PLI & RPLI premium and maturity calculator online

Postal Life Insurance policies have been in effect from the year 1884 when they were launched with the approval of the Secretary of State under the British Empire. Postal Life Insurance (PLI) policies were intended to provide affordable insurance coverage to the population of India. Rural Postal Life Insurance (RPLI), on the other hand, was launched in the year 1995 as per the recommendations of the Malhotra Committee. These policies were designed to offer low-cost insurance to the rural population. Both PLI and RPLI offer a range of life insurance plans which have low premiums and offer good coverage.

Table of Content

Life insurance plans under Postal Life Insurance
Life Insurance plans under Rural Postal Life Insurance
Who can buy Rural Postal Life Insurance and Postal Life Insurance plans?
Rural Postal Life Insurance and Postal Life Insurance calculators
- Postal life insurance calculator
- RPLI premium calculator
How to use RPLI PLI Calculators?
Factors affecting PLI and RPLI premiums
Details required for premium calculation
Benefits of PLI calculator

Before understanding how the premiums for PLI and RPLI policies are calculated, let’s have a look at the different types of life insurance plans offered under both these categories –

Life insurance plans under Postal Life Insurance

Name of the plan	Type of plan	Salient features
Suraksha	Whole life plan	Coverage up to 80 years The plan earns bonus Sum assured and bonus are paid either on maturity after attaining 80 years of age or on earlier death
Santosh	Endowment plan	The loan can be availed after 3 years The plan earns bonus
Suvidha	Convertible whole life plan	The plan is a whole life plan which can be converted to endowment after five policy years Bonus is added to the plan
Sumangal	Money-back plan	Policy term can be 15 or 20 years 20% of the sum assured is paid as money back benefit periodically
Yigal Suraksha	Joint life endowment plan	Both husband and wife can be covered under a single plan The death benefit is paid if either of the spouses dies
Bal Jeevan Bima	Child plan	The policy covers minor children Premiums are waived if the parent dies The plan continues until maturity even after the parent’s death and pays the maturity benefit The policyholder’s two children are eligible for coverage

Life Insurance plans under Rural Postal Life Insurance

Name of the plan	Type of plan	Salient features
Gram Suraksha	Whole life plan	Whole life insurance plan that can be coverted to an endowment plan after 5 years Coverage up to 80 years of age On maturity the sum assured and bonus is paid On death before 80 years, the sum assured and accrued bonus are paid A loan facility is available after 4 years of the policy term
Gram Santosh	Endowment plan	Sum assured of up to INR 10 lakhs can be availed Bonus is added under the plan Loan facility after 3 years
Gram Suvidha	Convertible whole life plan	The plan can be converted to endowment after five years of buying the policy Bonus is added to the plan’s benefits A nominee will receive the assured sum in case of death
Gram Sumangal	Money-back plan	Money-back benefits pay a part of the sum assured at periodic intervals In case of death, the full sum assured with bonus is paid irrespective of money back benefits already paid
Gram Priya	Money-back plan	The policy has a fixed tenure of 10 years 20% of the sum assured is paid at the end of the 4th and 7th policy years Bonus is also added to the plan There will be no interest on premiums during year of flood, drought, or earthquake
Bal Jeevan Bima	Child plan	Up to two children can be covered under the plan If the parent dies the premiums are waived off but the coverage continues

Who can buy Rural Postal Life Insurance and Postal Life Insurance plans?

Indian citizens who are employed with any of the following organizations can buy PLI insurance plans –

Central or State Government
Defence services or para military forces
RBI
Local bodies
Education institutions which are aided by the Government
Public sector companies
Financial institutions
Autonomous bodies
Banks which have been nationalised
Scheduled commercial bank employees
Co-operative society employees
Employees working in deemed universities
Professionals
Employees who work in companies listed in the NSE or BSE in specified sectors

For RPLI insurance plans, the individual should live permanently in a rural area and should be an Indian citizen.

Rural Postal Life Insurance and Postal Life Insurance calculators

RPLI and PLI calculators can be of two types – RPLI and PLI maturity calculator and RPLI and PLI premium calculator. Let’s understand these two calculators in details –

Postal life insurance calculator

On maturity of both RPLI and PLI insurance plans, the sum assured chosen and the accrued bonuses are paid. Since bonus is not guaranteed or fixed, the exact maturity amount cannot be calculated in advance.

RPLI premium calculator

There is no specific RPLI calculator to calculate the premiums of RPLI insurance plans. There are, however, premium tables which give the monthly premiums payable for RPLI plans. The premium tables for different plans are different. For instance, the premium tables of Gram Suvidha and Gram Sumangal are as follows –

How to use RPLI PLI Calculators?

