Rural Postal Life Insurance | RPLI

Do you live in a village and are intending to get life insurance?

What do you say, ‘’Yes’’?

Well, then, in this post we are going to tell you about the best life insurance scheme for the residents of villages. The name of the scheme is RPLI or Rural Postal Life Insurance. If you have already life insurance or you are intending to get a new life cover, you must read this article so that you know what you are missing by not taking advantage of the RPLI scheme.

What is Rural Postal Life Insurance (RPLI)?

Rural Postal Life Insurance (RPLI) was introduced on 24.03.1995 for rural people of India on the recommendations of the Malhotra Committee. The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population.

Rural Postal Life Insurance Schemes

Whole Life Assurance (Gram Suraksha)

A Whole Life Assurance Policy with the added feature of an option to convert to Endowment Assurance Policy at the end of five years of taking the policy.

• Minimum & Maximum age at entry: 19-55 years
• Minimum Sum Assured ₹ 10,000; Maximum ₹ 10 lac
• Loan facility after 4 years
• Surrender after 3 years
• Not eligible for the bonus if surrendered before 5 years
• Can be converted into Endowment Assurance Policy up to 59 years of age of the insurant provided the date of conversion does not fall within one year of the date of cessation of premium payment or date of maturity.
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• Premium paying age can be opted for as 55,58 or 60 years
• A proportionate bonus on the reduced sum assured is paid if the policy is surrendered
• Last declared Bonus- ₹ 60/- per ₹ 1000 sum assured per year

Convertible Whole Life Assurance (Gram Suvidha)

A Whole Life Assurance Policy with the added feature of an option to convert to Endowment Assurance Policy at the end of five years of taking the policy.

• Assurance to the extent of sum assured with accrued bonus till attainment of maturity age.
• In case of death, the assignee, nominee, or legal heir paid the full amount of sum assured with accrued bonus.
• Minimum age & Maximum age at entry: 19-50 years
• Can be converted into Endowment Assurance after 5 years not later than 6 years of taking the policy. If not converted, the policy will be treated as Whole Life Assurance
• Minimum sum assured ₹ 10,000; Maximum ₹ 10 lac
• Loan facility after 4 years
• Surrender after 3 years
• Not eligible for the bonus if surrendered before the completion of 5 years
• Last declared Bonus- ₹ 60/- per ₹ 1000 per year (for WLA policy if not converted to Endowment Assurance)
• On conversion, a bonus of Endowment Assurance will be payable.

Endowment Assurance (Gram Santosh)

Under this scheme, the proponent is given an assurance to the extent of the sum assured and accrued bonus till he/she attains the pre-determined age of maturity i.e 35,40,45,50,55,58 & 60 years of age.

• In case of death of insurant, assignee, nominee, or legal heir is paid the full amount of sum assured with accrued bonus
• Minimum & maximum age at entry: 19-55 years
• Minimum sum assured ₹ 10,000; Maximum ₹ 10 lac
• Loan facility after 3 years
• Surrender after 3 years
• Not eligible for the bonus if surrendered before the completion of 5 years
• A proportionate bonus on the reduced sum assured is paid if the policy is surrendered after 5 years
• Last declared Bonus- ₹ 48/- per ₹ 1000 sum assured per year

10 Years Rural PLI (Gram Priya)

• It is a short term money-back scheme for the Rural populace only
• Insurant is given life cover to the extent of Sum Assured for 10 years.
• Survival benefits are paid after 4 years- 20% after 7 years- 20%, and after 10 years – 60% with accrued bonus
• Minimum & maximum age at entry 20 – 45 years
• Minimum sum assured ₹ 10,000, maximum 10 lacs
• No interest is charged up to one year as arrears of premia in case of natural calamities like flood, drought, earthquake, cyclone, etc.
• Last declared Bonus- ₹ 45/- per ₹ 1000 sum assured per year

Anticipated Endowment Assurance (Gram Sumangal)

It is a Money Back Policy with a maximum sum assured of ₹ 10 lacs, best suited to those who need periodical returns. Survival benefits are paid to the insurant periodically. Such payments will not be taken into consideration in the event of the unexpected death of the insurant. In such cases, the full sum assured with accrued bonus is payable to the assignee, nominee or the legal heir.

• Policy term: 15 years and 20 years
• Minimum age 19 years; maximum age at entry 40 years for 20 years’ term policy & 45 years for 15 years’ term policy
• Survival benefits paid periodically as under: –
  • 15 years Policy- 20% each on completion of 6 years, 9 years & 12 years and 40% with accrued bonus on maturity
  • 20 years Policy- 20% each on completion of 8 years, 12 years & 16 years and 40% with accrued bonus on maturity
• Last declared Bonus- ₹ 45/- per ₹ 1000 sum assured per year

Children Policy (Bal Jeevan Bima)

The salient features of this scheme are as under: – 

• The scheme provides life insurance cover to children of policyholders
• Maximum two children of the policyholder (parent) are eligible
• Children between 5- 20 years of age are eligible
• Maximum sum assured ₹ 1 lac or equal to the sum assured of the parent, whichever is less
• The policyholder (parent) should not be over 45 years of age.
• No premium to be paid on the Children Policy, on the death of the policyholder (parent). Full sum assured and bonus accrued shall be paid on completion of the term
• The policyholder (parent) shall be responsible for payment of Children policy No loan admissible
• Has facility for making it paid up, provided premiums are paid continuously for 5 years
• The surrender facility is not available
• No medical examination of the child is necessary. However, the child should be healthy and risk shall start from the day of acceptance of the proposal
• Attract the rate of bonus applicable for Endowment policy (Santosh) i.e. last bonus rate is ₹ 48/- per ₹ 1000 sum assured per year.

Rural Postal Life Insurance Premium Calculator | RPLI Calculator

Rural Postal life insurance (RPLI) premium depends on three things –

1. How much money are you insuring?
2. The current age of the person insuring, and
3. Term of insurance

For example, if your age is 25 and you assure a sum of 5,00,000 and want to get your money matured when you will 40 years, you will have to pay a monthly premium of Rs. 3396. On the other hand, if your age is 25 and you assure a sum of 5,00,000 and want to get your money matured when you will 45 years, you will have to pay a monthly premium of Rs. 2560. For, more details about RPLI premium, you can download the Post info application from the Google Playstore.

Rural Postal Life Insurance: How to apply?

You need to go to the post office to get Rural postal life insurance. Visit your nearest Post Office and tell any postal agent that you want to have an RPLI. He will support you in every possible way.

Rural Postal Life Insurance: Form

Click here to Download RPLI Form

Rural Postal Life Insurance (RPLI): How to deposit premium?

The premium of Rural Postal life insurance can be deposited in two ways – Online and Offline.

• To submit premium online go to this website https://pli.indiapost.gov.in/CustomerPortal/PSLogin.action and submit premium by logging in with customer ID and password.
• If you want to deposit premium offline, you can go to the post office and deposit the premium yourself or you can also deposit the premium through a postal agent.

Conclusion

• There are various types of Life Insurance policies available in the market for villagers. However, RPLI is probably the best option for them.

I hope you have found something useful in this article. If you have any questions about this article, please let us know in the comments or mail us at [email protected]. Also, share this article with others to give them an opportunity to learn new things. In this blog, we publish various articles on finance. To get immediate notification of our articles, click on the red bell icon on the right side and turn on the notification. Thank you for spending your precious time reading this article. stay healthy, Stay safe.

Also Read: – 

Postal Life Insurance | PLI