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Grama Santosh Rural Postal Life Insurance Scheme

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Postal Life Insurance (PLI) was initiated in 1884 and is one of the most reliable insurance providers in India. GRAMA SANTOSH Rural Postal Life Insurance Scheme is an endowment assurance plan and is the ideal choice for people looking for the dual benefit of insurance and investment. In this scheme, the insured is offered an assurance to the limit of sum assured and the bonus till the policyholder attains an age, that is pre-determined. In the event death of the policyholder, the nominee will be paid the sum assured along with the bonus. Since this policy not only offers the sum assured to the policyholder’s family in case of his untimely death but also guarantees a lump sum at the desired age, GRAMA SANTOSH Rural Postal Life Insurance Scheme is best suited for people of all age groups and socio-economic background.

Eligibility Criteria for GRAMA SANTOSH Rural Postal Life Insurance Scheme

People Eligible for Application Employees of the organizations mentioned below are eligible to apply for PLI policy.
  • Defence services and paramilitary forces
  • Financial institutions and nationalized bank
  • Central Government, State Government and Local Bodies
  • Reserve Bank of India
  • Autonomous Bodies
  • Government aided educational institutions
  • Extra Departmental Agents in Department of Posts
Minimum Age at Entry 19 years
Maximum Age at Entry 45 years
Age Limits for Premium Ceasing 35, 40, 45, 50, 55, 58 and 60 years
Maximum Sum Assured Rs. 10 lakh
Nomination Facility Available
Minimum Sum Assured Rs. 20, 000

Key Features of GRAMA SANTOSH Rural Postal Life Insurance Scheme

GRAMA SANTOSH Rural Postal Life Insurance Scheme comes packed with an array of advantages that makes it one of the most preferred endowment assurance plans in the market. Given below are some of the key features of this Scheme.

Plan Basis Individual
Plan Type Endowment Assurance Type
Policy Term Variable
Premium Paying Terms Annual, half yearly, quarterly, monthly and through salary deductions
Maturity Benefit The insured is offered the sum assured along with the accrued bonus if he attains the predetermined age of maturity.
Death Benefit In case of unexpected death of the insured. The nominee will receive death benefits in form of full sum assured along with the accrued bonus.
Premium Payment Frequency Monthly
Bonus Options Current bonus is fixed at Rs. 58 per thousand of sum assured per year. However, bonus rates are subject to frequent change and is based on Corporation’s performance.
Sum Assured Minimum sum assured is Rs. 20, 000 while the maximum sum assured is Rs. 10 lakh
Grace Period If the policyholder forgets to pay the premium for a particular month, he can pay the same along with the next month’s premium by paying a fine of Rs. 1 per Rs. 100 of sum assured. Also, the policy will lapse if premium is not paid for 6 continuous months or 12 months depending on when the policy has been brought into force.
Nomination Facility Available
Alterations No alteration from endowment assurance plan to other classes or vice versa will be allowed. Also, no alterations in sum assured or term for endowment assurance policy will be allowed once the policy is initiated.
Policy Revival after Lapse Revival of GRAMA SANTOSH Rural Postal Life Insurance Scheme due to non payment of premium is permitted after payment of premium arrears along with an interest of 12% per annum and production of good health certificate. However, revival of a policy after lapse is subject to select criteria under PLI rules.
Medical Examination Requirement All PLI insurance schemes have mandatory medical examination requirement. However, no medical examination is required if the age of insured is less than or equal to 35 and the sum assured is less than or equal to Rs. 5 lakh.
Coverage Offered by the policy Insurance Cover starts from the date of insurance.

Benefits and Advantages of GRAMA SANTOSH Rural Postal Life Insurance Scheme

GRAMA SANTOSH Rural Postal Life Insurance Scheme offers a wide range of features that benefit the policyholder immensely. A product that serves the purpose of both investment and insurance, this Scheme’s benefits are outlined below.

