Many people are not aware of the financial services offered by the post office. If you are not aware of the details, then let us share some details about the financial services provided by them. The post office has helped Indians with the last mile connectivity for the baking services, and it played a significant role in the Jan Dhan Yojana. Since the post offices are present in every district, it was easy for people to open a bank account. Yes, that is right; the post office also offers saving bank accounts. This is just one of the financial service provided by the post office. You can even open an FD or an RD with the post office, and you will be able to get massive benefits out of it. The interest rate offered by the post office is also better than many other banks.
You might not be aware of this, but the post office also offers Life Insurance Policies, which are often known as Postal Life Insurance. There are many different types of life insurance provided by these government agencies. The good thing here is that the post office also provides you with the premium calculator, which enables you to find out about the premium that you would need to pay. You will be able to find out all the details without having to get in touch with the agent. This way, you can protect your interests as there is usually a conflict of interest when you are dealing with the agents.
On the main website of the Postal Life Insurance, you will find the details of PLI Calculator that would help you in getting the answer to your question. If you are worried about the reliability of the insurance plans from Post Office, then do not worry. It is one of the oldest Indian organization, and the insurance plans offered under Postal Life Insurance are some of the oldest plans in India. At present, Posta Life Insurance has six protection plans, and the people are free to choose from those six plans.
Knowing more about Postal Life Insurance
As mentioned earlier, Indian post has a presence in every nook and corner of the country. There are over 1.54 Lakh branches of Indian Postal Services and the services offered are not just restricted to Postal or Banking Services. It offers a lot of services, and probably, Post Office was the very first medium to send money. You will find it astonishing to know that the Postal Services Insurance started on 1st February 1884. During that time, the postal insurance was restricted to the employee of the post office.
Four years later, the postal life insurance was extended to the Telegraph Department as well. It was one of the primary benefits that were offered to the employee in those days. Later in 1994, the insurance was also extended to females. The shocking truth is that in that era, there was no other company providing insurance to the females henceforth, Postal Life Insurance became the first company to offer insurance to the females as well. This was indeed a revolutionary step, and it eventually promoted gender equality as well.
Presently, postal life insurance is extended to the general public as well, and everyone can avail the benefits of these reliable insurance plans. You would have started gaining interest in the postal life insurance, and we are going to tell you about the various plans offered under the postal insurance. Check them out in the section below.
Postal Life Insurance Plans in Offering
Like mentioned earlier, there are six different insurance plans offered under Postal Life Insurance. You can check out the details of these plans as it will help you in choosing the right plan according to your need. Go ahead and see what all can you shortlist from.
|Policy Name||Type||Age Barrier||Sum Assured Limit||Loan Facility|
|Bal Jiwan Bima||Children Policy||5 Years to 20 Years||Up to Rs 3,00,000||Not Available|
|Santosh||Endowment Assurance||19 Years to 50 Years||Rs 20,000 to Rs 50,00,000||Available after four years|
|Sumangal||Anticipated Endowment Assurance||19 Years to 45 Years||Rs 20,000 to Rs 50,00,000||Not Available|
|Suraksha||Whole Life Assurance||19 Years to 55 Years||Rs 20,000 to Rs 50,00,000||Available after four years|
|Suvidha||Convertible Whole Life Assurance||19 Years to 50 Years||Rs 20,000 to Rs 50,00,000||Available after four years|
|Yugal Suraksha||Join Life Assurance||21 Years to 45 Years||Rs 20,000 to Rs 50,00,000||Available after three years|
By going through the plans listed above, you would have seen that there is a plan for everyone. You have a plan for your children and even for your spouse. So, if you are planning to buy insurance, you will undoubtedly find something in Postal Life Insurance.
Why should I use PLI Calculator?
We always advise our users to check the PLI Calculator. There are many benefits associated with the PLI Calculator. You can check them out in the section below.
- The tool is easily accessible, and anyone can use it without any issues. There is no fee to use the tool.
- You do not have to register for using the PLI Calculator, and you can avail the benefits of the tool without any issues. The tool also gives you the details of the premium that you will have to pay Monthly, Quarterly, Half Yearly or Yearly.
- You would not have to be dependent on the agents to get the data, and there is no room for miscalculation while you are checking the premium. The amount is accurate to the decimal digit.
- There are no restrictions on your area and no matter in which city you are in; you will be able to use the tool. Moreover, the tool has a link which would redirect you to purchase URL for the insurance. This way, you will be able to purchase the insurance.
- Another benefit of the tool is that it will show you the premium for the different sum assured too. So, if you feel you have a higher investment appetite, then you would not have to submit the whole form.
- The tool gives you the document list as well. These are the documents that you are required to submit to get the policy issued.
What are the factors affecting the Premium Amount?
When you are buying the Postal Life Insurance, certain factors would determine the amount of premium you are paying. Check out more about these factors in the section below.
- Age – The age of the applicant defines the premium amount. The older you are, the higher the premium would be. The same principle applies when you are buying the term insurance. The premium increases with your age.
- Income – You annual income also determines the premium. The income also defines the affordability of the policy. If you have a lower income and if you are choosing a higher premium, then that raises a flag. In such a case, the documents are usually scrutinized.
- Premium Ceasing Age – The premium ceasing age is the age at which you will stop paying the premium. The higher the ceasing age, the lower the premium would be. The logic is that you will have more time to pay the premium, and the amount will be divided into those years.
- Sum Assured – The sum assured is directly proportional to the premium. The higher the sum assured, the higher the premium would be.
Who is eligible for buying Postal Life Insurance?
Any Indian Citizen can purchase the Postal Life Insurance. There are no significant restrictions. However, you will be able to check more details while you are buying the policy. The time is long gone when only the postal service employee had access to postal life insurance.
Example of Premium Calculations
You can check out the example of the premium in this section. The parameters entered by us are also listed below.
- Age – 30
- Gender – Male
- Product Type – PLI
- Product Name – Suvidha
- Sum Assured – Rs 5,00,000
- Premium Ceasing Age – 60 Years
- Occupation – Professional
- Sub Category – Engineer/IT
The results of this calculation are listed below.
You would have noticed here that the premium option available is only Monthly since this is what the Suvidha Scheme allows you to have. Moreover, the premium is very low since the premium ceasing age is 60, and the applicant will be paying the premium for 30 years. Here is another example of a quote for Santosh Policy.
You can check out various permutations and combinations for Postal Life Insurance using the Postal Life Insurance Premium Calculator. We have also listed the details of the maximum, and the minimum sum assured, age and similar information in the section above. If you have any medical condition, then you will probably be asked to declare it at the time of the payment of the premium. Apart from this, some of the policies even offer you the flexibility to obtain a loan on the policy. Usually, you can take a loan after specific years. If you are comparing PLI with LIC, then let us tell you that PLI proves to be more affordable. The PLI declares annual bonuses which are added to the payout at the time of maturity. So, go ahead and explore the option to secure the future of your family.