Postal Life Insurance (PLI) Sumangal Calculator

Postal Life Insurance (PLI) Sumangal 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, periodic survival benefit payouts, accrued bonus, and final maturity payout for the Sumangal (Anticipated Endowment Assurance) plan, based on:

• your current age
• the sum assured (the amount your policy guarantees)
• the policy term - 15 or 20 years

About the Sumangal plan

Anticipated Endowment Assurance (Sumangal) is a "money-back" plan. A portion of the sum assured is paid out periodically as survival benefits during the term, and the remaining balance plus the full accrued bonus is paid at maturity. Unlike Santosh, Sumangal's term isn't flexible - India Post only sells it as a fixed 15-year or 20-year policy, each with its own survival-benefit schedule:

• 15-year term: 20% of the sum assured is paid at the end of years 6, 9, and 12; the remaining 40% plus the full accrued bonus is paid at year 15.
• 20-year term: 20% of the sum assured is paid at the end of years 8, 12, and 16; the remaining 40% plus the full accrued bonus is paid at year 20.

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:

$$Rate_{\text{₹ per 1000 SA/yr}} = \frac{1000}{Term} \times 0.95 \;+\; \left(4 + (Age - 19) \times 0.6\right) \times 0.55$$ $$Monthly\ Premium = \frac{Sum\ Assured}{1000} \times \frac{Rate}{12}$$

Bonus accrues every year the policy is in force, at a fixed rate declared per plan (illustrative rate used here: ₹48 per ₹1,000 sum assured per year):

$$Bonus\ Accrued = \frac{Sum\ Assured}{1000} \times 48 \times Term$$

The total maturity benefit is the sum of every periodic survival benefit plus the final payout of 40\% \times 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. Pick a policy term of 15 or 20 years - Sumangal doesn't offer any other term length.
4. Submit to see the estimated monthly premium, total premium payable, accrued bonus, total maturity benefit, and the full survival-benefit payout schedule.

Example

Age 30, ₹5,00,000 sum assured, 20-year term:

Estimated monthly premium of about ₹2,222 (≈₹5,33,280 paid over 20 years), with a payout schedule of ₹1,00,000 at each of years 8, 12, and 16, and a final payout at year 20 of about ₹6,80,000 (40% of sum assured plus the full accrued bonus of ≈₹4,80,000) - a total maturity benefit of about ₹9,80,000.

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 a flexible-term, lump-sum-at-maturity plan instead? See our PLI Santosh Calculator, which lets you enter any policy term rather than choosing between 15 and 20 years.