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 is 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 policyholder’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:
- Enter the sum assured amount.
- Enter the year of purchase of the policy.
- Enter your current age.
- Enter your maturity age.
- Click on the ‘Calculate’ 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:
- Whole Life Assurance Policy (Suraksha)
- Anticipated Endowment Assurance (Sumangal)
- Convertible Whole Life Assurance (Suvidha)
- Joint Life Assurance (Yugal Suraksha)
- Endowment Assurance (Santosh)
- 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.