# Postal Life Insurance Premium Calculator

India Post currently has over 1,54,939 branches spread across India and it also has its presence in the remotest of areas. With a wide array of services, India Post is most popular for providing life covers to its customers with reasonable premium rates and attractive sum assured.

Established on 1 February 1884, Postal Life Insurance (PLI) started off in the form of a welfare scheme specifically designed for postal employees. It was, thereafter, extended to the Telegraph Department employees in the year 1888. Currently, PLI offers approximately 46 lakh insurance policies to beneficiaries all across India.

Some of the benefits of PLI that can be enjoyed by policyholders are mentioned below:

• Nomination of the policy can be modified or altered.
• With respect to the Endowment Assurance Plan under PLI, if the policy has been in force for at least three years, the policyholder will be able to apply for a loan against the same. The policyholder, however, will be required to pledge the policy to the Heads of the Circle.
• To fulfill the purpose of taking a loan, the policy can be assigned to any financial institution.
• A lapsed policy can be revived under PLI.
• If the policyholder accidentally loses the original policy bond or if the same gets burnt or torn, a duplicate policy bond will be issued.

## What is a Postal Life Insurance Calculator?

A postal life insurance calculator essentially helps you calculate the total amount of premium that you will be required to pay towards the policy. The calculator generates results (premium amount) which are inclusive of the present GST rate. Additionally, the calculator also offers calculation of premiums on a yearly, monthly, quarterly, and half-yearly basis depending on the policyholderâ€™s total sum assured, age, and policy term.

## Example of Postal Life Insurance Calculator:

For the Endowment Assurance Plan under PLI, one can follow the below-mentioned steps for premium or maturity calculation:

1. Step 1:Enter the sum assured amount.
2. Step 2:Enter the year of purchase of the policy.
3. Step 3:Enter your current age.
4. Step 4:Enter your maturity age.
5. Step 5:Click on the â€˜Calculateâ€™ button and the results will be displayed.

## Types of Policies Offered under Postal Life Insurance

Currently, the below-mentioned policies are offered under Postal Life Insurance:

1. Whole Life Assurance Policy (Suraksha)
2. Anticipated Endowment Assurance (Sumangal)
3. Convertible Whole Life Assurance (Suvidha)
4. Joint Life Assurance (Yugal Suraksha)
5. Endowment Assurance (Santosh)
6. Children Policy (Bal Jeevan Bima)

In order to purchase a policy under Postal Life Insurance, you will be required to be an employee of the State and Central Governments, State and Central Public Sector Undertakings, Government of India aided Educational Institutions, Universities, Local Bodies, Nationalised Banks, and so on. Further, the services of insurance under PLI can also be extended to officers and other staff members of the Defense services and Paramilitary forces.

The biggest advantage of investing in a PLI policy is that you are required to pay a low premium amount and as a repayment, you receive a higher return. Post offices are easily accessible in any city and they are customer-friendly as well.

### FAQs on Postal Life Insurance Calculator

1. What is a Postal Life Insurance Calculator?
2. A Postal Life Insurance Calculator is an online instrument that estimates the premium you will have to pay.

3. How is the PLI premium calculated?
4. To calculate the PLI premium, you have to enter details like the sum assured, mobile number, date of birth, and more in the PLI premium calculator.

5. What will happen if I forget to pay my premium in a month?
6. The premium can be paid next month. However, you will have to pay a minimum penalty of 1% of the premium amount per month.

7. How can I update the registered email ID and mobile of the Postal Life Insurance policy?
8. In case you wish to update the registered email ID and mobile number, you will need to visit the post office and submit a letter requesting the same.

9. Can nominees be added to the Postal Life Insurance policy?
10. Yes, nominees can be added to the Postal Life Insurance policy.

11. Is it possible to avail a loan against the Postal Life Insurance policy?
12. Yes, you can avail a loan against the Postal Life Insurance policy. However, the policy must be active for a minimum tenure of three years.

13. Whom should I contact in regards to any queries about the policy?
14. You must call 1800 180 5232 or 15232 in regards to any queries about the policy.

15. Can a discontinued Postal Life Insurance policy be reinstated?
16. Yes, a Postal Life Insurance policy can be reinstated as per certain terms and conditions.

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