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Rural Postal Life Insurance Tax Benefit

This is a scheme under Postal Life Insurance which ensures that people living in rural areas including the women living in rural areas receive the benefits of insurance. Currently, Rural Postal Life Insurance has sold a total of 23.51 million insurance policies.
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Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

RPLI or Rural Postal Life Insurance was a sequel to the recommendations to the Official Committee for Reforms. The Government understood the need for insurance to reach the rural areas and decided to extend the coverage of life insurance to the rural areas via the post office from 24th March, 1995 as the post office has a vast network and the cost of operations are low. The main objective of the scheme is to provide insurance to the rural areas and to benefit the weaker section and women workers in rural areas. As of 31st March, 2015, Postal Life Insurance had over 23.51 million RPLI policies.

Plans Offered Under RPLI

Rural Postal Life Insurance offers the following plans:

  • 10 year RPLI – Gram Priya
  • Anticipated Endowment Assurance – Gram Sumangal
  • Child Policy – Bal Jeevan Bima
  • Convertible Whole Life Assurance – Gram Suvidha
  • Endowment Assurance – Grama Santosh
  • Whole Life Assurance – Gram Suraksha

Common Features of RPLI

The common features of plans under RPLI is as follows:

  • Any resident in rural areas can apply for the RPLI policies.
  • The minimum sum assured is Rs.10,000.
  • The maximum sum assured is Rs.10 lakh.
  • The maximum age for entry is 55 years for endowment and whole life plan but 45 years for others.
  • All plans will need a compulsory medical examination.
  • If you choose a non-medical policy, then the maximum sum assured is Rs.25,000 and the maximum age is 35 years for entry.
  • If the applicant has no proof of age, then the maximum age limit allowed is 45 years.

Benefits of Rural Postal Life Insurance

The benefits of RPLI are as follows:

  • There is a 100% security offered by the Government of India.
  • The premium payment is low but the bonus offered is high.
  • The insured can take loan against the policy. Policy, if Endowment, then it should complete 3 years and 4 years in the case of Whole Life Assurance.
  • Insured can surrender can opt for conversion, assignment and paid-up value.
  • The insurance policy can be easily transferred to any place in India for no charge.
  • The interest on loan is payable every 6 months.
  • Passbook facility is available.
  • Pay recovery facility is available for institutions that have more than 20 policies.
  • 1% rebate is offered for payment of 6 months premiums in advance.
  • 2% rebate is offered for payment of 12 months premiums in advance.
  • Nomination facility is also available.
  • If the policy lapses for non-payment of premium, then it can be revived by paying the premiums due. Policy will lapse if 6 premiums are unpaid for a policy that has been in force for less than 3 years and 12 premiums if the policy has remained in force for over 3 years.
  • The policy payment can be made through any post office across India.
  • The claims are settled easily as the process is fully computerised.
  • If the premium amount is more than Rs.20, then the premium payment can be made by cheque.
  • You can change the nominee, if required.
  • If the policy bond is lost, then a duplicate bond is issued.
  • A Whole Life Assurance can be converted to Endowment Assurance and Endowment Assurance can be converted to other Endowment Assurance schemes as per the rules.

Tax Benefits of RPLI

The following are the tax benefits one can avail if he or she has taken a RPLI policy:

  • Deduction under Section 80C for the premiums paid as per the Income Tax Act, 1961.
  • The insured can also avail rebate under Section 88 of the IT Act. 

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Rural Postal Life Insurance Tax Benefit Reviews