In order to use the PLI insurance calculator, follow the below-given steps-

Visit the official website of Postal Life Insurance
Next, click on the ‘Buy Policy’ button which is placed in the right-hand corner of the page
You will be redirected to a new page where you will need to fill in your details correctly
Once the form is filled up, enter the captcha image and click on the ‘Get Quote’ button
The postal life insurance website will now display the monthly premium on the policy

For accessing the RPLI calculator, the following steps are needed to be followed:-

Visit the official website of India Post
Scroll down to Postal Life Insurance and click on it
Once you click on ‘Ok’, you will be redirected to an external website
Click on ‘Quote’ under the Purchase a Policy tab
Next, fill up all the required details like Name, Occupation, Age, product type (RPLI in this case), etc along with the name of the policy
Then fill up the image captcha and click on ‘Get Quote’
The page with monthly, quarterly, half-yearly, and yearly premium details opens up

Premium table for Gram Suvidha for sum assured of INR 1 lakh

Entry age	Monthly premium per INR 1000 sum assured if the plan is converted to endowment	Monthly premium per INR 1000 sum assured if the plan is not converted and matures at 60 years of age
30 years	INR 205	INR 305
35 years	INR 250	INR 395
40 years	INR 325	INR 535
45 years	INR 440	INR 80

Premium table for Gram Sumangal for sum assured of INR 1 lakh

Entry age	Monthly premium per INR 1000 sum assured for a term of 15 years	Monthly premium per INR 1000 sum assured for a term of 20 years
30 years	INR 660	INR 500
35 years	INR 665	INR 510
40 years	INR 675	INR 530

Postal Life Insurance Premium Calculator

Just like RPLI has no specific premium calculator, there is no postal life insurance calculator too. However, like RPLI, there is also a PLI premium table for different types of insurance plans. As per the available PLI premium table, here are the sample premium rates for Santosh and Sumangal –

PLI Premium tablefor Santosh for sum assured of INR 1 lakh

Entry age	Monthly premium per INR 5000 sum assured if maturity age is 50 years	Monthly premium per INR 5000 sum assured if maturity age is 60 years
30 years	INR 400	INR 260
35 years	INR 560	INR 320
40 years	INR 860	INR 420
45 years	INR 1740	INR 580

PLI Premium table for Sumangal for sum assured of INR 1 lakh

Entry age	Monthly premium per INR 5000 sum assured if term is 15 years	Monthly premium per INR 5000 sum assured if term is 20 years
19 to 36 years	INR 660	INR 500
37 to 42 years	INR 680	INR 520
43 to 45 years	INR 700	INR 540

Factors affecting PLI and RPLI premiums

The premium rate of PLI and RPLI insurance plans depend on the following factors –

Age of the insured – higher the age higher would be the premium and vice-versa
Term selected – higher the term lower would be the premium payable and vice-versa
Sum assured – higher the sum assured higher would the premium payable and vice-versa
Type of policy – the type of policy selected determines the premium rate
Mode of premium payment – RPLI and PLI premiums can be paid monthly, quarterly, half-yearly or annually. Monthly premiums are higher than annual premiums because they involve additional administrative costs

Details required for premium calculation

Now you know the factors on which the premium of RPLI and PLI insurance plans depend. So, for calculating the premium of these plans, the following details would be required –

Age of the insured
Term of the plan
Sum assured that you want
Premium payment mode
Type of plan

Once you have all these relevant details, you can use RPLI and PLI premium tables and calculate the premiums payable for the policy yourself.

Benefits of PLI calculator

Calculating the premiums for RPLI and PLI insurance plans is beneficial because of the following reasons:

You can ascertain the premium payable for the policy before you actually buy the policy. This way you can know exactly how much the policy would cost you
You can provision in your financial budget regarding the premiums payable so that the policy does not lapse
You can select the coverage level at which the premium would be the most affordable for you
By knowing the premium rates you can also compare PLI and RPLI insurance plans with other insurance plans offered by life insurance companies and find out which plan offers the lowest premium rate

Both Postal Life Insurance and Rural Postal Life Insurance plans offer good coverage at lower premiums. The bonus that these plans give is also attractive which helps in creating a substantial corpus over the policy tenure. You can, therefore, choose plan offered by PLI and RPLI (if you live in a rural area) to avail life insurance coverage as well as to create a good corpus on the maturity of the plan. The tables are readily available on the official website of PLI and the premiums can be calculated easily. So, calculate the premiums and invest in an RPLI or a PLI insurance plan at the earliest.

FAQs: Premium calculation of PLI and RPLI plans

1. What is the difference between PLI and RPLI plans?
In PLI plans, the sum assured or aggregate sum assured limit is more than INR 1 lacs while in RPLI plans, the sum assured or aggregate sum assured limit is more than INR 25,000.

2. What is the minimum and maximum sum assured with postal life insurance plans?
The PLI plans provide a minimum of INR 20,000 and a maximum of INR 50 lakhs. However, the Bal Jeewan Beema is an exception. It provides a maximum of INR 3 lakhs.

3. Can a person living in an urban area avail of the RPLI schemes?
No, individuals who reside in rural areas are only eligible to avail themselves of the RPLI schemes.

4. What is the maximum amount that can be availed under the RPLI insurance schemes?
You can obtain a maximum of INR 5.5 lakhs under the RPLI insurance schemes.

5. What is the interest rate against the loans taken under PLI schemes?
A 10% interest is charged against the loans taken under PLI schemes, which is charged at an interval of every 6 months.