Grama Santosh Rural Postal Life Insurance Scheme

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.

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.

1. 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).

1. 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.

1. Income Tax Rebate

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

1. 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.

1. 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.

How to purchase Gram Santhosh Rural Postal Life Insurance (Offline)

If you want to purchase a Postal Life Insurance policy, you can do so by contacting any of the following individuals or entities:

1. Employees of the Department of Posts, such as inspectors, clerks, and postmen
2. Direct agents
3. Field officers of Postal Life Insurance
4. Gramin Dak Sevaks of Branch Post Offices/Gramin Dak Ghars

How to purchase Gram Santhosh Rural Postal Life Insurance (Online)

India Post offers Postal Life Insurance policies to its customers. In order to avail these policies, customers are required to register themselves on the India Post website to get a quote.

The following steps outline the customer registration process:

1. Step 1: Access the India Post website: Customers can visit the official India Post website at https://pli.indiapost.gov.in/CustomerPortal/Home.action.
2. Step 2: Click on the Login option: Once on the homepage, customers need to click on the Login option. 
3. Step 3: Generate Customer ID: On the login page, customers will find an option to generate a new Customer ID. They need to provide their personal details, including their name, address, mobile number, and email ID. Once all the details are entered, they need to click on the Submit button.
4. Step 4: Set Password: After submitting the details, customers will receive a first-time registration link to their registered email ID. They need to click on this link to set their password. Customers must ensure that they set a strong password that is difficult to guess.
5. Step 5: Login: Once the password is set, customers can go back to the India Post website and login using their Customer ID and password.

It is important for customers to keep their login credentials safe and secure. They should not share their password with anyone and must change it regularly to ensure the security of their account. Additionally, customers can use the Forgot Password or Forgot Customer ID options if they need to reset their login credentials.

Follow these steps to get a new quote for purchasing a policy through India Post:

1. Step 6: The required details: mobile number, name, email address, and pin code. 
2. Step 7: Enter the date of birth and select the gender of the applicant.
3. Step 8: Select the product type (RPLI) and product name (Gram Santhosh) from the available options.
4. Step 9: Select the Age at Maturity from the options available. 
5. Step 10: Enter the sum assured.
6. Step 11: Enter the captcha letters as shown.
7. Step 12: This will give you the monthly, quarterly, half-yearly, and yearly premium quotes against the sum assured opted for.  
8. Step 13: If you are comfortable with the premiums, click on Select to proceed to buy the cover.  
9. Step 14: If not, scroll down and click on Recalculate to calculate and compare quotes of other policies or change the features, sum assured, etc.

To purchase Gram Santosh Postal Insurance online following the steps below:

1. Step 15: After you have chosen the cover, sum insured and age of maturity you can provide details about the Insurer and the Proposer.
2. Step 16: Click on ‘Next’ to fill in the correspondence information such as your address and contact details.
3.  Step 17: The following forms will require you to provide information about your insurance history, employment history, base coverage, nominee assignment, and medical history (if any). 
4. Step 18: In order to proceed with the payment details, you have to sign the Declaration.
5. Step 19: Now you can make the initial premium payment to start the coverage.

The policy will be issued 10 days from the date of submission of the requisite documents.

Documents required to buy Gram Santosh Rural Postal Life Insurance

The following documents are required to purchase the Gram Santosh policy:

1. Proof of Age, Residence, and identity
2. Declaration of medical examiner
3. Certificate by DO/FO (PLI)/Agent
4. Certificate by SDI/ASP
5. Declaration in case the proposer is illiterate