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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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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

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Rural Postal Life Insurance Tax Benefit Reviews

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  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have used for 12 years, i have used the MONEY BACK i have received the amount for 4 years once. The maturity period is for 12 years and it gives the policy coverage is for self. The sum assured given with the policy was good. The customer support is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 19, 2019
  • LIC
    LIC Life Insurance
    "Life secure policy"
    0.5 3.5/5 "Pretty good"
    Since its long time term policy. If anything happens the policy covers for life and family will get secured. Last 6 years before, I took this policy. LIC is a government company and they are trustable hence I have purchased the policy with them. I have been paying the premium amount of Rs. 26026 for every six months. Iâ??m satisfied with the sum assured amount.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 19, 2019
  • HDFC Life Life Insurance
    "Good for family protection"
    0.5 5.0/5 "Blown Away!"
    I have term plan with HDFC life, I have chosen the sum assured of Rs. 75 lakhs it has the duration of 50 years, life cover is upto 75 years. I make the premium around Rs. 800 per month, it has tax cover, critical illness, waiver on premium at disability. Cancer and Heart attack cover is also there.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    The reason for getting the policy is because it has provided with the good service. I am using the plan from last more than 20 years. The maturity period is for 30 years and the coverage is for self. The premium paying for yearly once as 12K with the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
  • DHFL Pramerica Life Insurance
    "AVERAGE"
    0.5 3.0/5 "Satisfactory"
    I have got the policy along with the home loan taken the DHFL. The maturity period is for 15 years where 10 years i have to pay for yearly once of 25K. It is a TERM PLAN, the documentation process was done and i have received the hard copy too of the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am holding the JEEVAN ANAND plan with LIC where i am using from last 11 years, the reason for taking the policy is it is good. The maturity period of the policy is for 25 years, the premium paying for monthly once. The coverage is for self with the policy.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 10 years before. The policy is for 20 years. I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents on time. I use to do payment by providing a cheque to an agent.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 18, 2019
  • SBI Life Life Insurance
    "Need to improive their service"
    0.5 1.0/5 "Really Bad"
    I have taken a term insurance in SBI LIFE on 3 years before.The policy is money back for 10 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and delay to provide the documents. At an initial they have told to pay only for 3 times but later it for 7 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in LIC before 4 years ago. The policy is for 20 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents on time. I use to pay the amount to an agent.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have multiple policy with LIC and am just paying the policy, not availed the benefits. I pay online and never contacted the customer support. I am paying yearly 1.5L and the payment mode is easy. I took this policies for future savings and tax benefits.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 2 years before. The policy is for 15 years.I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details and received a hard copy documents on time. Use to do payments by visiting directly to office.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Trust Worthy"
    0.5 5.0/5 "Blown Away!"
    I pay Rs. 50,000 per annum for multiple policies and it has different tenure period and all has tax saving coverage. Even the sum assured is get vary according to the payment which we pay. The agents are professional, I would like to recommended these policies to all.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    At the time of my invest, LIC was a best company. I have chosen the policy 10 years back. I am paying the premium amount of Rs. 10,718 for the term period of 20 years. I select the annual payment mode. I will get a sum assured amount of Rs. 2 lakhs.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Life Insurance Corporation of India have given me a good amount money when it is paid back. I have invested a money of Rs. 1 lakhs and i have received Rs. 1.73 lakhs after 16 years with a maturity. I make the premium through my account as a Standing instructions.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 18, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the accidental policy where using from last 8months with HDFC LIFE. The premium paying was monthly once with the insurance policy. The benefits with the policy is good but i have not received the hard copy, coverage is for 20L.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the JEEVAN ANAND plan since from last 12 years with LIFE INSURANCE CORPORATION OF INDIA the maturity period is for 20 years with the insurance policy. The premium paying was yearly once, it gives the policy coverage for self.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • SBI Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a Pradan Mantri Plan from SBI Life when it was launched. I am paying 300 rupees annually for myself and my wife. I think, if accidental death is happened then the benefits can be claimed. I have enabled auto debit option for the payment.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • Bajaj Allianz Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I took a money back policy with Bajaj Allianz and the policy period is 16 years. It was recommended by one of my colleague. I have received the insurance copy and the payment mode is easy. It was taken for future savings because I am blessed with 2 daughters.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken 3policies with LIC, all are endowment policies. LIC is a trusted company and they are reliable in India so have interested to take a policy. I am happy with the benefits. I need to pay the premium for 21 years. Previously I made cash payment and now its convenient to pay online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • HDFC Life Life Insurance
    "Okay Policy"
    0.5 3.0/5 "Satisfactory"
    No reason for choosing my insurance policy from HDFC. For income tax returns i bought the policy. I'm paying the premium upto 7 years and after 10 years i will get the returns to my account. I have been paying the premium amount of Rs. 12148 which is a annual payment. The premium is auto deducted from my account
    Was this review helpful? 0
    , thane
    Reviewed on Jul 18, 2019
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