Rural Postal Life Insurance Plans

This plan was formed so that the insurance sector in India could improve especially the insurance in rural areas as it formed a meagre part of a general household in India. Around 22% of the total population of the country after this plan was implemented has improved.
More
Life Insurance
  • Claim up to Rs. 1,50,000 deduction under section 80C*
  • Insurers provide online renewal of policy
  • Choose between annual and monthly premium payment options

In the year 1993 a special committee called the Malhotra Committee observed that insurance formed a very meagre percentage of India’s gross household savings. The numbers were exceptionally weak for people from the rural sector. Back then only 22% of the total population of the country had been insured. The committee recommended an absolutely smooth course of action to make the insurance scenario better. According to the committee, in the rural areas, post masters enjoyed a very trustworthy and friendly relationships with customers and hence this position could be successfully used in popularizing insurance in the nation.

With a strong network of post offices in urban as well as rural areas, rural postal life insurance was set to succeed. Also, the cost expected to be incurred for operations came down drastically because of use of existing network of post offices. Currently, RPLI is the only insurance provider in the country to give the highest returns to customers at the lowest premium amount. The RPLI scheme is aimed to provide insurance to individuals working in all government sector enterprises including military forces, government school employees, nationalized banks, local civic bodies etc. Also, employees working in the private sector too can avail these rural postal policies for insurance.

RPLI Statistics - A Detailed Report:

Year

No. of Policies in Force

Sum Assured (in Rs. Crore)

Corpus of Fund (in Rs. Crore)

2007-2008

61,67,928

41,846.09

3,003.78

2008-2009

73,56,446

53,072.10

3,994.36

2009-2010

99,25,103

59,572.59

5,524.69

2010-2011

1,22,03,345

66,132.23

6,607.79

2011-2012

1,35,47,355

69,754.17

9,141.43

2012-2013

1,46,64,650

75,154.06

11,388.20

2013-2014

1,50,14,314

79,466.46

13,352.01

2014-2015

2,35,14,055

1,05,204.79

14,968.67

Source: www.postallifeinsurance.gov.in

Benefits of Rural Postal Life Insurance in India:

Several benefits are associated with rural postal insurance schemes. A host of different schemes are available under the rural insurance umbrella. Some of the most outstanding advantages of these schemes are listed as under.

  • Policyholders of rural postal insurance schemes can avail credit by pledging their schemes as collateral for security. The policy has to be pledged with the Heads of the Circle and is eligible for loan only if 3 years or more are completed in case of endowment schemes and 4 in case of whole life assurance.
  • Rural postal insurance policies can be pledged with any financial institution for obtaining credit.
  • Policies under rural postal insurance can be revived in case it lapses due to non-payment of insurance premium.
  • Insurance policies can be converted from one scheme to another under rural postal insurance. So if a customer is not satisfied with features and benefits of one scheme, he/she can get it converted to another as per rules set by postal insurance department.
  • Nomination facility is available and nomination can be duly changed as per policyholder’s requirement. This can be done by placing a request with the postal insurance department.

Insurance Schemes under Rural Postal Life Insurance:

A number of schemes are available for customers under the rural postal insurance drive. These schemes include those of pure insurance nature and those that are endowment plans. Customers can avail one or more of these insurance schemes and can also switch between schemes in case of dissatisfaction. Important features and benefits of these schemes are described in detail in the section below.

  1. Whole Life Assurance ( GRAMA SURAKSHA):

    • Objective of the scheme: To pay the nominee a sum equal to assured sum plus accrued bonus in the event of death of the policyholder
    • Eligibility Criteria: Minimum entry age is 19 years and maximum entry age is 55 years
    • Conversion of Policy: Whole Life assurance policy can be converted to endowment policy after completion of 1 year of policy and before policyholder completes 57 years of age
    • Minimum Sum assured: Rs.10,000
    • Maximum Sum Assured: Rs.5 lakhs
    • Loan Option: Yes. After completion of 4 years of policy
    • Surrender of policy: Only after completion of 3 policy years
    • Premiums Payable: Premiums vary with the sum assured, age of applicant etc.
  2. Convertible Whole Life Assurance (GRAMA SUVIDHA):

    • Objective of the scheme: To pay the nominee a sum equal to assured sum plus accrued bonus in the event of death of the policyholder
    • Eligibility Criteria: Minimum entry age is 19 years and maximum entry age is 55 years
    • Conversion of Policy: Whole Life assurance policy can be converted to endowment policy after completion of 5 years of policy and before policyholder completes 55 years of age
    • Minimum Sum assured: Rs.10,000
    • Maximum Sum Assured: Rs.5 lakhs
    • Loan Option: Yes. After completion of 4 years of policy
    • Surrender of policy: Only after completion of 3 policy years; bonus in case of surrender is nullified
    • Premiums Payable: Premiums vary with the sum assured, age of applicant etc.
  3. Endowment Assurance ( GRAMA SANTOSH):

    This scheme is an endowment plan aimed to fulfill the insurance needs of policyholders.

    Following are some of the most striking features of this scheme.

