About the PLI Suvidha Policy

What is the PLI Convertible Whole Life Assurance (Suvidha) Policy?

The Suvidha policy, offered under Postal Life Insurance (PLI), is a unique plan that starts as a Whole Life Assurance policy but gives you the flexibility to convert it into an Endowment Assurance policy after five years. This feature allows you to adapt your insurance coverage to your changing financial goals—either securing lifelong protection or planning for an earlier, lump-sum maturity amount.

How to Use This Calculator

Follow these simple steps to get your policy estimate:

1. Enter Your Date of Birth: This helps determine your entry age for premium calculation.
2. Provide the Sum Assured: This is the guaranteed amount you will receive at maturity, excluding bonuses. It must be between ₹20,000 and ₹50,00,000.
3. Choose Conversion Option: Decide if you want to convert the policy to an Endowment Assurance plan after 5 years. This choice will significantly affect your premium, policy term, and maturity amount.
4. Select Maturity/Ceasing Age: If you choose to convert, you can select a maturity age of 50, 55, or 58. If not, premium payments will cease at age 60, and the policy will mature at age 80.
5. Click Calculate: Instantly see a detailed projection of your policy, including premiums, bonuses, and the final maturity value.
6. Download PDF: After getting the result you can download the infromation in PDF format.

Key Policy Features

• Flexibility: The core feature is the option to convert from a lifelong plan (Whole Life) to a savings-oriented plan (Endowment) after 5 years.
• Bonus Rates: The policy accrues bonuses declared by PLI. The bonus rate is higher for the Whole Life Assurance period (₹76 per ₹1,000 Sum Assured) and changes if converted to Endowment Assurance (₹52 per ₹1,000 Sum Assured).
• Maturity Benefit: On maturity, you receive the full Sum Assured plus all accumulated bonuses.
• Loan Facility: You can avail a loan against the policy after it has been active for a specified number of years.
• Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C of the Income Tax Act, and the maturity amount is tax-free under Section 10(10D).

Who is Eligible?

Eligibility for PLI policies is primarily for employees of:

• Central and State Governments
• Public Sector Undertakings (PSUs)
• Government-aided Educational Institutions
• Nationalized Banks and other government financial institutions
• Professionals such as doctors, engineers, lawyers, and CAs.
• Employees of companies listed on the NSE or BSE.