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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  • SBI Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My friend has recommended me about the life insurance policy from SBI LIFE. I pay the premium amount of Rs. 13,500 in a every quarter. I don't remember aboutsum assured value. The amount is automatically deducted through ECS. Its a money back policy.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 21, 2019
  • LIC
    LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in on 8 years before. The policy is for 30 years. I am paying premium in the yearly package the amount of 36 thousands which is nominal. The total coverage is 15 lakhs. Policy name as Jeevan anadha policy. Charges are applicable and it is nominal.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 21, 2019
  • LIC Life Insurance
    "Good and believable company to take the policy"
    0.5 4.5/5 "Excellent!"
    LIC is a good and very old company so that we believe on the policy holders and all my family members are using LIC so i have taken the life insurance policy with them. Terms and conditions are good in money back policy so i purchased it. I have been paying the premium amount of Rs. 13000 per year. I make my premium by cheque through the agent.
    Was this review helpful? 0
    , asansol
    Reviewed on Oct 20, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken one life insurance policy with Life insurance corporation of India on 6 months before, the agent had clearly explain me about the plan benefits and policy is jeevan santhi, the premium amount i use to pay on monthly basis, so i use to pay the premium amount through an online.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 20, 2019
  • LIC Life Insurance
    "Below Average"
    0.5 2.0/5 "Expected more"
    I have taken a 4life insurance with LIC and doing the premium of around 12,000rupees per annum through online and ECS. Their customer service needs an improvement. They are not good in the benefits. The tenure is 10 and 15years. It was taken for tax and future benefits.
    Was this review helpful? 0
    , pune
    Reviewed on Oct 19, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have started life policy in HDFC LIFE 2years ago, am paying premium of 43K per year and the tenure is 15years. I did not remember the policy name. Am getting the statements within 5mins through my email address when I make the payment through online.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 19, 2019
  • LIC Life Insurance
    "Security based policy"
    0.5 4.0/5 "Great!"
    My life has been insured with Life Insurance Corporation of India. For the security purpose, i have chosen them. I have been paying the premium amount of Rs. 14000 on a half yearly basis. I'm satisfied with the sum assured amount provided by them. I make the payment through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Endowment won't give cash benefits."
    0.5 5.0/5 "Blown Away!"
    Earlier i have done the policy from LIC without any reason. I have a endowment plan. I'm paying the premium amount of Rs, 60000 per annum. I'm satisfied with the sum assured amount. Total term period of the policy is 18 years. Its a tax benefits policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have 3policies with LIC because its convenient and one of my friend referred me to LIC so have purchased these policies. I never contacted the customer service and the policies not matured yet. They have well explained the terms and conditions, maturity amount before taking the policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken through LIC agent.This was a Money Back policy and it was taken on the year of 2005 ,I am paying the premium on quarterly basis,I am paying the premium through branch ,I have got all the required details about the policy very clearly and there was no difficulties faced so far ,I have got the policy documents on time .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am having 4policies with LIC which is Money back and endowment policy. I am doing periodic payment, the total sum assured is 30L. The premium is deducted from my salary, around 9K. The maturity benefits are very good. The tenure is around from 20 to 23 years. It was taken for both future savings and tax benefits.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have too many of policies with LIC and its good. The benefits are good and well explained by the agent. The payment mode is ECS and am getting the statements and notification through SMS. Even the agent is doing good support and the plan was taken for future savings purpose.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 17, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance on HDFC LIFE on 5 months before only. The policy is for 20 years. I am paying premium on monthly package the amount which is nominal. While getting a policy my agent has given an information about the policy details. My father has taken an insurance for me. Use to do payment through an online. It covers up to myself only.
    Was this review helpful? 0
    , amritsar
    Reviewed on Oct 17, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 1.0/5 "Really Bad"
    I have taken Life Insurance policy direclty through LIC agent .I have got all the information abotu the policy very clearly through the agent.This policy is fo the tenure of 25 years and need t pay the premium once in 3 months .I am paying the premium through cheque it will be given to the agent .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Oct 17, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have availed Life Insurance policy through LIC agent only.This was a Jeevan Saral Policy and the tenure is for 15 years.This was a Money Back policy and the premium is paid on ome time only and it was less .I have got my policy documents on time and got all the relevant details about the policy very clearly through the agent .
    Was this review helpful? 0
    , jalandhar
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurace policy trough LIC agent direclty .Ths was a Money Back policy for the tenure of 20 years .I am paying the premium through online .Premium is very nominal and got all the relevant details about the policy very clearly through the agent I am paying the premium on yearly basis.
    Was this review helpful? 0
    , mainpuri
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken direclty through LIC agent.This was a Jeevan Anand policy which is a Maturity benefit policy for the tenure of 20 years .The premium is paid on quarterly basis and there was no difficulties faced so far when availed this policy.I will be paying the premium through the agent.
    Was this review helpful? 0
    , mumbai
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. The policy is for 15 years. I am paying premium in the quarterly package the amount of 6 thousands which is nominal. While getting a policy my agent has given an information about the policy details. It covers myself and children. It is a jeevan anadha policy.
    Was this review helpful? 0
    , kanchipuram
    Reviewed on Oct 15, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my life insurance policy from LIC. It was a Jeevan Umang. Its almost 150 years old which covers for 95% and the people invested in LIC is higher when i compared to others. This policy has two benefits one its a life insurance policy and other is pension covered policy. After 60 of years of age, i will get the pension.
    Was this review helpful? 0
    , vellore
    Reviewed on Oct 15, 2019
  • LIC Life Insurance
    "Medium"
    0.5 3.0/5 "Satisfactory"
    One month before I have taken a personal loan so they made to take life insurance with LIC company. On one payment need to do fully. In case if we missed to do payment or for some other reason unable to do from insurance they will claim full amount. Myself applicable for 10 lakhs but taken for 5.5 lakhs.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Oct 14, 2019
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