• Rural Postal Life Insurance Plans

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    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

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    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
      "Trusted Policy"
      0.5 3.0/5 "Satisfactory"
      I do online payment for this LIC policy. Good life secured policy. I found LIC is trustworthy to invest. I've been holding this policy more than 8 years. Risk coverage policy. Accidental and death benefitable policy. I used to pay the premium of Rs. 5000 every month. Its a life time policy. After 60 years it will get matured. I will get a sum assured amount of Rs. 10 lakhs
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am using the life insurance policy from the LIC for which I am paying a premium of almost 1 lac. Their services are good and never faced any issues so far. The payment options are also nice with the LIC. Being a Govt company the security for investment is certainly there with the LIC,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Bharti Jeevan Policy for a while. I pay a premium of 21000 per year. I make payments Via Cheque.. The service is good. No issues so far. The tenure of the policy is 15 years. Overall it has been a hassle free experience with the LIC and their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • Exide Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've been using the Life insurance policy from the Exide Life for a while. The response is not good. I pay a premium of 2000 per year via ECS. The premium gets auto debited from the account as it is more convenient for me. So far it has been a useful insurance policy to have.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying the premium 11000, per year. The service good. It is so easy to make payments for this policy. I never faced any issues with their services. Being a govt company the security for my investment is guaranteed with the LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Max Life and I pay a premium of 600 per Month, I make payments online and the sum assured is 1 Crore. My friend is an agent and never faced any issues with their service so far. Overall it has been a hassle free experience with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Tarang Policy for a while. It is take for my children. The tenure of the policy is 18 years. It can also be converted to a pension scheme where my children will be getting 28000 per year as a part of the plan. It is a useful policy and recommendable.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Bhima Gold Money back policy for a while now. I will get cash back every 5 years via DD. I pay a premium of 700 monthly for this policy. It is a very useful policy considering the low premium I pay. Overall it has been a good experience with the LIC and their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a Jeevan Anand policy with the LIC. I am paying the premium of 500 per month. It is too easy to make payments and I never faced any issues with their services. Being a govt company the security is there with the LIC Overall it has been a good experience .
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the life insurance policy long back. This policy has the tenure of 20years. The plan benefits and the coverage is good with this policy . I would say i am satisfied having the Life insurance policy with Life Insurance Corporation of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 3.5/5 "Pretty good"
      I am having the life insurance policy with the LIC of India. I would like to say that the customer service is good one and the response is better one too. Policy coverage value is good too with them. I am happy with the LIC of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I am having the Life Insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is also very good too and the response is good too. Coverage value is fine one too with the LIC of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      Customer service is not experience with the Life Insurance Corporation of India, Policy coverage is good and I have taken two policy with the Life Insurance Corporation of India. Everything is better one with them till now.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • ICICI Prudential Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The tenuity period is for 10 years. I have been using since 2016 and i am happy by using the life insurance. The payment i do through the on line for monthly once. Apart from that the documentation i have done through the physically at my doorsteps.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 20, 2018
    • Max Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have been using since 5 years. I am very happy by using the MAX LIFE INSURANCE. i had a excellent experience with the life insurance. The tenuity period is for 10 years and it is a short term policy from life insurance. I have been using because i am happy holding this insurance policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 20, 2018
    • HDFC Life Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and the customer service is good too. I would like to say that everything is good and their response too. I am happy with them till now and everything is better with the HDFC life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "LIC is a very good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this LIC Jeevan Tarang policy 10 years before. I don't remember about the plans and benefits. I'm paying the premium amount of rs. 10000 six months once. I will come to know about the benefits when the maturity arrives. Total tenure of the policy is 12 years. Sum assured amount is 8 lakhs. Death benefits, Risk coverage and Accidental benefits are available. I used to make the payment through cash. My brother working as LIC agent and he suggested this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • Bajaj Allianz Life Life Insurance
      "Best product offerings"
      0.5 4.0/5 "Great!"
      I have three policies from Bajaj Allianz life. The premium gets auto debited from the account(Check details here : https://www.bajajallianzlife.com). I don't have to worry about the due date and this makes life so much easier. The agents are very friendly and in case of any discomfort, they have always helped me understand and sort things out. I recommend Bajaj Allianz to everyone over any other company in the market
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance from LIFE INSURANCE CORPORATION OF INDIA and the yearly premium is 30000. The total maturity period is for 20 years. After the maturity period i will get the sum assured and the interest. I mostly do cash payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 14 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months by cash and i am convenient with the payment options. The maturity period for this policy is after 23 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2018
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