PLI or Postal Life Insurance schemes were launched by India Post aided by the central government of India. PLI is among the several services offered by India Post. Let us understand the PLI Premium and maturity calculator, in this post.
- Why to Use PLI Maturity Calculator?
- How to Use the PLI Maturity Calculator?
- Benefits of Using PLI Maturity Value Calculator
- Details Required for Using PLI Maturity Calculator
- Benefits of Purchasing Postal Life Insurance Schemes
- What are the Different Types of Postal Life Insurance Plans?
- What Factors Affect the PLI Premium Amount?
- Who is Eligible to Buy the Postal Life Insurance Plans?
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?
,p>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?
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
How to Calculate PLI Maturity Amount?
No, the investor isn’t required to provide details of medical history while using the PLI calculator. They just need to submit personal details such as age, gender, income etc. to check the premium.
INR 20,000 is the minimum sum assured under Postal Life Insurance (PLI) plans, while the maximum amount is INR 50 lakh for all the plans except the Bal Jeevan Bima plan, which is specifically designed for the child. The maximum sum assured of Bal Jeevan Bima plan is INR 3 lakh.
Yes, the PLI schemes allow tax benefits under section 80C of Income Tax Act, 1961. Hence, the policyholder can get tax exemption for the premiums paid under this plan.
Yes, a policyholder can pay multiple PLI policies at a time. The PLIs serve different classes of people equally. Depending on their investment needs and budget, an interested individual can decide the sum assured between INR 20,000 to INR 2,00,000.
Yes, a policyholder can surrender a PLI policy. However, the amount received as surrender value depends on different factors like terms of policy, surrender factor and type etc.
The minimum entry age is 19 years, while the maximum age of entry is 55 years.
A PLI plan can be purchased from any post office in India. Alternatively, you can buy a PLI plan online from the official website of India Post.
Yes, PLI premiums can be paid online from the official website of India Post.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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