    • Objective of the scheme: To furnish sum assured plus all accrues bonuses to the nominee/assignee/heir until he/she attains the age of maturity on death of the policyholder
    • Eligibility Criteria: Minimum entry age is 19 years and maximum entry age is 55 years
    • Minimum Sum assured: Rs.10,000
    • Maximum Sum Assured: Rs.5 lakhs
    • Loan Option: Yes. After completion of 4 years of policy
    • Surrender of policy: Only after completion of 3 policy years; bonus in case of surrender before 5 years is nullified
    • Premiums Payable: Premiums vary with the sum assured, age of applicant etc.
  4. Anticipated Endowment Assurance (GRAMA SUMANGAL) :

    The Anticipated Endowment Assurance is a money-back policy which is best suited for customers who wish to avail certain amount of cash periodically to fulfil their short-term financial needs. Under this scheme, two types of policies are offered, one for a tenure of 15 years and another for a term of 20 years. For the former term, the benefits are paid at intervals of 6, 9, 12 and 15 years while for the latter benefits are paid at intervals of 8, 12, 16 and 20 years.

    • Objective of the scheme: To furnish benefits to the policyholder periodically. In the event of death of the policyholder, only the sum assured and bonuses accrued will be paid and staggered payment in stages will cease
    • Eligibility Criteria: Minimum entry age is 19 years and maximum entry age is 55 years
    • Minimum Sum assured: Rs.10,000
    • Maximum Sum Assured: Rs.5 lakhs
    • Surrender of policy: Only after completion of 3 policy years; bonus in case of surrender before 5 years is nullified
    • Premiums Payable: Premiums vary with the sum assured, age of applicant etc.
  5. GRAM PRIYA (10 Year RPLI):

    This is an endowment scheme which is for a term of 10 years. Insurance cover begins from the date of purchase of policy.

    • Objective of the scheme: To furnish benefits to the policyholder or his/her nominee on completion of policy term. The assurance is for sum assured plus bonuses accrued.
    • Eligibility Criteria: Minimum entry age is 19 years and maximum entry age is 45 years
    • Minimum Sum assured: Rs.10,000
    • Maximum Sum Assured: Rs.5 lakhs
    • Surrender of policy: Only after completion of 3 policy years; bonus in case of surrender before 5 years is nullified
    • Premiums Payable: Premiums vary with the sum assured, age of applicant etc.
  6. Scheme for Physically handicapped persons:

    • Objective of the scheme: In the event of death of the policyholder, only the sum assured and bonuses accrued will be paid. Medical examination is compulsory to avail this policy since the nature and extent of handicap needs to be assessed by the authorities.
    • Eligibility Criteria: Minimum entry age is 19 years and maximum entry age is 55 years
    • Minimum Sum assured: Depends upon the premiums paid
    • Maximum Sum Assured: Depends upon the premiums paid
    • Surrender of policy: Can be surrendered after completion of 3 policy years
    • Loan Facility: Loans can be availed from various lending institutes by pledging the insurance policy
    • Premiums Payable: Premiums vary with the sum assured, age of applicant etc.

FAQs on Rural Postal Insurance Schemes:

  1. Can private sector workers avail insurance schemes under RPLI?

    Yes. Private sector workers can apply for schemes under rural postal life insurance.

  2. Can a person residing in urban center avail scheme under RPLI?

    No. Customers who come within a rural area can only apply for schemes under RPLI.

  3. Is medical examination necessary for all schemes under Rural Postal Life Insurance?

    Yes. Medical examination is necessary for all schemes. In case, schemes which do not require medical check-up are availed, the sum assured is maximum Rs.25,000.

  4. How do I obtain an insurance scheme under rural postal insurance?

    You need to visit your nearest post office for obtaining details and application forms for schemes under rural postal life insurance.

  5. What is the mode of premium payment?

    A special book is assigned to customers to pay premiums. Alternatively, payment through cheque can also be made.

  6. What if I forget to pay premium for one month?

    You can make up for lapsed premium in the next month by paying a nominal fee.

  7. What do you mean by surrender value of a policy?

    Surrender value means the sum that a customer stands to gain when he/she decides to discontinue premium payment and surrender his/her insurance policy.

  8. What is the maximum amount that can be availed under the insurance schemes of RPLI?

    The maximum sum assured for insurance schemes under RPLI is Rs.5 lakhs.

  9. Can I deposit these insurance policies as security with lending institutes for obtaining credit?

    Yes. Schemes under RPLI can be used as collateral for security to obtain loans and credit.

