A Postal Life Insurance premium calculator is an online tool to check and compare the premiums for various plans and policies offered under Postal Life Insurance (PLI). The calculator gives a rough idea about the premium to be paid which helps to get the insurance plan as per your need and affordability. PLI, one of the oldest insurance schemes in India, is provided by India Post, and it offers 6 protection plans.
Details Required for Premium Calculation
In order to calculate the premium for the plans using Postal Life Insurance premium calculator, the following details are required:
- Date of Birth
- Sum Assured
- Policy Name
- Policy Cease Date
- Monthly Income
- Mobile Number
- Email ID
- Pin Code
Factors Affecting Postal Life Insurance Premium Amount
For any PLI plan, following factors are taken into consideration while calculating the premium estimate through the Postal Life Insurance premium calculator:
- Age: Age is the first thing asked while using PLI calculator. It has a direct impact on the premium – older people pay higher premium and vice versa. 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 will be lower than that for a Rs.10-lakh policy cover
- Monthly Income: Your monthly income is an important deciding factor in fixing the premium. 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 in case of 55 years and lower in case of 60 years
How to Use Premium Calculator
Using the premium calculator is an easy job. Here are the steps to do so.
- Visit the official website of Postal Life Insurance (postallifeinsurance.gov.in)
- Click on ‘Buy Policy’ button placed on 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
Postal Life Insurance Premium Calculation
Following examples with detailed premium calculation shall help in understanding how certain factors like age of the policyholder and the sum assured chosen affect the premium to be paid.
Plan: Whole Life Assurance (Suraksha)
- Sum assured + accrued bonus paid when the policyholder attains 80 years of age OR payment made in the name of the nominee on the death of the policyholder, whichever occurs earlier
- Loan facility after 4 years
|Entry Age||Sum Assured||Premium Ceasing Age *||Monthly Premium|
|30 years||Rs. 30 lakh||60 years||Rs. 6,450|
|30 years||Rs. 50 lakh||60 years||Rs. 10,750|
|35 years||Rs. 30 lakh||60 years||Rs. 7,650|
|35 years||Rs. 50 lakh||60 years||Rs. 12,750|
*Premium Ceasing Age: The age at which last premium shall be paid.
Plan: Endowment Assurance (Santosh)
- Full payment of sum assured + accrued bonus to the nominee on death of the policyholder
- Loan facility after 3 years
|Entry Age||Sum Assured||Maturity Age||Monthly Premium|
|30 years||Rs. 30 lakh||60 years||Rs. 8,250|
|30 years||Rs. 50 lakh||60 years||Rs. 13,750|
|35 years||Rs. 30 lakh||60 years||Rs. 10,050|
|35 years||Rs. 50 lakh||60 years||Rs. 16,750|
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
Here are some of the benefits of using the PLI 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 calculation or visiting the branch
- 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 give my medical history while using the 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 except the Child plan (Bal Jeevan Bima). Maximum sum assured for this particular policy is Rs. 3 lakh.