Gram Suraksha Rural Postal Life Insurance Scheme

The Post Office Gram Suraksha Yojana is a whole life assurance policy which provides insurance coverage throughout the life of the policyholder. On the death of the policyholder within the policy term, the nominees of the policy claim the death benefit amount.

Not only this but also the scheme comes with a bonus component which makes it an ideal option among people who stay beyond the municipal borders of cities and towns.

Eligibility Criteria for Gram Suraksha Rural Postal Life Insurance Scheme

The scheme can be taken by:

  1. The minimum and maximum age limit to apply for Gram Suraksha Rural Postal Life Insurance Scheme is 19 years and 55 years, respectively.
  2. The Premium Ceasing Age is 55 years/ 58 years/ 60 years.
  3. The minimum and maximum sum assured is Rs.10,000 and Rs.10 lakhs, respectively.

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.

Plan basis

Single

Sum assured

Maximum

Premium payment term

The premium can be paid monthly, quarterly, half yearly, or annually.

Benefits

Death benefit

Maturity benefit

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

A 30-day 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 benefits 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:

  1. Maturity Benefit: If the policyholder survives till the maturity date of the insurance policy, then they should claim the complete maturity benefit amount along with the applicable bonuses.
  1. Death Benefit: Upon the death of the insured at any point during their lifetime, the family members or the nominee of the policyholder will get the complete sum assured along with the applicable bonuses. The benefit received will be subject to the terms and conditions that premiums that are due have been paid and the insurance policy has not been surrendered.
  1. Surrender Benefit: The surrender benefit or reduced sum assured is subject to the acquired surrender value will be paid to the insured after three years. Having said that, the bonus amount will be payable with the surrender benefit in case the insurance policy is surrendered after a tenure of five years.

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.

Riders

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

RPLI Gram Suraksha Premium Calculator

India Post has its own online PLI premium calculator, and it is available on its official website which is used by the users in determining the premium amount payable against coverage under the scheme. Given below is the step-by-step procedure on how to use the online Gram Suraksha Policy premium calculator:

  1. Firstly, visit the official website of Indian Post.
  1. Secondly, click on the ‘Postal Life Insurance’ option.
  1. You will be redirected to a new page and then click on ‘OK’ to continue.
  2. Next, go to the ‘Purchase a Policy’ and tap on the ‘Quote’ from the drop-down menu.
  3. Now, enter the required details such as date of birth, contact details, sum assured, residential address, etc.
  4. Under the ‘Product Type’ and choose the ‘RPLI’.
  5. Now, go to the ‘Product Name’ and choose ‘Gram Suraksha’.
  6. Choose the Premium Ceasing Age from the options available.
  7. Next, enter the captcha code.
  8. You will be able to view the yearly, half yearly, quarterly, and monthly premium quotes against the sum assured.
  9. If you wish to calculate again or change the features, you can scroll down and click on ‘Recalculate’ button.
  10. Then, you can proceed to purchase the policy.

How to Purchase Gram Suraksha Bima Yojana?

You can purchase this policy both online as well as offline. Next, you visit your nearest post office branch and submit the necessary documents. The following are the steps to purchase Gram Suraksha Bima Yojana online:

  1. Once you have followed the steps that are mentioned above, choose the desired option.
  2. You will be redirected to an online form wherein you can fill details about the Proposer and the Insurer.
  1. Then click on ‘Next’ to fill in the correspondence details.
  1. Other details which should be filled out such as employment information, medical history, insurance history, and base coverage.
  1. Sign the ‘Declaration’ to proceed with the payment.
  1. Finally, make the initial premium payment in order to start the coverage.
  1. Your policy papers will be issued to you within ten days of the submission date of the required documents.

Documents Needed

Given below are the list of documents which are required to be submitted to apply for Gram Suraksha Bima Yojana:

  1. Proof of age
  2. Proof of address
  1. Proof of identity
  1. Declaration of Medical Examiner
  1. Certificate by ASP (Annuity Service Provider) / SDI (Subcontractor Default Insurance)
  1. Certificate by Agent/ FO (PLI)/ DO (Development Officer)
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