Postal Life Insurance(PLI) Loan Calculator

Unlock Your PLI Policy’s Potential: Introducing the Easy PLI Loan Calculator

Say goodbye to manual calculations and check the financial clarity with the revolutionary Postal Life Insurance(PLI) Loan Calculator This handy tool simplifies the process of estimating your PLI loan eligibility, amount, and interest payments, empowering you to make informed decisions about loan on your postal life insurance policy.

You can also check the loan against your PLI policy online, the process to check PLI loan amount though PLI customer detail eligibility for PLI loan, please check here. Here we will also discuss how to plan a repayment of the Postal life insurance(PLI) loan and what is the terms and conditions for replay of PLI loan in detail.

Why Use the Postal Life Insurance(PLI) Loan Calculator?

• Easy to know your loan amount against your PLI policy .
• Calculation of estimated loan amount instead of surrendering your PLI Policy.

How Does the Postal Life Insurance(PLI) Loan Calculator Work?

1. Simple Inputs: Enter basic details like your policy type, term, sum assured, and premium payment frequency.
2. Instant Insights: The calculator automatically calculates your eligibility based on PLI’s loan requirements.
3. Estimate Your Loan Amount: See how much you can potentially borrow based on your PLI policy’s surrender value and applicable factors.
4. Interest Rate Transparency: Get a clear picture of the 10% annual interest rate compounded half yearly, allowing you to plan your repayments effectively.

Beyond Calculations: A Valuable Resource

The PLI Loan Calculator is more than just numbers. It’s a valuable tool that can:

• Ease Financial Worries: By understanding your borrowing options, you can gain peace of mind knowing you have a financial safety net if needed.
• Plan for Future Needs: Whether you’re facing an unexpected expense or planning a major purchase, the PLI Loan calculator through this tools helps you assess your borrowing power and make informed decisions.
• Maximize Your PLI Policy: The calculator helps you understand the financial value of your PLI policy, allowing you to leverage its benefits effectively. Normally loan amount is approx. 90% of the surrender value of your policy.

Postal Life Insurance (PLI) Loan Calculator in Excel:-

Remember, the PLI Loan Calculator is an estimation tool. For official loan approvals and specific terms, always contact your nearest Postal Life Insurance office.

After taking the loan in your PLI policy you may also know the PLI loan repayment process so that according your financial condition you can plan the loan repayment plan and accordingly process your PLI loan request. Lets check here.

What is process of repayment of PLI loan-

 i)        The loan may be repaid fully or partially at any time. It may also be paid in installments of an amount of minimum of Rs. 100/-.  Interest on the PLI Loan amount will be charged @ 10% per annum compounding half-yearly from the date of payment of the loan and Interest due should be paid on or before the dates specified in the loan
repayment receipt book.

 ii)      Interest for the half-year will be charged on the amount outstanding on the first day of  the half-year, and any repayment made during that half-year will be taken into consideration for the calculation of interest on loan only for the next half-year. In the case of the final repayment of the PLI Loan interest will not be charged beyond the last date of the month in which the final repayment is made unless  PLI Loan interest has already been calculated on the loan for at least six months.

 ii)     The responsibility for payment of interest rests solely on the insurant. A notice for loan or interest amount to be paid in the  half-yearly will be issued to the insurant only when there is a change in the amount payable as interest as a result of payment of a part of the principal. But the excuse of non-receipt of loan repayment notice cannot in be accepted for non-payment of interest.

 iv) Insured person will be supplied a loan repayment receipt book by the Postmaster/ Manager of the Central Processing Centre (GPO/ Head Office), in which the Postmaster will provide a system-generated receipt each installment of the amount paid in repayment of the loan.

 v)   If the interest is not paid on the due date, it will be added to the outstanding amount of the loan and the usual interest charged thereon from time to time. In the event of any three defaults in the payment of half-yearly interest, the Postmaster/ Manager of the Central Processing Centre (GPO/Head Office) will be entitled to surrender the PLI policy and to apply the surrender value in payment of the said PLI loan and interest. After such surrender if adequate a paid-up value of Rs. 10,000/- shall be utilized for the issue of such a paid-up policy; otherwise, the amount will be paid in cash to the policyholder entitled thereto.

 vi)   In Case of the outstanding balance of the loan with interest will be recovered from the value of the policy at the time of settlement of the claim( Maturity/Surrender/Death). Interest on a loan will accrue up to the last date of the month in which the policy becomes a claim either by maturity or by surrender, provided that interest for at least six months had been charged on the loan.

 vii)    Loan repayment can also be made through an online portal.

Final Settlement of PLI Loan

i)    The policy shall be released to the insured person or the party legally entitled thereto after ensuring that
the amount of loan and interest have been completely repaid against the policy. 

ii)    In the event of loss of the loan repayment receipt book, a New loan receipt book may be obtained from CPC. The policy against which a loan is taken should always be assigned to the President.

iii)    Insurant can settle the loan finally any time after making the final payment in any Post Office. After making the final payment, the next day system will generate the final loan settlement letters.

iv) The Concerned Postmaster /CPC charge will send an intimation to the insurant for this and intimate to collect his original policy bond.

v)  If the insured person wants to surrender the policy before repayment of the loan, he should apply to the CPC, with whom his policy is kept as security, to surrender the policy, adjust the surrender value thereof to the balance of the loan and interest due and to pay him the balance if any.    

Postal Life Insurance(PLI) Loan Calculator– Watch online Guide for help

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