Postal Life Insurance Policy Maturity Value Calculator: A Comprehensive Guide
If you have a PLI policy which getting maturity soon and you are searching for a PLI maturity calculator, here we will discuss in detail how to calculate the PLI policy maturity value.
Here a PLI maturity value calculator in MS Excel is also provided for your easy calculation.
One crucial aspect of any life insurance policy is understanding the maturity value, which is the amount paid to the policyholder at the end of the policy term.
In this article, we will explore into the details of the Postal Life Insurance Policy-PLI Maturity Value Calculator, its significance, and how it can be used effectively.
What are the Different Types of PLI Maturity Calculators?
There are 12 different types of PLI and RPLI maturity value calculators in excel, the best output of these calculators is to be used in desktop mode for easy calculation.
PLI Maturity value calculator
- PLI Suraksha Maturity Calculator
- PLI Santosh Maturity Calculator
- PLI Suvidha Maturity Calculator
- PLI Sumangal Maturity Calculator
- PLI Yugal Suraksha Maturity Calculator
-
PLI Bal Jeevan Bima Maturity Calculator
RPLI Maturity value calculator
- Whole Life Assurance (Gram Suraksha)- Calculator
- Endowment Assurance (Gram Santosh)- Calculator
- Convertible Whole Life Assurance (Gram Suvidha)- Calculator
- Anticipated Endowment Assurance (Gram Sumangal)- Calculator
- 10 year Anticipated Endowment Assurance (Gram Priya) – Calculator
- Children Policy (Gram Bal Jeevan Bhima)- Calculator
What important information is needed for the use of PLI Maturity Calculator :
Before using the PLI/RPLI maturity value calculator you need to the following information handly to easily causation of maturity value of your Policy :-
- PLI plan- PLI or RPLI
- Policy acceptance date
- Sum assured
- Maturity date
- Premium paid
- Last premium paid
Advantages of Using PLI Maturity Calculator:
Easy to Use
The PLI maturity calculator is readily accessible in Excel, enabling customers to utilize it conveniently at any time.
Simple Calculation
By employing the PLI calculator for maturity calculations, complex computations are automated, eliminating the need for manual analysis of policies. This online tool expedites the process, sparing customers the inconvenience of visiting a physical location and enduring long queues.
Help in Financial Planning
The PLI maturity calculator provides estimates of expected maturity amounts, aiding customers in effective financial planning. Armed with this information, individuals can better anticipate future events and allocate resources accordingly.
Precision in Calculations
Utilizing the PLI calculator ensures precise and swift calculations, reducing the possibility of errors inherent in manual computations. This accuracy enables users to make informed decisions promptly.
How to Use the Postal Life Insurance Policy(PLI) Maturity Value Calculator
Using the Postal Life Insurance Policy Maturity Value Calculator is a straightforward
process. Follow these simple steps to calculate the maturity value of your PLI policy:
Step 1: Access the -PLI Maturity Calculator -2023
** Check below PLI Maturity Value Calculator in Excel
Step 2: Gather the Required Information from your original policy bond provided by PLI to You and entered in the calculator: –
- Select Scheme: – PLI or RPLI
- Select Plan/Policy Type- Endowment or whole life or money back etc..
- Sum Assured: – Enter Sum assured amount Mini. 100,00 for RPLI and RS 20,000 for PLI. Maxi- Rs 10 lakh for RPLI and Rs. 50 lakh for PLI
- Date of acceptance: – Select the date i.e date of starting of the policy
- Date of maturity of your policy: – Select the date when your policy gets matured.
- Date of last premium paid:– Select the date from upto which date the premium is paid if paid excess enter the date beyond the maturity date to check the refund of the excess premium amount,
- Premium Amount: The amount you pay as a premium towards your policy paid monthly.
Step 3: Calculate PLI Maturity Value
After entering the above information calculator calculate the maturity value automatically, in case any
error refreshes the page.
Step 4: Interpret the Results
The calculator will provide you with an approximate maturity value based on the information you provided. Take note of this value and use it for your financial planning.
PLI Maturity Value Calculator in Excel
Double-click on Amount to modify- Best to use in desktop mode
Limitation of PLI Maturity Value Calculator
– Policy must be three-year-old and for bonus calculation 5 yrs from today’s date.
