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.
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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

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

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Rural Postal Life Insurance Plans Reviews

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  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have Life Insurance policy which was taken through LIC agent .This is a money back policy it is for the tenure of 15years paying the premium on yearly basis ,I am paying the premium through online ,The premium is nominal and got all the required details about the policy through the agent .
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 17, 2019
  • LIC
    LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent only .This policy is a Maturity policy and this is a children plan it is for the tenure of 20years ,The premium is paid on yearly mode and the premium amount is Rs.24000.I have not faced any difficulties as well.I have got all the details about the policy through the agent .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.5/5 "Excellent!"
    I am holding the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA since from last 10 years, the maturity period is for 25 years and premium paying for yearly once. This gives the coverage for family. The executive explained details and hard copy shared.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have takwen Life Insurance policy throguh LIC agent only .This policy is a Maturity policy and this is a children plan it is for the tenure of 20years ,The premium is paid on yearly mode and the premium amount is Rs.12000.I have not faced any difficulties as well.I am very much comfortable with the service .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "BEST"
    0.5 5.0/5 "Blown Away!"
    I have purchased the policy and using it since from last 2013 and the name of policy is JEEVAN LABH the benefit of this policy is they give the good returns. The maturity period is for 25 years and premium paying for monthly once through ecs. The sum assured amount of 15L rupees. The coverage is for accidental also death coverage.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken some life insurance policy with Life insurance corporation of India from long time, the agent had clearly explain me about the plan benefits and policy coverage, the agent is my friend only he had suggested some policy where i can get good benefits, the premium amount i use to make on monthly basis, it use to get auto debited from my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Good"
    0.5 3.5/5 "Pretty good"
    I have taken a life insurance in LIC before 20 years. The policy is for 30 years which I have taken for jeevan andha. Now I am paying premium in the quarterly package. While getting a policy my agent has not given much information about the policy details and provided documents. I use to do payments through an online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC before 9 years. The policy is for 20 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the JEEVAN ANAND policy and the JEEVAN SARAL policy with LIFE INSURANCE CORPORATION OF INDIA where the maturity period for 25 years, the premium paying for 3 months once. The policy coverage is for self and it is the good policy to use.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Good and trustworthy policy"
    0.5 5.0/5 "Blown Away!"
    I have bought a life insurance policy from LIC since its a Government based company and best option in India. I have chosen them. The policy which i have taken is not available right now. I have been paying the premium which is convenient for me. This is tax benefiter to me. I have chosen the yearly payment mode.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Plan is good"
    0.5 5.0/5 "Blown Away!"
    Earlier i had taken the policy from LIC. Since its a long term company and Government undertaken company hence i have chosen the policy. Lockin period of the policy is 12 years. I paid the premium amount of Rs. 2700 every quarter. I got the returns perfectly. I have bought the loan and closed the policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • Exide Life Insurance
    "Short period payment policy"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy from Exide. I need to pay the premium for first 3 years. After 10 years, i will be getting the returns. I will be getting the maturity of 10 times greater. When i was working as a advisor, i have chosen the policy. I used to pay the premium in their branch. I am paying the premium amount of Rs. 50000 yearly.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "GOOD POLICY"
    0.5 5.0/5 "Blown Away!"
    I am using the life insurance policy with LIC from 2012 and the name of the policy is JEEVAN ANAND which has the maturity period of 26 years and I am paying a premium of 6000 rupees and above for 6 months once. The policy has a coverage for the family.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 16, 2019
  • SBI Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am holding the life insurance policy with SBI LIFE where i have purchased the MONEY BACK policy but i got no money back so far with this policy. The policy gives the coverage for self also the premium paying for self. There is no issues with the policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the MONEY BACK policy with HDFC LIFE and using from last one year. The policy coverage is for self added on that the policy maturity period is fir self, i have got no cash backs so far with this policy. Premium paying for yearly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the JEEVAN ANAND policy with the LIFE INSURANCE CORPORATION OF INDIA the policy has the maturity period of long term and the policy coverage is for self. I am holding the policy from last 9 years, premium paying for yearly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with Life insurance corporation of India , and the premium they use to charge me was nominal they have charged me up to 2500 and it use pay my insurance premium through on line itself, there agent had explained me clearly about the the policy and coverage in this policy, overall service is going smoothly.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have been using my life insurance with Life insurance corporation of India, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis up to 5000 premium amount it use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC before one year. The policy is for 15 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. This policy covers up to myself.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 15, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.5/5 "Excellent!"
    I have taken a life insurance in LIC before 5 years. The policy is for 20 years. Now I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details but still I have not receive the hard copy documents. Some times I do a payments through an online or else I provide amount to brother since he is an agent for this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 15, 2019
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