"Spending a whole day looking for insurance is fun," said nobody, EVER!

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.
 4.5 / 5.0   by 17399 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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

Rural Postal Life Insurance Plans Reviews

Page 1 of 50 1 2 3 4 5
  • LIC Life Insurance
    "Good for tax benefits with safe investment"
    0.5 4.0/5 "Great!"
    I have one LIC Policy for Rs. 60,000 in an annual basis I make the premium, its good for the tax benefits. The policy which I took is jeevan anand has the policy term of 20 years. However it has the locking period of three years. I can view the statement through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have chosen 2 policies, long term and money back. LIC is good but they will provide the information only If I request them. Paying monthly 2500 rupees through ECS. I did not see any benefits and have no access for online. Every 5 years once they are giving bonus on the money back plan.
    Was this review helpful? 0
    , hosur
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and it was taken almost now 10 years through an agent. The tenure period is 21 years and its a JEEVAN ANAND. The benefits are quite good. I never contacted the customer service, I go through with an agent. I make the premium through online every quarter.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Jan 14, 2019
  • IDBI Federal Life Insurance
    "I feel I should have taken a better product"
    0.5 2.0/5 "Expected more"
    I have taken IDBI Federal Incomesurance policy 6 yrs back, premium of Rs 1.2 Lakh/yr, for 15 yrs . Life Coverage only 18.3 lakh, I will get only 1.8 Lakh per year for 10 yrs at end of term, which is meagre by any std. I am not able to come out of it as I will be loosing heavily. I am retiring after three years and after that I have to pay for another 5 years to get this benefit (yrly payout) . I do not know what to do.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 13, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • LIC Life Insurance
    "Good for me and for my nominees"
    0.5 4.0/5 "Great!"
    I have purchased Jeevan anand policy with LIC, my policy has the tenure period of 20 years. As per my policy I need to pay the premium for 15 years, I make Rs. 30,000 per annuam. At last I get the premium cover upto Rs. 20 lakhs and one other good benefits even after the policy expiry there is a maturity benefits of 14 lakhs will provide to the nominees for certain demise its good. But I suggest they need more improvement on the customer support,
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    It was taken the policy with LIC in month of 2014, they have good reputation and my relative is working as an agent. To secure my family I took this policy, the policy which I am holding it for 25 years, I will be getting the maturity after the tenure period.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Good Investment"
    0.5 5.0/5 "Blown Away!"
    Agents are professional in LIC, and they have flexi in the payment options. I have Jeevan anand policy it has the term period of 15 years, I need to pay the premium for whole year after 24 years I get the return value also they provide life coverage.
    Was this review helpful? 0
    , dandeli
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy to take"
    0.5 4.0/5 "Great!"
    LIC is providing lots of tax benefits policy hence i have chosen the policy with them. I have taken the Jeevan Anand policy. I used to make the premium amount through online. I'm very much satisfied with the sum assured amount. Total tenure period of the policy is 15 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have money back policy policy with LIC, it has premium of Rs. 10,000 per annum. It gives the maturity benefits after 20 years of the tenure period, I used to get the bonus amount around Rs. 40,000 for every five years it has the tax benefits too.
    Was this review helpful? 1
    , malda
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    It has been a good policy and i had started this insurance a long time back. The premium amount has not been not too high and i have been paying it annually where the payment method has not been high. The policy is good and can be suggested to others.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy with Life Insurance Corporation of India. I have selected the LIC because of the wife's suggestion. I have chosen the Jeevan Bhima policy. I am paying the premium amount of Rs. 30000 every year. I have no idea about the coverage value. I make the premium through agent via money transfer.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Better to invest"
    0.5 5.0/5 "Blown Away!"
    I have a money back policy from LIC which was taken before 10 years through an agent. Every 4 years once they are providing good benefits like bonus points. The agent was very helpful. I got the insurance paper. I am paying the premium every quarterly 1000 rupees through online.
    Was this review helpful? 1
    , pondicherry
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Benefits part should be increased"
    0.5 2.0/5 "Expected more"
    I have term insurance with LIC, they give the life coverage to the nominees, they have option to add multiple nominees. I have taken it for 20 lakhs hence I need to pay the premium around Rs. 7000 per annum, the draw back with this policy they wont provide paritial amount to the holder.
    Was this review helpful? 0
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Bonus Policy"
    0.5 4.0/5 "Great!"
    LIC is national insurance company and it has the good reputation. I have taken the policy called money back policy, it has maturity period around 15 to 20 years, I used to get bonus amount every 3 years or 5 years, they have tax benefits and other facilities.
    Was this review helpful? 1
    , thrissur
    Reviewed on Jan 09, 2019
  • ICICI Prudential Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance was bought from ICICI prudentuial. One of my friend who is working over there has recommended me about this policy. I paid the premium amount of Rs. 25000 annually. I have paid the premium for 2 years after that i have discontinued the policy due to the personal reasons. I have to pay the premium for 7 years actually.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have taken some policy with LIC, I could not recall the name of the life insurance. But it has the term of 15 years, I need to pay only for 10 years, I get the coverage for whole year. They are providing tax benefits with the life insurance premium and it has life coverage.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have my life insured with LIC from last 15 years and it is a long term policy. I pay my premium once on 6 months through direct payment and i am convenient with the payment options. I am not happy with the returns and tenure period for this policy is for 25 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Trusted Insurance"
    0.5 5.0/5 "Blown Away!"
    They saving our money and providing the loan based on the premium but we need to maintain proper track record for the LIC. I have taken the policy for the tenure of 25 years, I need to pay the premium for whole year I expect good value from my three policy.
    Was this review helpful? 0
    , cuddalore
    Reviewed on Jan 09, 2019
Common Loader Icon
Page 1 of 50 1 2 3 4 5

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.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.