RPLI is the only insurer who gives bonuses and the premium charged is low. The schemes offered by RPLI is to attract the people in rural areas to invest in life insurance schemes. Gram Suraksha Rural Postal Life Insurance Scheme is a whole life assurance plan. The maximum sum assured is Rs.1 lakh. Apart from this the insured can opt for loan, conversion and surrender. The policy can be easily transferred anywhere in India to any of the post offices. Tax benefits are also available with this scheme.
Eligibility Criteria for Gram Suraksha Rural Postal Life Insurance Scheme
The scheme can be taken by:
- Central and state Government employees.
- Departmental agents
- Defence service
- Industrial workers
- Government aided educational institution and Universities
- Mahanagar Palika
- Zila Parisad
- Nationalised banks
- RBI or SBI Subsidiaries
- Central and state government undertakings, boards, corporations, organisations and financial institutions.
|Minimum Entry Age||19 years|
|Maximum Entry Age||45 years|
|Maximum age at Maturity||55, 58 and 60 years|
Key Features of Gram Suraksha Rural Postal Life Insurance Scheme
The key features of this scheme are as follows:
|Plan type||Whole Life Assurance plan.|
|Sum assured||Maximum – Rs.1 lakh|
|Premium payment term||The premium can be paid on a monthly, quarterly, half yearly or on annually.|
|Benefits||Death benefit: Death benefit is offered to the nominee if the insured dies during the policy term. Maturity benefit: On maturity, the insured received sum assured and bonuses that have been accrued.|
|Bonus||High bonuses are offered by RPLI.|
|Medical||If you do not wish to have a medical check, then the maximum sum assured offered is Rs.25,000 and the maximum age for entry is 35 years.|
|Policy revival||Policy can be revived after paying the unpaid premiums.|
|Nomination||Nomination facility is available.|
|Surrender||Policy can be surrendered after paying premiums for 36 months.|
|Conversion||Policy can be converted to Endowment Assurance – Gram Santosh|
|Free look period||There is no free look period.|
|Grace period||30 days grace period is offered for paying the premiums due.|
|Loan||Insured is eligible for loan after paying premiums for 48 months. The interest rate on loan is 10%.|
|Tax benefit||Tax benefit under Section 80C and Section 88 can be availed under the Income Tax Act, 1961.|
Benefits of Gram Suraksha Rural Postal Life Insurance Scheme
The following are the benefits of taking this scheme:
- The scheme offers death and maturity benefits.
- Tax benefits are available under Section 80C and Section 88 of the Income Tax Act, 1961.
- Insured can also take a loan against the policy after having paid premiums for 48 months.
- The policy can be converted to Endowment Assurance.
- The policy can be surrendered after paying 36 premiums.
- Policy revival is also allowed.
- High bonuses are offered.
- The policy can be transferred to any post office to any part of India.
How Gram Suraksha Rural Postal Life Insurance Scheme Works
Gram Suraksha Rural Postal Life Insurance Scheme is a Whole Life Assurance plan. The plan is to be in force for the insured’s entire lifetime. The insured can pay premiums throughout his lifetime or till the date as preferred by the insured. On survival, the insured will receive maturity benefit and if he dies during the policy term, then the nominee will receive the death benefit. Maximum sum assured is Rs.1 lakh.
Premiums Payable for Gram Suraksha Rural Postal Life Insurance Scheme
The premium amounts are based on the health and financial situation of the insured. The premiums will be lower if the health conditions are good.
There are no riders available with Gram Suraksha Rural Postal Life Insurance Scheme.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017