PLI Calculator: Calculate Premium Online

Ever heard of the Postal Life Calculator? It's an amazing tool introduced by India Post, which is under the Ministry of Communication and Information Technology. If you're curious to understand its purpose, its features, and how it can benefit you, you've landed on the right page. Read out everything you need to know about the Postal Life Calculator. Let's get started!

PLI Premium Calculator

The postal life insurance calculator is an online digital tool that helps a customer to know his premium amount and also, the maturity amount at the time of maturity of the policy. These days, insurance companies are offering several insurance policies to customers. Hence, it has become a daunting task for the customer to choose the right policy that will go well with his needs/requirements.

This calculator simplifies the job and inspires a customer to choose the right policy that will give him the maximum benefits after comparing several policy plans.

Why Do You Need To Use the PLI Calculator?

By using the PLI policy premium calculator, you can conveniently calculate your maturity sums online. This PLI premium and maturity calculator is readily available at the official website of the organization and anyone can access it easily.

This calculator is useful either to calculate your policy premium amount or to calculate the PLI maturity amount at the end of your policy.

Here are the two main uses of the PLI Maturity Calculator:

• This calculator helps customers to calculate the maturity of a policy without any cost.
• By using this calculator, customers understand the difference between various policies.

How To Use The PLI Amount Calculator?

You need to pay attention to the below-mentioned steps to use the PLI Scheme calculator maturity amount.

• Step 1: Enter your sum assured amount.
• Step 2: Enter the policy purchase year.
• Step 3: Input the current age of the policy buyer.
• Step 4: Input the maturity age of the policy buyer.
• Step 5: After clicking the “calculate” button, the policy buyer can see the results on the displayed screen.

Benefits Of Using The PLI Calculator

The prime objective of a PLI maturity calculator 2024 is to determine the policy premium amount that you need to pay through the tenure period and the maturity amount that you will receive once your policy matures.

Let’s take a look at some of the benefits that you can get while using the PLI maturity amount calculator.

• Easily Accessible: This calculator is a free tool and it’s available on the website of the company. Anyone can use it at his/her convenience to know the premium and maturity amount against the policy.
• Minimize Manual Tasks: This online calculator omits all laborious and repetitive jobs. Earlier, a person needed to go through all policies and used to find out the best policies as per customers’ requirements after comparing various policies. Now, everything can be done online and you don’t need to visit post office branches anymore.
• Helps in Financial Planning: Since the PLI premium and maturity calculator is a digital tool, hence it offers the exact premium and maturity amount to customers. Now, keeping all things in mind, a customer can plan all imperative events like marriage, purchasing a house, etc. of his life.
• Less Discrepancy: With the PLI maturity calculator, everything is done automatically. So, there is a minimal chance of discrepancy or errors as no manual tasks are performed.
• Accurate Projections: With the PLI Calculator, you can get precise estimates of your insurance premiums and maturity amounts. This ensures you make informed decisions about your financial future.
• Time-Saver: Gone are the days of complex calculations on paper or visiting post offices to get quotes. A few clicks and you have your numbers!
• User-Friendly Interface: Designed with users in mind, its interface is simple, making it easy for everyone, from techy individuals to those less familiar with digital tools.
• Flexibility: Whether you're planning for term insurance, an endowment policy, or any other PLI product, this calculator is versatile enough to cater to all your needs.
• Informed Decisions: With a clear understanding of your potential investments and returns, you're better equipped to choose the most suitable insurance product for yourself.

Anyone can use this postal life insurance maturity calculator sitting anywhere in the world. A customer should enter all information correctly to get an estimated insurance premium and maturity amount for his/her policy.

Factors that Affect the Premium Of PLI Scheme

Here are the key factors that affect postal life premium amount:

• Age: Your age plays a pivotal role. Typically, the younger you are when you start a policy, the lower your premium. This is because younger individuals are seen as lower risk compared to older ones.
• Sum Assured: The coverage amount you choose directly impacts your premium. A higher sum assured translates to a higher premium.
• Policy Type: PLI offers various policies, like whole life, term insurance, and endowment policies. Each has its premium structure.
• Policy Tenure: The duration for which you opt for the policy can influence the premium. Longer tenures might mean smaller annual premiums but for an extended period.
• Health and Lifestyle: If you smoke or consume alcohol, you might face higher premiums. Similarly, certain occupations considered high-risk can result in a premium hike.
• Medical History: Pre-existing medical conditions or a family history of certain diseases can push up the premium.

Conclusion

The Postal Life Calculator is a great tool from India Post. It helps us understand and manage our insurance better. With this, you don't need to worry about complicated math or decisions. It makes things clear and easy. If you're thinking about insurance, this calculator is a good place to start. So, if you want to be smart with your money and insurance, give it a try. It's all about making things simple for you.

FAQs

Ques 1. Why do I need life insurance?

Life is full of surprises. While we hope for the best, preparing for the unexpected is smart. Life insurance is like a safety net. If something happens to you, it ensures your family will have the financial support they need to continue their lives without added stress.

Ques. 2. I'm young and in good health. Do I still need it?

It's great that you're in good health! But accidents and unexpected events can happen even if you're young and healthy. Getting life insurance when you're younger might be cheaper, and it gives you peace of mind knowing your loved ones are protected.

Ques 3. Can I get life insurance if I have health issues?

Absolutely. While having health issues might change the cost or terms of your policy, many insurance options exist. It's always worth talking to different companies to see what fits best for you.

Ques 4. How much insurance should I buy?

This is different for everyone. You should consider how much money your family would need to cover bills, debts, daily living costs, and plans like kids' education. Some people aim to cover several years of their salary.

Ques 5. What's the difference between term and whole life insurance?

Term insurance lasts for a set period, say 20 years. If you pass away within that time, your family gets the payout. On the other hand, whole life insurance lasts your entire life and can even build cash value that you can use later.

Ques 6. Can I update my policy in the future?

Yes, many insurance plans allow adjustments. As life changes (like having kids or buying a house), it's a good idea to check your policy and make sure it still fits what you and your family need.

Also Read:

Identifying The Distinctions Between FD And RD

What Is The Greatest Way To Identify A Good Life Insurance Company In 2024?