PLI Maturity Amount Calculator 2024 – How to Calculate PLI Maturity Amount?

Why to Use PLI Maturity Calculator?

Being a digital tool, PLI maturity calculator helps in evaluating the PLI scheme maturity amount that the investor is likely to receive at the end of the policy term. There are many insurance providers offering numerous PLI plans, which makes it difficult to choose the best plan. Hence, it is suggested to use the PLI calculator so that the customer can purchase a policy to suit their needs.

Below are few reasons why a policyholder should choose a PLI maturity calculator:

• Supports policyholders to understand the difference between various PLI policies
• Support investors to evaluate the maturity amount of a PLI plan easily and effectively
• Allow the customer to have a better perspective of the maturity benefit at the end of a policy term and help them to making better financial decisions.

How to Use the PLI Maturity Calculator?

It is very simple to use the maturity calculator of PLI. The PLI maturity calculator is an online tool that can be found at the PLI official website and other insurance sites. Policyholders can use this tool freely and as many times as they want without any hassle. The calculator offers details of the premium amount that has to be paid as well as the maturity amount that the policyholder would receive at the end of the term if he/she outlives the plan. Further, in case of sudden demise of the policyholder, the nominee of the insured would receive death benefit under PLI plans.

Here are some details that an individual has to provide to use the online PLI maturity calculator:

• Provide the chosen amount of sum insured
• Mention the year of policy purchase
• Submit the present age of customer
• Submit the maturity age of customer
• Press the ‘Calculate’ button to see the result

Benefits of Using PLI Maturity Value Calculator

The postal life insurance maturity calculator is a tool that is used to determine the amount paid as premium during the term of the policy as well as the maturity benefit earned at the end of the policy. There are many benefits of PLI maturity calculator online such as;

• Easy Accessibility of the Calculator – The best thing about the PLI insurance maturity calculator is that it can be used easily as they are available online at the official website of India Post as well as other insurance portals. The customer can use it as per his/her convenience and as many times as they want
• Omit the Bulky Manual Calculations – The online use of the calculator lowers the burden of going through the task of manual calculations and comparisons to choose the best policy as per the need of the policyholder.
• Support in Financial Planning – Since the PLI maturity calculator helps in estimating the premium and maturity amount of the PLI, it supports the policyholder to plan his/her finances accordingly.

Details Required for Using PLI Maturity Calculator

Here are some details required to provide while using the maturity amount calculator of PLI:

• Personal details of the individual like age, name, contact number, email id, gender, DOB, profession, policy type etc.
• Health details of the individual to check if the person is an alcoholic or smoker or if he/she is suffering from a critical illness
• Details of sum assured that the policyholder seeks to have
• Estimation of future financial goals and financial constraints (if any). This will help the investor to buy the best policy

Benefits of Purchasing Postal Life Insurance Schemes

Below are the benefits of Postal Life Insurance Policies:

• They are available at low premium costs and allow greater coverage at nominal prices
• The PLIs allow tax benefits to the insured under the income tax act of 1961
• The PLIs also allow the insured to avail loans at low interest rates against the maturity amount under the scheme. However, loans are available after 3 – 4 years term of the policy depending on the particular scheme
• PLIs allow the insured to switch nominees anytime during the term of the policy
• Further, PLIs allow the policyholders to seek for duplicate policy papers in case the original papers were lost or damaged.

What are the Different Types of Postal Life Insurance Plans?

Name of Plan	Sum assured	Eligibility (in years)	Loan facility	Bonus declared last
Anticipated Endowment Assurance (Sumangal)	Max – INR 50 lakhs	Min – 19 yrs   Max – 40 yrs (for 20 yrs term) 45 yrs (for 15 yrs term)	N/A	INR 53/1000 sum assured
Convertible Whole Life Assurance (Suvidha)	Min – INR 20,000   Max – INR 50 lakhs	Min – 19 yrs   Max – 50 yrs	Available after 4 years of buying the plan	INR 85/1000 sum assured
Children Policy (Bal Jeewan Bima)	Max. INR 3 lakhs	Min – 05 yrs   Max – 20 yrs	N/A	N/A
Endowment Assurance (Santosh)	Min – INR 20,000   Max – INR 50 lakhs	Min – 19 yrs   Max – 50 yrs	Available after 4 years of buying the plan	N/A
Joint Life Assurance (Yugal Suraksha)	Min – INR 20,000   Max – INR 50 lakhs	Min – 21 yrs   Max – 45 yrs (spouse)	Available after 3 years of buying the plan	INR 58/1000 sum assured
Whole Life Assurance (Suraksha)	Min – INR 20,000   Max – INR 50 lakhs	Min – 19 yrs   Max -55 yrs	Available after 4 years of buying the plan	INR 85/1000 sum assured

What Factors Affect the PLI Premium Amount?

If you are planning to purchase a PLI plan, you must take note of the factors mentioned below which affect your PLI premium:

• Age of the applicant – The age of the person is the key factor to consider and it impacts the premium of the PLI to a great extent. If you are young, the premium charged will be less and if you are old, you will be charged with greater premium amount.
• Monthly Income of the Applicant – The monthly income reveals if the PLI applicant can afford to pay the premiums regularly. That is because if the applicant cannot pay the premium later, the policy might close and the applicant will suffer losses.
• Sum Assured of the PLI – The premium charged is also connected to the sum assured of the PLI. The greater the sum assured of your PLI plan, the more the premium charged.
• Premium Ceasing Age – Similar to other factors, this is another important aspect to consider while deciding the premium amount of your PLI. If the ceasing age of the applicant is high, the premium sum will be low and vice-versa.

Who is Eligible to Buy the Postal Life Insurance Plans?

PLIs can be availed by Indian citizens employed with the organizations mentioned below:

• Central government employees
• State government employees
• Employees of autonomous bodies
• Individuals working in BSE and NSE
• Individuals employed with local bodies
• Employees of RBI or Reserve Bank of India
• Employees of financial institutions
• Defence personnel
• Employees of other public sectors
• Workers of government-aided educational institutions
• Scheduled commercial bank employees
• Nationalised bank employees
• People working with co-operative societies