How to Use the Postal Life Insurance calculator for Smart Policy Decisions
As a government organization, Postal Life Insurance (PLI) offers a variety of insurance policies for Indian Postal Service employees and other government employees. The policies are designed to provide financial security and peace of mind to policyholders and their families. With the help of technological advancements, PLI has come up with a convenient way to calculate insurance premiums using the Postal Life Insurance calculator, a tool that makes it easy for potential policyholders to make informed decisions.
Here is a step-by-step guide on how to use the Postal Life Insurance calculator:
Step 1: Open PLI online portal
The first step is to open the PLI online portal. It is accessible through any internet-enabled device, including smartphones and personal computers. Once on the portal, navigate to the PLI calculator tab by clicking on the “Tools” section.
Step 2: Enter your details
The Postal Life Insurance calculator requires that you enter specific details, including your age, gender, and smoking habits. These details are important because they help determine the level of risk associated with your insurance policy. You will also be required to provide your annual income as this will determine the maximum sum assured.
Step 3: Choose your policy
PLI offers various insurance policies, including Endowment Assurance, Whole Life Assurance, Convertible Whole Life Assurance, Anticipated Endowment Assurance, and Joint Life Assurance. Choose the policy that best suits your needs and budget.
Step 4: Select the tenure of your policy
The next step is to choose the tenure of your policy. The tenure determines the duration for which you will be paying your premiums and the duration for which you will be covered by the policy.
Step 5: Enter sum assured
Sum assured refers to the amount of money that your policy will pay out in the event of your death. The Postal Life Insurance calculator allows you to determine the premium amount based on the sum assured. It is essential to note that the sum assured should be based on your income and other financial commitments, ensuring that it provides adequate financial coverage to your loved ones.
Step 6: Submit your details
Once you have entered all the relevant details, click on the “Calculate” button. The Postal Life Insurance calculator will automatically generate the premium amount, including taxes, and display it on the screen.
Step7: Choose your premium payment frequency
The premium payment frequency is the duration at which you will be required to pay your premiums. You can choose between monthly, quarterly, bi-annually, or annually. Your choice of frequency will depend on your financial commitments and convenience.
Step 8: Submit your application
Once you have reviewed the premium amount, and you are satisfied with it, click on the “Submit” button. A new page will open, displaying your policy details. You will be required to fill in your personal details, bank details, and nominee details, and then submit your application.
Frequently Asked Questions
1. Can non-government employees apply for Postal Life Insurance policies?
No, only government and postal service employees are eligible for Postal Life Insurance policies.
2. Is the Postal Life Insurance calculator accurate?
Yes, the calculator is highly accurate, ensuring that policyholders can make informed policy decisions based on accurate calculations.
3. When will my policy come into effect?
Once you have submitted your application and all the relevant documents, PLI will review and process your policy. Your policy will come into effect once you have paid your first premium.
4. Can I make changes to my policy?
Yes, you can make changes to your policy by contacting the PLI customer service team. Some changes may attract additional premiums or cancellation charges.
Conclusion
Postal Life Insurance calculator is an essential tool in making informed financial decisions. By entering the relevant details, potential policyholders can determine their premium amounts and choose the best policy that suits their needs and budget. It is essential to consider the policy tenure, sum assured, and premium payment frequency when making policy decisions. With Postal Life Insurance policies, policyholders can achieve financial security and peace of mind for themselves and their loved ones.