Gram Sumangal Rural Postal Life Insurance Scheme
Gram Sumanagal Rural Postal Life Insurance Scheme is an endowment scheme which provides people living in rural areas to receive cashbacks on a regular basis along with insurance cover. There are two types of plans under this scheme.
The Gram Sumangal Rural Postal Life Insurance Scheme is an endowment program that offers insurance coverage and recurring cashbacks to persons who live in rural areas. Two different sorts of plans are included in this program.
The Anticipated Endowment Assurance, commonly known as the Gram Sumangal Rural Postal Life Insurance Scheme, is a money-back program. The coverage is best for people who frequently need cash to cover short-term financial obligations. This program aims to offer insurance coverage to residents of rural areas. Under this program, there are two types of plans: 15- and 20-year term plans.
Eligibility Conditions for Gram Sumangal
Minimum entry age | 19 years |
Maximum entry age |
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Eligible employees |
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Key Features of Gram Sumangal
The important features of the Anticipated Endowment Assurance or the Gram Sumangal scheme are given in the table below:
Plan type | Anticipated Endowment Plan |
Plan basis | Individual |
Premium paying terms | Monthly |
Mode of payment | Through the premium receipt book or cheque. |
Policy term |
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Funded By | 100% centrally funded |
Medicals | Sum assured exceeding Rs.25,000 requires applicants to undergo medical examination by an authority prescribed. |
Loan facility | Not accessible. As long as the policy has been finished within three years, a Loan may be awarded against it as security. |
Assignment facility | Assignment facility is available. Policy can be assigned to any financial institution for the purpose of loan. |
Alterations |
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Policy revival | The policy lapses if the premium is not paid for six months after the policy has been in full effect for three years, or for twelve months after the insurance has been in full force for more than three years. |
Nomination | Nominations are accepted in this policy. |
Minimum sum assured | Rs.10,000 |
Maximum sum assured | Rs.5,00,000 |
Grace period | In case of missed premiums, an individual will have to a minimum of Rs.1 per 100 of sum assured amount as fine. The individual can make the payment in the succeeding month. |
Surrender value | No surrender value granted under this scheme. |
Benefits of Gram Sumangal
The following are the benefits and advantages of the Gram Sumangal rural postal life insurance scheme:
- Survival Benefit: The survival benefit under the Gram Sumangal scheme is cleared in periodic payments. The following table indicates the survival benefit payable under the policy scheme:
15-year term Gram Sumangal | 20 year term Gram Sumangal | Survival benefit |
6 years completion | 8 years completion | 20% of sum assured |
9 years completion | 12 years completion | 20% of sum assured |
12 years completion | 16 years completion | 20% of sum assured |
15 years completion | 20 years completion | 40% of sum assured |
- Death Benefit: The complete sum promised and the accrued bonus are payable to the nominee in the event that the assured person dies during the term covered by the Gram Sumangal, with no deductions from the already-made periodic payments for the survival benefit.
- Maturity Benefit: The insured receives the money promised and any bonuses earned at the end of the insurance period.
- The assured is covered from the day the insurance scheme proposal is accepted.
Documents Required to Avail Gram Sumangal Rural Postal Life Insurance Scheme
The following are the vital documents that are essential to buy or apply for Gram Sumangal Rural postal Life Insurance scheme:
- Proof of identification
- Age proof
- Residential proof
- Certificate by ASP or SDI
- Declaration of Medical Examiner
- Certificate by DO, FO(PLI), or Agent
- Declaration if the proposer is illiterate
How Gram Sumangal Works
The Gram Sumangal or the Anticipated Endowment Assurance works in two kinds of plans:
Plan 1: 15-year term policy
Plan 2: 20-year term policy
These plans pay the money insured throughout the course of the period in four equal installments. If the assured passes away, the nominee will be given the sum assured plus any accrued bonus money. There is no modification made to the payout from the previous payments of survival benefits. The decreased sum assured is only awarded if there have been no missed premium payments for at least three years at the end of the policy's term date in the event that the premium is stopped before the policy's maturity date.
Riders
No riders available under this policy scheme.
How to Buy Gram Sumangal Rural Postal Life Insurance Policy?
The following are the steps to purchase Gram Sumangal Rural Postal life insurance policy:
Step 1: Obtain the premium quote and click on ‘Select’ next to the preferred option.
Step 2: Fill in the details, such as insurer and proper in the form displayed on the screen.
Step 3: Click on ‘Next’ and fill in your residential and contact details
Step 4: Fill in some more significant details in the subsequent form, such as employment details, nominee, base coverage, medical history (if any), and insurance history
Step 5: Proceed to the payment details after signing the declaration
Step 6: To start the coverage, make the premium payment for the initial installment From the day of submission of documents, the policy will be issued within 10 days.
How to Use Gram Sumangal Premium Calculator?
The following are the steps to use the premium calculator for Gram Sumangal Rural Postal Life Insurance scheme:
Step 1: Visit the official website of India Post
Step 2: Click on ‘Postal Life Insurance’ option Click on ‘Ok’ to proceed after redirecting to the external page
Step 3: Click on ‘Quote’ under ‘Purchase a Policy’ option
Step 4: Enter the details as mentioned, such as date of birth, contact details, residential address, gender, sum assured, etc.
Step 5: Select ‘RPLI’ under product type
Step 6: Select ‘Gram Sumangal’ under product name
Step 7: Select the policy term, either 15 or 20 years
Step 8: Enter the captcha
Step 9: The calculator will provide the premium quote on monthly, quarterly, half-yearly and yearly basis
Step 10: Click on ‘Recalculate’ to compare the quotes of other polices, if required
FAQs on Gram Sumangal Rural Postal Life Insurance Scheme
- Can I purchase Gram Sumangal life insurance scheme online?
Yes, you can purchase the Gram Sumangal life insurance plan online through the India Post website or the Postinfo mobile app.
- How is Gram Sumangal different from Gram Suraksha?
In contrast to Gram Sumangal, Gram Suraksha offers pre-fixed premium ceasing alternatives and does not offer money-back survival benefits. Additionally, the maximum entry age varies between the two schemes, being 55 years for Gram Suraksha and 45 years for Gram Sumangal, respectively.
- Who can purchase Gram Sumangal rural postal life insurance policy?
Residents of rural areas of the country or the area that is outside the municipal boundaries of the city can purchase Gram Sumangal rural postal life insurance policy.
- What is Gram Sumangal policy calculator?
Gram Sumangal policy calculator is an online calculator that provides a ballpark figure against the coverage at zero cost. This estimated figure helps the customer to decide better regarding their financial planning related to the life insurance policy.
- How do I check my RPLI maturity amount?
An online calculator for the Gramme Sumangal policy offers a rough estimate of the coverage at no cost. The consumer can make better decisions about their financial planning for the life insurance policy with the aid of this anticipated value.
- What is the maximum RPLI amount?
The maximum sum assured amounts for all the plans under Rural Post Life Insurance plans including Gram Sumangal is Rs.10 lakh.
- How is the bonus for RPLI calculated?
The bonus rate for Rural Postal Life Insurance policy is calculated as Rs.48 per Rs.1000 of the sum assured value of the policy.
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