PLI CALCULATORS

Category 1 Endowment Assurance (Santosh)
Category 2 Anticipated Endowment Assurance (Sumangal)
Category 3 Whole Life Assurance (Suraksha)
Category 4 PLI Default Fee Calculator
Category 5 PLI Maturity Calculator
Category 6 RPLI Calculators

What is PLI ?

Postal Life Insurance (PLI) started on 1st February 1884 as a welfare scheme for postal employees. It later expanded to cover telegraph department employees in 1888 and became the first insurer in India to provide insurance for female employees in 1894. Initially, the maximum coverage was ₹4,000, which has now increased to ₹50 lacs. Over the years, PLI has grown to over 46 lacs policies, covering employees of central and state governments, public sector units, educational institutions, and defence services. PLI also manages group insurance for Gramin Dak Sevaks and operates under exemptions from the Insurance Act, of 1938, and the LIC Act, of 1956.

How to use PLI Calculator?

This PLI calculator is an online tool designed to help policyholders calculate the premiums, maturity amount, policy term, money-back details, and many other details related to Postal Life Insurance (PLI) policies.

To use our PLI calculator you have to follow the below steps:

  • Visit our website PLIcalculator.com select the policy type
  • Enter the sum assured
  • Date of Birth
  • select the Policy term according to your age
  • Click “Calculate”.

after clicking on calculate you have all the information related to your policy, Monthly premium, quarterly, half-yearly, yearly, maturity date, maturity amount and total premium paid.

The best part of this calculator is a pie chart comparing the maturity amount and total premium paid during the policy.

Benefits and Features of PLI Calculator

  1. Easy to use and Accuracy: very easy to use and accurate result.
  2. Premium Calculation: Calculates monthly, quarterly, half-yearly, or yearly premiums in one click based on the policy type, sum assured amount, and policy tenure.
  3. Compareration Chart: compare the return value of your policy with a Google pie chart. compare the percentage of the premium you have paid and what you got as a maturity.
  4. Detailed Data: get all the information about Premium calculation, maturity amount calculation, date of maturity, policy term, total premium paid, and for money back policy get the money back details with accurate date and amount.

Eligibility For PLI

1. Postal life insurance is not for everyone, only some selected people can buy a policy here is the list.

  • Central Government
  • Defence Services
  • Para Military forces
  • State Government
  • Local Bodies
  • Government-aided Educational Institutions
  • Reserve Bank of India
  • Public Sector Undertakings
  • Financial Institutions
  • Nationalized Banks
  • Autonomous Bodies
  • Paramilitary forces
  • Extra Departmental Agents in the Department of Posts
  • Employees Engaged/ Appointed on a Contract basis by central/ State Government where the
  • contract is extendable
  • Employees of all scheduled Commercial Banks

some more people are allowed for this scheme you can access the official documents here pli.indiapost.gov.in

2. Minimum & Maximum age at entry: 19-55 years

Types of PLI Policies

India Post PLI Scheme is divided into six life insurance policies.

  1. Whole Life Assurance (Suraksha): Provides lifelong coverage and a lump sum payment to the nominee.
  2. Endowment Assurance (Santosh): Combines insurance and savings, offering maturity benefits along with life cover.
  3. Children’s Policy (Bal Jeevan Bima): Secures the future of children with financial benefits.
  4. Anticipated Endowment Assurance (Sumangal): A money-back policy providing periodic payouts.
  5. Convertible Whole Life Assurance: Offers the option to convert into an endowment plan after a specified period.
  6. Yugal Suraksha: A policy designed for married couples, ensuring dual benefits.

Benefits of Postal Life Insurance

  • Low Premium Rates: Affordable compared to other company insurance schemes.
  • High Bonus Rates: Attractive bonuses will be paid at the maturity age
  • Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C of the Income Tax Act.
  • Loan Facility: Loans can be taken against PLI policies after 3 years of the policy.
  • Sum Assured: Minimum Sum Assured ₹ 20,000; Maximum ₹ 50 lac
  • Buy Online: visit the official website pli.indiapost.gov.in and buy a pli policy online according to your needs.
  • Surrender: • Surrender after 3 years, if Surrender after 5 years bonus will be paid on a reduced sum assured
  • Nomini: You can change your policy nomination anytime.
  • Pledging: A loan can be taken by pledging the policy to the Head of the Circle on behalf of the President of India. This is allowed after 3 years for Endowment Assurance policies and 4 years for Whole Life Assurance policies. Assignment of the policy for loans is also possible.
  • Assigned: Policies can be assigned to financial institutions for loans.
  • Revival: Lapsed policies can be revived. A policy lapses after missing 6 premium payments if it was active for less than 3 years or after 12 missed premiums if it was active for more than 3 years.
  • Duplicate Policy: A duplicate policy bond can be issued if the original is lost, damaged, or destroyed.
  • Death Benefit: In case of death, the assignee, nominee or legal heir paid the full amount of the sum assured with an accrued bonus

Conclusion

Our Postal Life Insurance (PLI) Calculator is a quick and user-friendly tool that helps you calculate PLI premiums, maturity bonuses, maturity dates, and more. If you are not eligible for a PLI policy, don’t worry—RPLI (Rural Postal Life Insurance) offers similar benefits. Like PLI, RPLI is a life insurance scheme designed for the rural population of India, providing nearly the same advantages as PLI.

The Government of India approved the RPLI scheme to extend life insurance benefits to the rural population. If you’re interested, visit our website, rplicalculator.com, to calculate premiums, maturity values, maturity dates, and other details.

To get a new PLI policy, visit your nearest post office or the official website to apply today.

Source: Official PDF , official website

FAQ

1. Can PLI premium be paid online

Ans: yes, you can pay PLI premium online from the official website, using the IPPB app and you can set up SI (standard instruction) for auto debit from your account. 

2. Can PLI be withdrawn before maturity?

Ans: Yes, PLI can be withdrawn before maturity in terms of surrendering the policy after 3 years, if you surrender after 5 years you will get paid a bonus on reduced sun assured. 

3. How PLI bonus is calculated? 

Ans: use our PLI premium and maturity calculator to calculate the Bonus, maturity amount and premiums for our PLI policy.