The Convertible Whole Life Assurance (Suvidha) plan under Postal Life Insurance offers the security of Whole Life coverage with the flexibility to convert to an Endowment plan after 5 years. This PLI CWLA Premium Calculator is a useful tool to explore the Convertible Whole Life Assurance (Suvidha) plan and get answers to:
- How much premium should I pay? See how your age, desired sum assured, and chosen policy term affect your monthly payments.
- What will my maturity benefit be? Estimate the potential payout you or your beneficiary will receive based on your plan selections if you choose
- Is converting to Endowment a good fit? Explore the impact of converting to an Endowment plan at the 5-year mark and see how it affects your benefits and premium amount.
- Opt conversion after 5yr into EA policy
- Opt to continue as a WLA policy
How to use PLI CWLA Premium Calculator
Step-1 – Please Select your Date of birth Day, Month, and Year from the drop-down. Ensure the eligibility age is between 19-50 years.
Step-2 Now Select the desired Sum Assured, the minimum SA is Rs. 20,000 and the maximum SA is Rs. 50 lakh.
Step-3 Now the calculator will show the summary.
- Note:- After 5yrs you can opt for a conversion of a CWLA to EA-50 or EA-55 Or EA-60 and the premium will be changed accordingly. If conversion to the EA option after 5 years is not opted, the CWLA policy will be converted automatically in Whole Life Assurance(WLA), and premium ceasing age will be 60 years, and the maturity age will be 80 years.
- Note 2:- Maturity value along with bonus till the age of 80 years payable on survival or death before 80 years to the nominee.
- In the Postal Life Insurance-CWLA Policy, only a monthly premium payment mode is available, however, you can be paid a 6-month advance premium to get a 1% rebate and 12 months advance to get a 2% rebate on the paid premium.
PLI CWLA Premium Calculator
PLI-Convertible Whole Life Assurance (Suvidha) plan Plan Features:
- Policy Type: Convertible Whole Life Assurance with an option to convert to Endowment Assurance after 5 years.
- Maturity Benefit: Sum assured with accrued bonus on reaching the age of 80 years (if not converted).
- Death Benefit: Full sum assured with accrued bonus paid to beneficiary in case of policyholder’s death.
- Entry Age: 19 to 50 years old.
- Sum Assured Limits: Minimum ₹20,000, Maximum ₹50 lac.
Conversion to Endowment Assurance:
- Can be converted between 5 and 6 years of policy holding into Endowment Assurance.
- Maturity benefit after conversion is paid at the chosen term (50, 55 or 58 years old) with accrued bonus.
- If not converted, the policy continues as Whole Life Assurance.
Loan Facility:
- Available after 4 years of policy holding (Whole Life Assurance).
Surrender:
- Allowed after 3 years (Whole Life Assurance).
- No bonus if surrendered before 3 years.
- Proportionate bonus on the reduced sum assured after 5 years (Endowment Assurance).
Bonus Rate:
- The current bonus rate for Whole Life Assurance (Suvidha) is ₹76 per ₹1000 sum assured per year.
- A bonus rate for Endowment Assurance will be provided upon conversion (details not specified here).
Calculator based on CWLA premium table available at Indiapost.