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  • 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
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with life insurance corporation from 15 years, now it is going to get closed in this year only , there agent had explained me about the policy coverage and i got my refund for insurance after 10 years and i use to pay premium on quarterly bases up to 3000 , i use to pay through on line or off line mode.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 15, 2018
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a term plan policy with LIC. It was taken in the year of 2009. The tenure period is 10 years and almost 9 nine years completed. Every 4 years, I got some maturity amount. It is a money back policy. The policy coverage and benefits are good. For one year, the premium is Rs.2800.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 15, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 5 years and it is a money back policy. I get money back after every 4 years in this policy. I pay my premium once in 3 months through online and i am convenient with the payment options. The tenure period for this loan is 20 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2018
    • SBI Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I took a life insurance with SBI Life and it was taken 4 years. I have chosen the policy because am holding a salary account with SBI. The policy coverage and the plan benefits are better. I pay the premium through cash. Am paying monthly 600 rupees as a premium.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Nov 15, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been holding my life insurance with Life insurance corporation of India, i need to pay premium on monthly bases up to 1200 it is nominal premium amount they have charged me and it use to get auto debited from my account but there agent is not good they did not explain me the policy related to life insurance clearly.
      Was this review helpful? 0
      , anantapur
      Reviewed on Nov 15, 2018
    • HDFC Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with HDFC Life, there service is good they have charged premium up to 9000 rupees per year, it use to get auto debited from my account and there customer service is good they explained me about all policy it cover in this life insurance.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Nov 15, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with the LIC. I have been using their services for a while. It is too easy to make payments and never faced any issues with the policy so far. Being a government company the security for your investment is certainly there with the LIC and it is a recommendable insurance provider.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 15, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with Life insurance corporation,i have been paying premium up to 3000 on monthly bases , actually my father had applied this insurance they know about the policy clearly and they use to pay the insurance amount to agent , till now there service is good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have been holding my life insurance with Life insurance corporation, they are government institution i have trust in this insurance company i use to pay premium in quarterly bases and i use to pay through off line, there customer service was good they have explain me about my policy coverage clearly.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 14, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Need improvement on customer service"
      0.5 3.0/5 "Satisfactory"
      I think their customer service should be improved, I have taken jeevan anand it has the total term of 15 years. I need to pay for whole premium. The life cover is available upto certain period. LIC very much provides tax benefit, its good for me.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied my life insurance with life insurance corporation of India long back, i use to pay premium per month, and they have charged premium up to 2,000 rupees it nominal and i use to get auto debit, there customer service team had explained me about the policy clearly when i had applied this insurance.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied my life insurance with life insurance corporation of India long back, i use to pay premium per annum , and they have charged premium up to 7,000 rupees it nominal and i use to pay through cash or cheque, there support team had explained me about the policy clearly when i had applied this insurance.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Nov 14, 2018
    • HDFC Life Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this insurance policy a long time back and the process was done online. I had been making the payments on a monthly basis and the premium amount of 1000 has been good. The premium method also has been good and there has not been any hassle faced with them so far.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Nov 14, 2018
    • Bharti Axa Life Life Insurance
      "Fraud Scam"
      0.5 0.5/5 "Unacceptable"
      Entire Bharti Axa team member is fraud. They have surrender my 12 year old policy putting my signature on the surrender form. They have done forgery, done fake signature & withdrawal my money. I have complained on 2nd Nov. Since no proper resolution. my policy number 500-0035682. Request not to purchase policy from this company. Later, I came found, almost all the employee involved through out India in this fraud scam.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Due reminder should be timely"
      0.5 4.0/5 "Great!"
      I do have one or two life insurance policy with LIC. It was taken long back, its a long term policies. I am paying around 5000 quarterly. It is a conventional policy and I will getting a maturity benefits. I am making the payment through online. The premium reminder update is not that good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
    • HDFC Life Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have taken 2 life insurance policies with HDFC Life, one was taken in the year 2007 and other is year back. I am very much satisfied with the policy coverage and benefits. They have introduced term plan and giving partial disability benefits. I am paying the premium of 3700 rupees monthly through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Its Trusted"
      0.5 4.0/5 "Great!"
      Major factor I selected the LIC its govt one and its trusted one. The premium I used pay around Rs. 44k for one year for one policy. its a long term. Agent wont respond properly, they interested to sell the policy then they wont respond it. I need to work on the beneficial part.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • HDFC Life Life Insurance
      "Good policy to have"
      0.5 5.0/5 "Blown Away!"
      I hold a term insurance with HDFC worth of Rs. 15 lakhs. I opened a term insurance in the year of 2013. I have been paying the premium of Rs. 6174. I have chosen the annual payment mode. Total tenure period of the policy 15 years. This is tax benefitable policy. Since I'm a existing customer of HDFC, i have chosen the same company.
      Was this review helpful? 0
      , dehradun
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I had taken an insurance for my daughter with Life Insurance Corporation of India. Actually its a 38,000 rupees policy and I got the double the amount of the policy. The service are good and nice. Every quarter I pay around 1100 rupees. The premium was paid through an LIC agent. The policy period for money back is 8 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
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