Make Informed Decisions with Postal Life Insurance calculator: A User Guide
Postal Life Insurance, commonly known as PLI, is a government-run life insurance scheme that provides protection to the families of postal employees. It is also available to employees of some other government organizations. Postal Life Insurance has been offering insurance policies since 1884, and it has become a popular choice among government employees due to its ease of accessibility and affordable premiums.
Whether you are a new recruit or an existing policyholder of PLI, calculating the premium amount and maturity value of your policy can be a challenging task. However, with the Postal Life Insurance calculator, you can make informed decisions and plan out your financial goals with ease.
In this article, we will take you through a comprehensive guide on how to use the PLI calculator and make the most of your policy benefits.
What is a Postal Life Insurance calculator?
A Postal Life Insurance calculator is a financial tool that helps you calculate the premium amount, maturity value, and estimated returns of your PLI policy. You can use the calculator to get an understanding of how much you will need to pay monthly, quarterly, half-yearly, or yearly, depending on the premium payment mode of your policy.
Furthermore, the calculator also helps you plan for your long-term financial goals by giving you an estimate of the maturity value of your policy. You can use this information to make financial decisions and get the best out of your investment.
How to Use the Postal Life Insurance calculator?
Using the Postal Life Insurance calculator is a straightforward process. Follow these easy steps to get an estimate of your PLI policy’s premium amount and maturity value:
Step 1: Navigate to the PLI calculator page on the official website of India Post.
Step 2: Choose the policy type from the dropdown menu. There are two types of policies available: Endowment Assurance (EA) and Whole Life Assurance (WLA). Select the one that you have.
Step 3: Next, enter the sum assured of your policy. The sum assured is the amount that you are guaranteed to receive at the maturity of your policy.
Step 4: Choose the policy term from the dropdown menu. The policy term is the duration for which you want to be covered under your PLI policy.
Step 5: Select the premium payment mode. You can choose from monthly, quarterly, half-yearly, and yearly premium payment modes.
Step 6: Enter your age at the time of policy purchase.
Step 7: Lastly, enter the verification code and click on the ‘Calculate’ button.
The Postal Life Insurance calculator will now provide you with an estimate of your policy’s premium amount, maturity value, and estimated returns.
FAQs
1. Is Postal Life Insurance calculator Accurate?
Yes, the Postal Life Insurance calculator is an accurate tool to calculate your policy’s premium amount, maturity value, and estimated returns. However, it is important to note that the calculator provides an approximate estimate and the actual values may differ based on various factors.
2. Can I change my Postal Life Insurance Policy’s sum assured and policy term later?
Yes, you can change the sum assured and policy term of your PLI policy by submitting a written request to the nearest PLI branch. However, the premium amount may fluctuate based on the changes made.
3. Can I pay my PLI policy premiums online?
Yes, you can pay your PLI policy premiums online through the official website of India Post or any other authorized payment gateway.
4. What happens if I miss paying my PLI policy premiums?
If you miss paying your PLI policy premiums, you have a grace period of one month to make the payment without any penalty. If you fail to pay within the grace period, your policy will lapse, and you will no longer be covered under it.
Conclusion
The Postal Life Insurance calculator is an essential tool for every PLI policyholder. By using the calculator, you can plan your long-term financial goals and make informed decisions about your policy. However, it is important to note that the calculator provides an approximate estimate and the actual values may differ based on various factors. Hence, it is always advisable to consult with a financial expert before making any major financial decision.