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The RPLI Calculator is an online tool that can help you calculate the required sum assured at an affordable premium for the RPLI policy to make a knowledgeable financial choice. It is easily accessible online, user-friendly and significantly less time-consuming.
The Rural Postal Life Insurance(RPLI), introduced by the Government of India in 2005, is a unique insurance scheme for the people residing in the rural parts of India.
While the RPLI schemes and their benefits are defined, making well-informed financial decisions to ensure adequate coverage at an affordable premium is essential.
The Rural Postal Life Insurance Premium Calculator is an online tool that helps you calculate the affordable premium for the desired sum assured for the RPLI policies.
Before we understand the RPLI calculator, let us know what the Rural Postal Life Insurance (RPLI) is and its schemes.
What Is Rural Postal Life Insurance (RPLI)?
The Rural Postal Life Insurance is a life insurance scheme introduced to benefit the rural sections of India. The RPLI policies offer a considerable sum assured at a highly affordable premium rate.
Furthermore, the policies can be purchased with an endowment benefit to save funds for accomplishing your future financial goals at definite intervals.
The six policies available under this insurance scheme are as follows:
Whole Life Assurance Plan (Gram Suraksha)
Convertible Whole Life Assurance Plan (Gram Suvidha)
Endowment Assurance Plan (Gram Santosh)
10 Years Rural Postal Life Insurance Plan (Gram Priya)
Anticipated Endowment Assurance Plan (Gram Sumangal)
Children Policy (Bal Jeevan Bima)
With an adequate life cover and sufficient funds accumulated in retirement plans, you can ensure a secure life ahead of retirement.
What Is The RPLI Calculator?
RPLI Calculator is an online tool that allows you to determine the required sum assured and the affordable premium for the RPLI plans.
Key Features And Benefits
Calculate premium - You can utilise the RPLI calculator to determine the premium quote for the sum assured of the life insurance scheme.
Online tool - The RPLI calculator is available online, making it convenient and cost-effective for its usage.
User-friendly - The RPLI calculator online is a simple and user-friendly tool. You can use it without expert help or advice by providing the required details and getting the premium quote.
Flexibility - You can revise your inputs, for example, providing an increased or decreased sum assured to determine the most affordable premium quote.
Furthermore, the RPLI calculator will provide different premium quotes for increased sum assured options for the same age at maturity to revise your decision considering the affordability.
How To Use The RPLI Premium Calculator?
The steps to access and use the RPLI premium calculator are as follows:
Visit the official webpage of India Post.
Click on the Postal Life Insurance Option.
Click on OK for the prompt for redirecting to an external website.
From the drop-down menu against ‘Purchase a Policy’, click on ‘Quote’.
Provide the required details such as Name, Date Of Birth, Product Type, Sum Assured, etc., and click on ‘Get Quote’.
You will receive the RPLI premium quote.
If affordable, you can make the RPLI premium payment using any available and convenient digital payment method.
If you are not satisfied, you can revise the inputs and determine the most affordable premium.
Example
Consider Kamakshi, a farmer from a rural region in Kerala, seeking a Rural Postal Life Insurance Plan for her family. She wants to purchase Gram Santosh, the Endowment Assurance Plan.
The required sum assured is ₹50,000, and the age at maturity is 40 years.
Upon providing these details in the RPLI calculator online, you will get the premium quote and the options as follows:
Monthly Quote - ₹713.00
Quarterly Quote - ₹2132.00
Half Yearly Quote - ₹4251.00
Annual Quote - ₹8454.00
The system will also provide the details of the RPLI premium for the same age at maturity for increased sum assured options. She can change her decision and decide on the most suitable choice.
What Is The RPLI Maturity Calculator?
The sum assured for the RPLI policies is decided during policy inception. You can determine this amount using the RPLI premium calculator as described in the above section.
Furthermore, for the RPLI policies with the endowment benefit, you can utilise the Premium Tables provided for the specific RPLI schemes to determine the maturity payouts. You can access them using the following steps.
Steps To Access The Premium Tables
Visit the web portal for India Post Rural Postal Life Insurance.
Choose the ‘Premium Table’ tab.
Click and open the PDF file for the desired RPLI Policy.
The payment of benefits section will detail the maturity benefits, if available.
Example
For the Anticipated Endowment Assurance Plan, the payment benefits for a 15-year policy period, if the life insured survives, are detailed as follows:
Time Interval |
Payment Benefit |
At the end of 6 years |
20% |
At the end of 6 years |
20% |
At the end of 6 years |
20% |
At the end of 6 years |
20% with accrued bonus* |
Therefore, you can utilise these details to calculate the maturity benefit. Furthermore, as the accrued RPLI bonus* calculation cannot be predetermined, the exact value of the maturity benefits cannot be calculated.
Wrapping Up
The RPLI calculator is a simple and less time-consuming online tool that helps you determine the required sum assured at an affordable premium for the desired policy tenure under the RPLI policy. It can be easily accessed and used at your comfort for making well-informed financial decisions!
