To check and compare the premium for various Postal Life Insurance plans and policies, you can use the Postal Life Insurance premium calculator. Postal Life Insurance (PLI), one of the oldest insurance schemes in India, offers 6 protection plans for the benefit of government employees.
Details Required for Premium Calculation
For calculation of premium using Postal Life Insurance premium calculator, following details are required:
- Date of Birth
- Sum Assured
- Policy Cease Date
- Monthly Income
- Mobile Number
- E-mail ID
- Pin Code
Factors Affecting Postal Life Insurance Premium Amount
Following factors play a pivotal role in getting an estimate of the premium using this calculator:
- Age: Age is the first thing asked while using Postal Life Insurance premium calculator. A 45-year-old person will pay a higher premium compared to a 30-year-old person
- Sum Assured Chosen: This has a direct connection with the premium one has to pay. A higher coverage means higher premium. The premium for a Rs.1-lakh policy cover shall be less than that of a Rs.10-lakh policy cover
- Monthly Income: Your monthly income is an important factor. This shows your affordability along with your capacity to pay a particular premium amount. Your policy might go into losses in case you are not able to pay the premiums on time. To avoid such a scenario, it’s imperative to disclose the income
- Premium Ceasing Age: This is the age when you stop paying the premium. This section has 3 options – 55, 58 and 60. Higher ceasing age means lower premium amount. Thus, premium will be higher for 55 years and lower for 60 years
How to Use Postal Life Insurance (PLI) Premium Calculator
Using this premium calculator is an easy job which requires only a few simple steps, viz.:
- Visit the official website of Postal Life Insurance (postallifeinsurance.gov.in)
- Click on ‘Buy Policy’ button placed in the right side of the page
- You will be directed to a new page
- Enter all the details
- Enter the captcha image to authenticate you’re not a robot and click on ‘Get Quote’
- The monthly premium estimate will be displayed
How to Calculate Postal Life Insurance (PLI) Premium?
Take a look at the following example with two different scenarios for Whole Life Assurance (Suraksha) Policy. Gender does not affect the premium value of the plan.
|Entry Age||Policy Cover||Monthly Income||Premium Ceasing Age||Monthly Premium|
|30 years||Rs. 10 lakh||Rs. 45,000||55 years||Rs. 2,150|
|45 years||Rs. 10 lakh||Rs. 55,000||55 years||Rs. 4,750|
Take note of the following points while using the premium calculator:
- Make sure to enter valid details in order to get most accurate premium estimate
- Since this is a free tool, try it for different coverage (sum assured) so as to best ascertain your budget
- The values you get on using premium calculators are only indicative and not a replica of the actual premium figure
Advantages of Using Premium Calculator
- The premium calculator is an easy-to-use online tool and the user only needs to enter some details to get an estimate of the premium amount
- The tool helps save time which you would have spent otherwise in manual premium calculation
- It is not necessary to register on the website to avail the service
- This free tool is available for all the visitors
Q1. Do I have to provide my medical history when using PLI Calculator?
No. You only need to provide personal details like your age, gender, etc. to calculate the premium.
Q2. What is the maximum and minimum sum assured amount under the PLI schemes?
Postal Life Insurance schemes offer minimum sum assured of Rs. 20,000 and a maximum of Rs. 50 lakh for all the plans available except the Children Policy (Bal Jeevan Bima). Maximum sum assured for this particular policy is Rs. 3 lakh.