  • Surrender Value

Surrender Value represents the amount that is payable to the insured after the foregoes the benefit of the endowment policy and surrenders the policy for an immediate cash payment. Surrender value depends on the term of the policy and surrender factor. GRAMA SANTOSH Rural Postal Life Insurance Scheme can be surrendered after 36 months the insured will get full amount paid plus bonus (which will be taken into account only after 5 years for calculating surrender value on paid up value).

  • Modes of Premium Payment

The premium can be paid through cheque. Also, all policyholders will receive a receipt book using which they can deposit the premium amount in any Post Office. The premium can also be paid online for select type of policies.

  • Income Tax Rebate

Income Tax rebate will apply for premiums paid towards Post Office Life Insurance under Section 80C of Income Tax Act.

  • Loan Options

Loan against GRAMA SANTOSH Rural Postal Life Insurance Scheme Policy as security can be obtained by all policyholders. Loan facility can be availed on all policies after completion of three years. However, the policy is not eligible for bonus if it is assigned for loan before completion of 5 years.

  • Rebate on Premium Amount

GRAMA SANTOSH Rural Postal Life Insurance Scheme policyholders get a rebate of 2% if the annual premium is paid in advance and a rebate of 1% of the premium for six months is paid in advance.

How GRAMA SANTOSH Rural Postal Life Insurance Scheme Works

Under GRAMA SANTOSH Rural Postal Life Insurance Scheme, the insured is given a guarantee to the limit of sum assured and the bonus accrued till the insured attains the age of maturity which will be decided before the policy comes into force. In case the insured dies unexpectedly, the nominee or the legal heir will be paid the entire sum assured along with accrued bonus.

Premiums Payable for GRAMA SANTOSH Rural Postal Life Insurance Scheme

The premium amount for GRAMA SANTOSH Rural Postal Life Insurance Scheme depends on a variety of factors like term, sum assured and the insured’s health condition. For people under the age of 35 with no specific ailments, the premium will be considerably lower than that of an elder person with health problems. A variety of factors are considered by the Postal Department before fixing the premium for Premiums Payable for GRAMA SANTOSH Rural Postal Life Insurance Scheme.

Riders

No riders are available for Premiums Payable for GRAMA SANTOSH Rural Postal Life Insurance Scheme.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Grama Santosh Rural Postal Life Insurance Scheme Reviews