Read More about Postal Life Insurance

Postal Life Insurance for Central Government Employees
Postal Life Insurance Bonus Rates
Postal Life Insurance for the Physically Handicapped
Postal Life Insurance Interest Rate on Loan
Postal Life Insurance Tax Rebate

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

 4.5 / 5.0   by 19925 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Rural Postal Life Insurance Plans Reviews

Page 1 of 50 1 2 3 4 5
  • LIC Life Insurance
    "Good Insurance company"
    0.5 5.0/5 "Blown Away!"
    Took my life insurance from LIC and i took the policy 4 years before and it was like a group insurance. My premium amount has been deducted from my salary. They are paying the premium amount of Rs. 1000 every month. Total term period of the policy is 18 years. They have given me a policy documents on time.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 24, 2020
  • LIC
    LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I am using LIC policy more than 2 years, they will give good returns hence I have chosen the same company for life insurance policy. I think its Jeevan Anand policy . Total term period of the policy is 15 years. Its a tax beneficial policy. I pay the premium Rs. 2143 through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 24, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life insurance policy through LIC agent.This was a maturity benefit policy taken for the tenure of 15 years .I am paying the premium on yearly basis ,The premium is paid on cash through the agent .This policy is still active and the whole process was clearly explained by the agent.I have taken this policy only for my family benefits.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2020
  • LIC Life Insurance
    "Best policy "
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy through LIC by an agent. This was a money back policy for tenure of 21 years and I am paying the premium on half yearly basis through cash. I am paying premium of Rs. 6000 and this policy is still active on my name.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 23, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I bought the life insurance policy from LIC and the policy is alive. Its because of the claim settlement ratio which is higher when i compared to other policy provider so that i have selected LIC company. I pay the premium amount of more than Rs. 25000 in a year. I pay the premium through online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy through LIC agent ,This was an endowment policy .I am paying the premium for the past 15 to 20 years .I am paying the premium through quarterly basis and each information is given by the agent.I have got the policy documents on time .I have surrender the policy and got the amount .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    LIC, they will give good returns hence I have chosen the same company for life insurance policy. I bought the Jeevan Anand policy before 4 years ago. Total term period of the policy is 25 years. Its a tax beneficial policy. I pay the premium through the online. I never contacted the customer care service so far.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through LIC agent .I am paying the premium on quarterly basis .This was a money back policy it is taken for my family purpose only.The complete details about this policy was clearly shared by the agent .Premium is mostly paid through cheque only.I am totally satisfied with this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy directly through LIC agent.This was a money back policy for the tenure of 10 years .The premium is paid on quarterly basis .Each and everything was good and this policy is highly beneficial for family .I am paying the premium through cheque only.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance through LIC directly .This policy tenure is 20 years, will be getting some good returns. The payment mode is auto debit option. I am paying the premium on monthly basis of Rs.823 and this policy is still active on my name .I have got all the update about the policy through the agent .Even got my policy documents on time as well.This policy is highly beneficial and will be useful for me and my family.
    Was this review helpful? 1
    , kolkata
    Reviewed on Jan 21, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 3.5/5 "Pretty good"
    I have taken life insurance policy directly through LIC agent .This was a term plan it is applicable till the age of 70years old.I am paying the premium on half yearly basis ,This is a death benefit plan totally useful for family members .Each and every details about the policy was clearly shared by the agent.This policy is still active and much comfortable .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 21, 2020
  • LIC Life Insurance
    "Best policy "
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through LIC by an agent. This was a money back policy for the tenure of 20 years and i am paying the premium on monthly basis through online by ECS mode. I am paying Premium Rs.2800 and this policy is still active on my name.
    Was this review helpful? 0
    , kochi
    Reviewed on Jan 21, 2020
  • Tata AIA Life Insurance
    "Client communication must"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy from TATA AIA and it is a money back policy. I am not getting correct information i would request to send a mail regarding dividend every thing they should communicate. They take care of their customers concern. They take care of their schemes and also getting bonus.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 21, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy directly through LIC agent.This is a maturity benefit policy for the tenure of 20years ,I am paying the premium through agent as well as cheque .This policy is highly beneficial for family and this policy is still active. I am satisfied with the service so far.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 21, 2020
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    My son in law has suggested a life insurance to take from HDFC Life. So I have taken on 2 years before. It covers my whole family. It is a single payment for this insurance. I am not aware about tenure period. I got all details about this policy and got documents on time.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    LIC has offered a Jeevan Anandh policy. While checking terms and conditions I felt pretty happy with their schemes so I had opted for it. Last year of July I got this policy. The tenure period of 20 years. I use to pay premium amount on quarterly basis of 5,200 rupees. It covers myself. No late payment issue.
    Was this review helpful? 0
    , keonjhar
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on one year back. The policy is for 25 years. I am paying premium on quarterly package the amount of 4K which is nominal. While getting this insurance my agent has given an information about the policy details. It covers myself. It is a money back policy.
    Was this review helpful? 0
    , keonjhar
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    LIC has offered a Jeevan Anand policy and i am holding since 30 years before. Now I am paying premium amount once in 3 months with the premium of 1369 rupees. While getting this policy my agent has given all information about the policy details and the coverage value of Rs. 1L
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Need policy"
    0.5 5.0/5 "Blown Away!"
    All my relation have a life insurance policy from LIC so that i have taken the policy with them. I bought the policy almost 3 years. Total term period of the policy is 15 years. I have been paying the premium amount of Rs. 30000 on a monthly basis and my friend is working as a LIC agent has referred me about this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through LIC agent .This was a maturity benefit policy and this policy tenure is 20 years .I need to pay the premium within 3 months .The premium is paid on through the agent.This policy is taken for family benefits. The complete process was shared by the agent.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 20, 2020
Common Loader Icon
Page 1 of 50 1 2 3 4 5
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.