The RPLI or Rural Postal Life Insurance was started as an upshot to recommendations of the Malhotra Committee. In the year 1993, it was observed by the Committee that 22 percent of the total insurable population are insured in this country. The recommendations of the Malhotra Committee were accepted by the Government and Postal Life Insurance was allowed to extend their coverage to the different rural sectors.
Eligibility Conditions for GRAM PRIYA Rural Postal Life Insurance
|Employees who are eligible||Salaried Professionals|
|Minimum Entry Age||19 years|
|Maximum Entry Age||45 years|
Key Features of GRAM PRIYA Rural Postal Life Insurance
|Commencement of Insurance||The insurance coverage starts from the acceptance date|
|Minimum Assured Sum||Rs. 10,000|
|Maximum Assured Sum||Rs. 5,00,000|
Benefits / Advantages of GRAM PRIYA Rural Postal Life Insurance
- In case of natural calamities like flood, earthquake, cyclone, drought, etc. no interest will be charges till 1 year arrear of premia.
- The amount payable as survival benefit is given below
At the end of four years 20 percent At the end of seven years 20 percent At the end of ten years 60 percent with bonus
- Surrender Value is not payable.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017