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How to calculate premiums of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) Plans?

The Government of India offers life insurance schemes for individuals to get coverage against unforeseen events in life. One can buy an insurance policy from the nearby post office that will help accomplish your goals significantly. Postal Life Insurance is a scheme available for government employees only that provides several advantages. It is available in different types, and people should know more about them in detail. However, one should check the maximum age eligibility before joining this plan.

Rural Postal Life Insurance is another plan introduced in the year 1995 which aims at catering to the needs of the rural population at minimal premium rates. It is ideal for economically weaker sections and women workers in rural India to protect their life from potential threats. PLI and RPLI provide several advantages to policyholders enabling them to ensure high protection from the financial burden.

What are the benefits of buying PLI and RPLI?

  • Both plans offer a nomination facility for policyholders, and they can make changes to the nomination 
  • Policyholders can get loan facilities from banks or other financial institutions during emergencies 
  • A policyholder can revive his/her lapsed policy after buying both plans 
  • Conversion of policies from one type to another based on the certain conditions 
  • Issue of duplicate copy for policyholders when the original copy is lost
  • Lower premium rates when compared to other insurance plans
  • High-interest rates to ensure guaranteed returns 
  • Different types of plans that cater to the needs of policy buyers 
  • High bonus rates that allow policyholders to generate maximum returns 
  • Maturity benefit for policyholders 

 

How to calculate the PLI and RPLI insurance premium?

While buying PLI and RPLI plans, customers should calculate the premium rates that will help a lot to make the right decision before investing money. A postal life insurance calculator allows policy buyers to determine the right premium amounts with high accuracy. It provides ways to choose a plan type based on the choices. The calculator lets policy buyers get an overall idea of plans with ease. Not only that, it gives ways to obtain an approximate estimate of insurance policies that will help proceed further.

On the other hand, there is no RPLI calculator available for policyholders, and they can know the details from a table available in a post office. Therefore, it is suitable for those who want to buy a plan at affordable premiums. However, the PLI calculator is available online, allowing policy buyers to select a plan depending on their needs.

What is PLI and RPLI maturity calculator?

Both PLI and RPLI offer maturity benefits for policyholders that give ways to ensure high returns. For example, the postal life insurance maturity calculator allows customers to know the approximate amount only and not accurate results. This is because the bonus is not fixed or guaranteed, and policy buyers can know the maturity amounts from a post office that will help meet essential requirements. 

Why should policy buyers use a PLI calculator?

  1. Saves Time: The primary advantage of using a PLI calculator is that it allows policy buyers to save time while calculating the premium rates. Another thing about the calculator is that it provides methods to select a plan with the best premium prices.
  2. Easy to use: The online calculator is free to use, thereby showing ways to determine the premium amount as soon as possible. Apart from that, it makes feasible methods to get the right coverage to ensure peace of mind from financial obstacles.
  3. Helps to pick the right sum assured amount: Using an online calculator for PLI allows policy buyers to pick the right sum assured amount which suits their requirements and budget. In addition, having the right sum assured amount will enable policyholders to claim amounts as soon as possible.

 

What are the factors that affect the premium amounts?

  1. Age: Age is the most crucial factor to consider while buying a PLI and RPLI because it influences the premium amount to a large extent.
  2. Monthly Income: Policy buyers should give more importance to their monthly income when buying an insurance plan from a post office. Not only that, it gives ways to pay premium amounts on time that will help enjoy the benefits.
  3. Sum Assured: Sum assured is another factor to keep in mind while buying an insurance plan. This is because policy buyers have to pay more premiums for high sum assured amounts. Therefore, it is wise to choose the sum assured amount properly that will help accomplish goals to a large extent.
  4. Plan Types: Both PLI and RPLI offer different types of plans for customers in the markets. However, policy buyers should know the difference between one plan to another plan that will help proceed further.
  5. Terms & Conditions: When purchasing an insurance plan, customers should know the terms and conditions in detail that will help minimize unwanted issues.

 

How to buy PLI and RPLI plans?

Policy buyers can visit a nearby post office to know more details about PLI and RPLI plans clearly. At the same time, they should check the eligibility and other requirements before purchasing a policy. Then, they can compare the postal life insurance premium table available in a post office which gives ways to select a plan according to needs. The table will provide all the details of plans, including benefits allowing buyers to get the best coverage.

Policy buyers can even use the online calculator for both plans to determine the premium rates. One should submit the necessary information in the columns provided that will help generate the amounts in a quick turnaround time. Since the plans are available for government employees only, it is wise to select them after completing research. This, in turn, gives ways to ensure high protection from unforeseen events in life. Also, having the right type of plan allows policyholders to provide a better future for nominees in case of death. Both plans offer a maximum sum assured amount of Rs 50 lakhs to policyholders to get peace of mind from risks.

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