PLI calculator. With the help of this calculator, now make a prudent decision by handpicking the best insurance policy.
How is the PLI amount calculated?
In the case of the Endowment Assurance Plan under PLI, below are the steps to calculate the PLI amount:
• Enter the sum assured.
• Enter the policy purchase year.
• Enter your age.
• Enter your maturity age.
• Click on the 'Calculate' button, and you will get the results.
Is PLI better than LIC?
This depends entirely on the requirements of the buyer. PLI is a better option if you want to invest in a traditional endowment plan as the premium rates are very low and offer higher bonus rates. Whereas if you are looking to invest in ULIPs or term insurance, the LIC is a better option. LIC offers a better coverage level as compared to PLI.
Which is the best PLI?
There are 6 best PLI plans
• Whole Life Assurance (Suraksha)
• Endowment Assurance (Santosh)
• Convertible Whole Life Assurance (Suvidha)
• Anticipated Endowment Assurance (Sumangal)
• Joint-Life Insurance (Yugal Suraksha)
• Children Policy (Bal Jeevan Bima)
Is PLI only for government employees?
PLI plans now cover Central and State Government employees, Central and State Public Sector Undertakings; Government aided educational institutions, Universities, Nationalized Banks, autonomous and local bodies, joint ventures with a minimum of 10% Govt./PSU stake, credit co-operative societies, etc.
Is PLI maturity tax-free?
According to Section 10(10D) of the Income Tax Act, 1961, the sum assured plus any bonus paid on maturity or surrender of policy or on the death of the insured are completely tax-free, subject to certain conditions.
Who is eligible for Postal Life Insurance (PLI) policy?
Any individual working in government departments and ministries, defense services, local bodies, paramilitary forces, nationalized and commercial banks, educational institutions, and specified organizations can apply for PLI policy. Postal Life Insurance policyholders must be above 19 years of age and below 55 years old.
What are the benefits of using a Postal Life Insurance (PLI) calculator?
PLI or the postal life insurance premium calculator is an online tool that gives you a rough estimate on the premium payable. This helps an individual to assess a plan as per his or her requirements and affordability.