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
    "Best policy "
    0.5 5.0/5 "Blown Away!"
    LIC has offered a Jeevan Anand policy and i have taken for 5 year before. I am paying premium of Rs. 15,000 on quarterly basis which is sufficient. While getting a policy the agent has given me a clear policy details and their service was good and it has a good policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 20, 2020
  • LIC
    LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 15 years 2021 getting maturity and i am paying premium on quartely 40,000 which am paying to the agent. It covers up to myself with the sum assured of 7.5L.
    Was this review helpful? 0
    , tirupur
    Reviewed on Mar 20, 2020
  • Max Life Insurance
    "Good insurer"
    0.5 3.0/5 "Satisfactory"
    I taken a life insurance in MAX LIFE on 6 months back. It covers up to myself with tenure period of 35 years. To pay the premium amount there is additional criteria like accidental and for an emergency purpose can do claim at any time, so total amount need to pay of 18K on yearly. They have tied up with many hospitals.
    Was this review helpful? 2
    , bangalore
    Reviewed on Mar 20, 2020
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy of Jeevan Bhima for the tenure of 15 years .The premium is paid through yearly basis and premium is paid by myself through lic office only.This policy is stil active and the policy features and benefits was clealry shared by the agent .
    Was this review helpful? 0
    , indore
    Reviewed on Mar 20, 2020
  • Bharti Axa Life Life Insurance
    "Good service "
    0.5 4.0/5 "Great!"
    On 5 months before taken a life insurance from BHARTI-AXA. The tenure period of 15 years plus 5 years of maturity. My friend has suggested this policy to apply and I received the hard copy on time. The premium amount of 21K need to pay on yearly. The coverage amount of 10L if an emergency or accidental happen other 10Lis applicable. The charge is high when compared to other.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good "
    0.5 4.5/5 "Excellent!"
    I have taken a life insurance in LIC on 6 years before. The policy of tenure period of 20 years. I am paying premium on half yearly package the amount of 8K which is nominal. While getting a policy my agent has given an information about the policy details. It covers up to myself.
    Was this review helpful? 0
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Secured policy"
    0.5 4.5/5 "Excellent!"
    I got Money Back policy from LIC. It was taken on 14 years back. The tenure period of 20 years. The premium amount need to pay on half yearly basis of 2,480 rupees. Evey 5 years I get good returns from their end. So far I have not faced any charge. I use to remainder and update from my agency.
    Was this review helpful? 1
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good"
    0.5 4.5/5 "Excellent!"
    I took a life insurance for myself only from LIC. The policy of Jeevan Mithra which I need to pay of 10K on quarterly basis. I took this policy on 15 years back, when I was a student took this insurance so all the details got from their end on time. Only for investment taken this policy.
    Was this review helpful? 0
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good service"
    0.5 4.5/5 "Excellent!"
    LIC has offered a life insurance for my children. It covers my kids only. It was taken on 2015 which is good policy. The tenure period of 20 years. Agent has given all the details about the policy and also provided hard copy documents on time. The premium amount to pay of around 3K.
    Was this review helpful? 0
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good policy "
    0.5 4.5/5 "Excellent!"
    For my spouse I taken a life insurance policy from LIC on 3 years back. It covers only for her. The tenure period will be 20 years. I use to pay the premium amount of 20K per annum. Since somebody suggested about this policy so I opted for it. The policy is Jeeven Anandh.
    Was this review helpful? 1
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 4.5/5 "Excellent!"
    I taken a life insurance from LIC on 7-8 years back. They have given the policy of Jeevan Anandh which was covered only for myself. The premium amount which I need to pay of 6K around. The agent has given all the details about this policy. So far I have not faced any charge. To pay the amount I visit branch directly. The tenure period of 20 years.
    Was this review helpful? 1
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I got a money back policy from LIC hence taken on 12 years back. I am paying premium on quarterly package the amount of 6K which is nominal. While getting a policy the agent has given an information about all details and received the hard copy documents on time. It covers up to myself only.
    Was this review helpful? 1
    , rajahmundry
    Reviewed on Mar 18, 2020
  • LIC Life Insurance
    "Very good"
    0.5 5.0/5 "Blown Away!"
    My Aunt is working in LIC, she only suggested me to take this Life Insurance policy. I am paying annual premium of Rs. 30,000 which is auto debited from my account. This policy benefits are clearly explained to my mom and she knows it better than me. Its a money back policy taken last 2 years back.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 18, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 20 years. I need to pay the premium on monthly of 3K which am paying to the agent. It covers up to myself with the sum assured of 5L.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 17, 2020
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through lic agent .This was a maturity benefit policy and the policy tenure is for 15 years and the premium is paid on yearly basis .I am using net banking service as well as mobile banking service both are very user friendly .This was taken for my family benefits and customer service was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    Taken the life insurance policy with MAX company around 8 years ago. My colleague is suggested me to take the policy from here. The claim ratio is more compared to others. I am paying the premium amount of Rs. 15000 and i will get a sum assured amount of Rs. 3.5 lakhs. In online, i will pay the premium amount without any hassle.
    Was this review helpful? 0
    , nasik
    Reviewed on Mar 16, 2020
  • Reliance Life Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my Reliance life insurance policy last 3 years before. My friend is working as an agent hence he suggested me to take this policy here. Yearly, I'm paying the premium amount of Rs. 15000. They are giving me a sum assured amount of Rs. 2.5 lakhs for the term period of 10 years plan. This policy has tax benefits also.
    Was this review helpful? 0
    , nasik
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through Max life insurance .This policy tenure is10 years and the premium was paid on yearly through ECS mode.The policy features and benefits are well known to me since working with Max.I am satisfied with my policy.
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through Max Life insurance .Since working with max life i know the policy features and benefits.This policy is monthly income plan and for the tenure of 10 years .This policy premium is paid on yearly basis .I am paying the premium on ecs mode and it is totally for family benefits.I am paying the premium of rs.30,000.
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy directly through Max life since i am working with them .This was a monthly income plan and it is availed for family benefits only.I am paying the premium on ECS mode and the premium amount was Rs.50,000.The policy details was clearly shared by the agent and i am satisfied with the service .
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
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