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  • Bajaj Allianz Life Life Insurance
    "Safe plan for future"
    0.5 5.0/5 "Blown Away!"
    I have life insurance with Bajaj Allianz, I used to pay Rs. 12,000 for one year policy, it has the tenure of 40 years, Its a totally term plan for the value of 1 crore, they give lump sump amount to the nominees, the claim ratio is good and also terminal waiver on premium.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 14, 2018
  • SBI Life Life Insurance
    "Best ULIP Policy"
    0.5 5.0/5 "Blown Away!"
    I have purchased a market based policy 2 years ago. I have chosen SBI LIFE because it was suggested by my friend. I pay the premium amount of Rs. 10000. I make the premium through online. The growth was pretty good and tenure period of the policy is 10 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Best policy in LIC"
    0.5 5.0/5 "Blown Away!"
    My money back policy was taken with LIFE INSURANCE OF INDIA. I pay the premium amount of Rs. 5000 in a month. I have selected LIC because of the returns. I make the premium through ECS. Total tenure period of the policy is 25 years. My friend has referred me about this policy
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Good LIC policy"
    0.5 5.0/5 "Blown Away!"
    I'm just paying the premium and i have never get the sum assured amount and i will get it after 25 years of tenure period. I'm making the premium through ECS. I pay the premium amount of Rs. 5000 every month. I will get a coverage value of Rs. 1.27 Cr.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • Bharti Axa Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance from the Bharti Axa life as it has good returns i make the payment through on-line banking annually . This policy covers accidental and critical illness benefits with the tenure period of 15 years . Overall am satisfied with my policy .
    Was this review helpful? 0
    , faridabad
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Useful policy"
    0.5 4.0/5 "Great!"
    In the month of February, i have purchased a money back policy from Life Insurance corporation of India. I pay the premium amount of Rs. 15000. Last time i have paid the payment through cheque and in future i make through online. One of sister who is working as a LIC agent has referred this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Useful policy"
    0.5 4.0/5 "Great!"
    I have purchased a term insurance policy 1.5 years back. There is no particular reason for choosing the LIC. I pay the premium amount of Rs. 26000 and i have chosen the annual payment mode. Sum assured amount was Rs. 70 lakhs. Total tenure period of the policy upto 70 years of my age.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have a life insurance policy with LIC from last 4 years and it is a long term policy. I pay my premium once in 6 months through direct payment and i am convenient with the payment options. Tenure period for this policy is 18-20 years. The returns and benefits are good in this policy.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is ENDOWMENT PLAN and i am using it from past 10 years. The maturity period of this policy is till 67 years of my age. This gives the policy coverage of 4 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Good Policy with Life Coverage"
    0.5 5.0/5 "Blown Away!"
    I have agent who coordinate with me for my life insurance, they are responding well, the customer support is good, they have different payment options. The policy name called Jeevan labh its for 15 years I get the benefits as lump sum amount with life cover.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India,the agent had clearly explain me about the policy coverage, plan benefits etc, there premium amount they have charged me was nominal,they charged in quarterly basis,overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Fine policy for emergency purpose"
    0.5 5.0/5 "Blown Away!"
    Along with my personal loan they have provided me a life insurance policy from HDFC LIFE. I have to pay the premium amount of Rs. 6000 in a year. I used to pay the premium through online. Total tenure period of the policy is 4 years. I'm getting a sum assured amount of Rs. 3 lakhs.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 13, 2018
  • SBI Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I took this Life insurance from Sbi life mainly because of the good returns. The payment am doing through online every year through online payments . The best about the policy is it covers accidental coverage and critical illness There customer service and customer response is also good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    Based on the benefits and returns i have chosen this life insurance corporation of India . I am satisfied with the amount which am making for the policy . Am making the payment yearly through online . This policy cover accidental benefits . Overall am happy with it.
    Was this review helpful? 0
    , faridabad
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy in my wife's name. 5 years back i have bought the Jeevan saral policy with Life Insurance Corporation of India. Since its a better company, i have selected the LIC. I pay the premium amount of Rs. 5400. Its a long term policy. I have selected the annual payment mode.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I am using LIC using thee policies same policies life insurance coverage and two more different policies i am never contact customer Service for everything contact with agent only Responsiveness very good , Promised Interest Rate is less in LIC but trust worthy , Fees & Charges is use to pay by agent only. Hence i can give rating 5 for best service
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 13, 2018
  • IDBI Federal Life Insurance
    "Very Good"
    0.5 4.5/5 "Excellent!"
    IDBI Life cover policy for my children there is more benefits in this policy i have to pay 30k every year after his age of 16 partially amount will received for his education after few years for marriage and in risk factor also amount will provide once terms will complete total Amount will be received in 3 terms for this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Very good"
    0.5 4.5/5 "Excellent!"
    I am using Life Insurance policy and need payment in six month once i am happy with LIC insurance policy . Since long time i am using Life cover policy so i am only trust to LIC for Life insurance payment is made in cheque and sometimes in cash which one collected by agent for service i can give rating 4.5 very good service.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Every salary holder must taken this policy"
    0.5 4.0/5 "Great!"
    I have purchased the HDFC accidental policy nearly 4 years before. I have been paying the premium amount of Rs. 80000. I used to make the premium through my credit card and i covert into EMI basis. This is annual payment mode policy. This policy has coverage value of Rs. 15 lakhs and all my member covered in this policy
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good policy in LIC"
    0.5 4.5/5 "Excellent!"
    Since its a Government undertaken i have selected Life Insurance corporation of India for my life insurance policy. One of my agent who referred me about the Jeevan Anand policy. I had purchased this policy in 2013. I used to make the premium amount of Rs. 30000 and i have selected the yearly payment mode. The policy will get over by 2033.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2018
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