– If AEA installments have already been paid deduct the same in MV
– Calculator provides approx. maturity value, for actual value, may refer to PLI maturity calculation at the time of maturity payment
PLI Maturity Calculator:- Simple for future prediction
PLI Maturity claim process and forms
Post Office Net Banking Facility
Postal Life Insurance Policy Maturity Value Calculator: FAQs
1. What factors influence the maturity value of a Postal Life Insurance policy?
The maturity value of a PLI policy is influenced by several factors, including:
Policy term: The longer the policy term, the higher the maturity value.
Sum Assured: A higher Sum assured amount leads to a higher maturity value.
Bonuses: Accumulated bonuses over the policy term contribute to the maturity value.
2. Can I calculate the maturity value manually without using the calculator?
Yes, you can manually calculate the maturity value of your PLI policy using the formula provided as under:-
Policy Sum Assured- 100,000
Policy Term:-15 Yrs
Bonus Rate – 52 per thousand
Example:-
Calculation :- Bonus = 100000*52*15/1000=78000
Maturity value = SA+Bonus= 100,000+78000=178000
However, using the Postal Life Insurance Policy Maturity Value
The calculator simplifies the process and provides a quick and accurate estimate, saving you time and effort for the existing policy.
3. Can the Postal Life Insurance Policy Maturity Value Calculator be used for all types of PLI policies?
Yes, the Postal Life Insurance Policy Maturity Value Calculator can be used for all types of PLI policies,
including endowment policies, whole-life policies, and convertible whole-life policies. It considers the specific terms and conditions of your policy to generate an estimate of the maturity value.
However accuracy of maturity value will depend on the factual input provided in the calculator based on the your actual policy details else result may not be appropriate.
4. Is the maturity value guaranteed?
Yes, the maturity value of a PLI policy is guaranteed, however total maturity value depend on the bonus rate declared by the PLI time to time and calculated accordingly.
However, it is important to note that the maturity value may vary based on the factors mentioned earlier, such as the policy term, premium amount, and bonuses.
5. Are there any additional benefits apart from the maturity value?
Yes, apart from the maturity value, PLI policies also offer several other benefits. These include:
Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the death benefit amount will be paid to the nominee or legal heir of the policyholder.
Loan Facility: Policyholders have the option to avail of loans against their PLI policies, providing them
with financial flexibility.
Surrender Value: If a policyholder wishes to discontinue the policy before maturity, they can
surrender it and receive a surrender value.
6. How frequently should I use the Postal Life Insurance Policy Maturity Value Calculator?
It is advisable to use the Postal Life Insurance Policy Maturity Value Calculator during the maturity
period of your policy.
However, it will show the estimated maturity value only if policy premium is paid upto 36 months from the current date. No future maturity estimate will be shown.
7.Is there any limitation of this maturity value calculator?
Yes , this maturity value calculator is only for the indicative maturity value of your PLI policy based on the information provided as per our policy bond. It should be used a year before to calculate the actual estimated value.
8.If I have not paid the premium till the date of maturity, how I will get the maturity value and calculation?
In case the premium is not paid upto last 12 months of the policy premium PLI recover the due premium with interest and GST and a bonus will be calculated on the full sum assured.
However, if the premium remains to be paid for more than 12 months, the maturity value will be
calculated by PLI on the reduced sum assured.
9.If I have paid an excess premium?
Any excess premium paid will be refunded by the PLI at the time of maturity only. Intimate the same to the PLI during the submission of the maturity claim with proof of excess premium deposited. However, no interest is paid on the extra premium.
10.If the maturity amount is not claimed in time, is there any provision to pay interest on the overdue period?
No,
11.Can I submit a PLI maturity claim in advance?
Yes, you can submit a month before your maturity claim to the nearest CPC/HO for processing, however, the maturity amount will be paid to you on the due date.
12.What is the process to submit the PLI maturity claim?
You may check the details process with the PLI maturity claim form here.
13.If I have no claim for the money-back amount in due course in AEA policy, what will happen?
If any money-back installments are not claimed by you and neither paid to you, the full amount of SA will be paid to you by PLI?
14. How many days it will take to settle my maturity claim after submission?
For settlement of maturity, the claim may refer to the citizen charter of PLI.
Conclusion
The Postal Life Insurance Policy Maturity Value Calculator is an invaluable tool for policyholders to estimate the maturity value of their PLI policies.
By understanding the maturity value, policyholders can effectively plan their financial goals and make informed decisions about their insurance coverage.
Remember to gather the necessary information, use the calculator accurately, and interpret the results for your financial planning needs.
With the Postal Life Insurance Policy Maturity Value Calculator, you can gain a clearer understanding of the benefits provided by your PLI policy and make sound financial choices for a secure future.