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  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis, and they have charged me up to 3000 it is nominal , and premium amount i use to pay through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • Birla Sun Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Aditya birla , there service is they provide me was excellent, till now i have not face any issue in that, there premium amount they have charged me in monthly basis,they have charged me up to 6200, and it is nominal to me , the agent had explain me about the policy coverage and plan benefit properly,i use to pay on on line mode. overall service is good.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have purchased my money back policy long bank and twice i have received the cash in my account without giving any request and I'm quite happy about the received sum assured amount. I pay the premium amount of Rs. 600 every month. I make the premium through online.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance policy from LIC. I have chosen the plan called Jeevan Anand. This is the tax benefits policy. I pay the premium amount of Rs. 1000 every month with the tenure period of 2.5 lakhs. This is a 15 years tenure period policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have bought the life insurance policy in the year of 2011. My agent has suggested me about this policy. I have been paying the premium amount of Rs.10300 through ECS. I have chosen the mode of annually. Overall, I'm satisfied with the LIC policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Purchased my money back from LIC. I have selected the LIC company for my policy its because of the better option. They are providing various payment mode facilities. I'm satisfied with the sum assured amount and LIC customer care service is really fine.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 22, 2019
  • Kotak Life Life Insurance
    "Good Insurance Policy"
    0.5 4.0/5 "Great!"
    I have purchased a accidental covered policy from Kotak Mahindra bank. Kotak gives more online services and the app is really good. I have got this policy 5 months back. I made a premium amount of Rs. 1200 and this policy covers only for me. I have not claimed anything in this policy so far.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 22, 2019
  • SBI Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with State bank, and the agent had clearly explained me about the policy coverage and benefits,there have given me hard copy ,and the premium amount they have charged me on yearly basis, and i pay my premium through on line.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India, i have taken Jeevan anand policy ,i have paying premium on yearly basis up to 9,000 they have charged me , it is nominal for me , i use to pay through on line, the agent had clearly explain me about the policy and benefit coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 21, 2019
  • LIC Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy almost four years back and i had been paying the premium amount quarterly. The premium amount has not been high and the payment method has also been convenient. It is a very good policy and is suggestible to all others.
    Was this review helpful? 0
    , bilaspur
    Reviewed on Jan 21, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a long time back and i had been paying the premium on an annual basis. The premium amount has not been high and the payment method has also been convenient as well. There has not been any hassle faced with the services which they had provided so far.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 21, 2019
  • LIC Life Insurance
    "Very Good Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy a very long time back and i had been paying the premium half yearly. The premium amount has not been high and the payment method has also been simple. There was no difficulty faced in the payment methods and their staffs had also been helpful at times.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 21, 2019
  • LIC Life Insurance
    "Good insurance company"
    0.5 5.0/5 "Blown Away!"
    I have Bharthi jeeven bhema policy it has the tenure of 20 years, I make the premium around Rs. 14,000 on half yearly. LIC agentS are very professional, my policy coverage is around Rs. 11,000,00. It has tax benefits , life cover for natural and accidental cover.
    Was this review helpful? 0
    , udgir
    Reviewed on Jan 21, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I had money back policy, it was for Rs. 5 lakhs its has term of 20 years. I paid it around six years, then I didn't continue , I changed the mobile number and I shifted to some other location. Hence it got discontinued, I had paid half yearly payment hence once I got the bonus amount of Rs. 50,000.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 21, 2019
  • LIC Life Insurance
    "Reliablity with some element assured returns"
    0.5 4.0/5 "Great!"
    My ULIP policy with the Life Insurance Corporation of India. I have taken this policy through Agent. The LIC agent follow up is very eager on the payment. They used to give a reminder 1 month before. Because of the reliability and many decade of the trust, i have selected the LIC.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • SBI Life Life Insurance
    "Competitive offering"
    0.5 5.0/5 "Blown Away!"
    I have purchased the term insurance policy from SBI LIFE. Very competitive premium they are offering and they have good webpage and mobile app is not good. I'm happy about the sum assured amount. Tenure period is comforable. They have a very good claim settlement and hassle free services.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • ICICI Prudential Life Insurance
    "Good Customer service and user friendly app"
    0.5 4.0/5 "Great!"
    The policy is very good in terms of customer care service and the app. I feel the premium are little bit high. I bought this policy through agent. Because of the claim ratio i have taken this policy. Total tenure period the policy upto 60 years of my age. I make the payment through the app.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with Life insurance corporation of India. there agent had clearly explain me about the service, the policy benefit.and there coverage, the premium amount they have charged me was in nominal .i use to pay premium on yearly basis, so far they have not charged me any hidden charges.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • Aegon Life Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have been holding the term insurance from the Aegon. Because of the brand, i have selected the Aegon. I have purchased the policy 6 months before. I used to make the payment through online. I'm satisfied with the sum assured amount which they have provided to me.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
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