Postal Life Insurance (PLI) Santosh Calculator

Postal Life Insurance (PLI) Santosh Calculator

What this calculator does

Postal Life Insurance (PLI) is a life insurance scheme run by India Post. This calculator gives you a quick, indicative estimate of the monthly premium, accrued bonus, and maturity payout for the Santosh (Endowment Assurance) plan, based on:

• your current age
• the sum assured (the amount your policy guarantees)
• the policy term, in years

About the Santosh plan

Endowment Assurance (Santosh) is a fixed-term savings-cum-insurance plan. The entire sum assured plus the bonus accrued over the term is paid out as a single lump sum at maturity. In practice, India Post has you pick a maturity age from a fixed set (35, 40, 45, 50, 55, 58, or 60); your term works out to maturity age - your age. This calculator lets you enter that term directly instead of picking a maturity age.

Formula Used

The premium rate (per ₹1,000 of sum assured, per year) combines a savings component that shrinks as the term lengthens, with a mortality component that grows with entry age:

$$Rate_{\text{₹ per 1000 SA/yr}} = \frac{1000}{Term} \times 0.85 \;+\; \left(4 + (Age - 19) \times 0.6\right) \times 0.5$$ $$Monthly\ Premium = \frac{Sum\ Assured}{1000} \times \frac{Rate}{12}$$

Bonus accrues every year the policy is in force, at a fixed rate declared per plan (illustrative rate used here: ₹53 per ₹1,000 sum assured per year):

$$Bonus\ Accrued = \frac{Sum\ Assured}{1000} \times 53 \times Term$$

The maturity payout is simply Sum Assured + Bonus Accrued.

How to use it

1. Enter your current age (19-55 years).
2. Enter the sum assured you want the policy to guarantee.
3. Enter your policy term in years (5-41), keeping age + term within 60 years.
4. Submit to see the estimated monthly premium, total premium payable, accrued bonus, and total maturity benefit.

Example

Age 30, ₹5,00,000 sum assured, 15-year term:

$$Rate = \frac{1000}{15} \times 0.85 + (4 + 11 \times 0.6) \times 0.5 \approx 61.97$$

That works out to an estimated monthly premium of about ₹2,582 (≈₹4,64,760 paid over 15 years), an accrued bonus of about ₹3,97,500, and a maturity payout of about ₹8,97,500.

Notes

• This is an illustrative estimate, not an official quotation. India Post sets actual premiums using detailed age-and-term rate tables, and bonus rates are declared annually by the Ministry of Communications and can change. Contact your nearest post office or a PLI agent for the exact premium and current bonus rate before buying a policy.
• PLI requires age plus policy term to stay within normal age-at-maturity limits; this calculator enforces age + term ≤ 60 years as an approximation of that rule.
• Premiums shown are for the base policy only and don't include optional riders (e.g. accident benefit) some PLI plans offer.
• Looking for the Sumangal (money-back) plan instead? Its term is fixed at 15 or 20 years by India Post, so it's covered by a separate PLI Sumangal calculator.