PLI & RPLI Default Premium Payment Calculator
Total Premiums: ₹0
GST on Premiums: ₹0
Default Fee (12% annual): ₹0
GST on Default Fee: ₹0
Final Total: ₹0
Purpose of the RPLI & PLI Default Premium Calculator
If you’ve missed a premium payment for your PLI or RPLI policy and want to calculate the total amount due, including the default fee, this calculator can assist you.
This tool is also useful for calculating premiums on lapsed policies. However, please note that to pay premiums for lapsed policies, you must first revive the policy. For detailed steps on how to revive your policy, refer to our article, PLI/RPLI Revival Step-by-Step Guide.
How to Use the RPLI & PLI Default Premium Calculator
- Select the Premium Payment Mode – Choose the appropriate payment mode based on your policy.
- Enter the Premium Amount (Excluding GST) – Input the premium value without including GST.
- Enter the Number of Premiums to be Paid – Specify how many premiums need to be calculated.
- Click on Calculate – as a result, you will get the following:
- Total Premium (excluding GST)
- Total GST
- Default Fee
- 18% GST on the Default Fee
- Final Total Amount
Important Note
The government of India recently introduced an 18% GST on the default fee, applicable to lapsed policies. Therefore, for such policies, you now need to pay two types of GST:
- 18% GST on the default fees. 4.5% GST on every premium and 18% GST on the default fee.
- 4.5% GST on each premium