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Grama Suvidha Rural Postal Life Insurance Scheme

This is one of the policies under Rural Postal Life Insurance Scheme which is basically a convertible life insurance policy and can be converted by a policyholder based on his/her financial requirements. This plan has known to benefit people according to their needs
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If you are looking for a convertible whole life insurance policy, perhaps this rural postal life insurance scheme might be the most reliable that you would find. This is one of the top insurance products from Rural Postal Life Insurance and has been known to be very useful for people who have used it with great benefits and a name that they can bank upon. Some of the other major products from Rural Postal Life Insurance include Whole Life Assurance (GRAMA SURAKSHA), Endowment Assurance ( GRAMA SANTOSH), Anticipated Endowment Assurance (GRAMA SUMANGAL) and GRAM PRIYA which is a special scheme for Physically handicapped individuals.

Eligibility Criteria for Grama Suvidha Rural Postal Life Insurance Scheme

Here are the main eligibility criteria when it comes to applying for this whole life insurance scheme:

Minimum entry age 19 years and over
Maximum entry age 55 years and below
Minimum age at maturity Variable
Maximum age at maturity Variable
People Eligible For Application
  • Central Government
  • Defense Services
  • Para Military Forces
  • State Government
  • Local Bodies
  • Educational Institutions Government-aided
  • Reserve Bank of India
  • Public Sector Undertaking
  • Financial Institutions
  • Nationalized Banks
  • Autonomous Bodies
  • Extra Departmental Agents in Department of Posts

Key Features of Grama Suvidha Rural Postal Life Insurance Scheme

Some of the most important features of this life insurance scheme include:

Plan Type Convertible whole life insurance
Plan basis Individual
Premium paying terms Monthly, annual, half- yearly and quarterly premiums
Policy term Up to 60 years of age of the policyholder
Death Benefits In the event of the untimely death within the policy term of the policy, the nominated will be able to claim the sum assured along with bonuses that have been accrued.
Maturity Benefit If the individual survives the policy term, the policyholder will be able to claim the sum assured along with bonuses that have been accrued.
Bonuses RPLIs are said to have the highest returns in the market considering the low premium amounts payable.
Premium payment frequency The premiums have to be paid on a monthly basis.
No Medicals Most policies of RPLI require medical examinations or the non-medical policies, the maximum limit of Sum Assured is Rs.25,000/-, and maximum age is 35 years.
Policy revival The revival of his/her lapsed policy can be done. The policy lapses after 6 unpaid premiums if it remained in force for less than 3 years and after 12 unpaid premiums if it remained in force for more than 3 years, policy revival is possible under the decision of the postmaster or head of division. The Postmaster General/ Head of Division of the branch has the sole authority and discretion to accept the application of the policy revival. It is up to the postmaster general or the head of Division to also decide the fee required to pay for the revival of the policy.
Alterations Policy conversion is possible.
Nomination Nominations are accepted under this policy.
Sum Assured Minimum: Rs. 10,000. Maximum: Rs. 5 lakhs
Free Look Period There is not free-look period.
Grace Period If an individual has not paid their monthly premium on time, they have up to the end of the month, of the due date to pay the premium. A nominal late fee is charged for the same.
Policy coverage Death benefits and bonuses earned every month as returns
Loan Against Policy Loan against the policy can be taken after the individual has regularly paid their premiums for 5 years of successful premium payments.

Benefits and Advantages of Grama Suvidha Rural Postal Life Insurance Scheme

The following are the main advantages and features of this scheme:

  1. Death Benefit: In the event of the untimely death within the policy term of the policy, the nominated will be able to claim the sum assured along with bonuses that have been accrued.
  2. Maturity Benefits: If the individual survives the policy term, the policyholder will be able to claim the sum assured along with bonuses that have been accrued.
  3. Accrued Bonuses Payments: RPLIs are said to have the highest returns in the market considering the low premium amounts payable.
  4. Loan Against Policy: Loan against the policy can be taken after the individual has regularly paid their premiums for 5 years of successful premium payments.
  5. Income Tax Benefits: The Insurance policies offered through PLI have tax benefits which are predominantly under Section 80C which basically states that a policyholder having a policy issued on or before 31st March 2012 will be eligible to avail a tax deduction of 20% of the sum assured. For those who have availed a policy on or after 1st April 2012 will be eligible to avail a tax deduction of 10% of the sum assured.
  6. Revival: The revival of his/her lapsed policy can be done. The policy lapses after 6 unpaid premiums if it remained in force for less than 3 years and after 12 unpaid premiums if it remained in force for more than 3 years, policy revival is possible under the decision of the postmaster or head of division.
  7. Duplicate Policy Bond: With a simple application a Duplicate Policy Bond may be issued in case of the original Policy Bond is lost, burnt, torn or mutilated.
  8. Convertible: A policy holder can convert this policy from Whole Life Assurance to Endowment Assurance and from Endowment Assurance to other Endowment Assurance as per rules.

How Grama Suvidha Rural Postal Life Insurance Scheme Works

This is a whole life insurance policy which basically means that the policy owner has entered into contract with the Government to be eligible to receive a given sum of money, on the death of an individual, to his legal representatives or assigns, or him or herself if he or she suvives the policy term. It also has the option for the policyholder to convert the policy, at the end of 5 years (with a grace period at the end of six years) from the date of commencement of risk, into an Endowment Assurance maturing at a specified age.

Premiums Payable For Grama Suvidha Rural Postal Life Insurance Scheme

The premium amounts are based on the overall health of an individual as well as his or her lifestyle habits. If the health conditions are good and no issues are detected, the premiums will be lower as compared to someone with a heart problem or one who is diabetic. Also a non-smoker would have to pay lower premiums. The person’s age as well as the amount assured are also considered by LIC to finally issue the premium amount payable.

Riders

No riders are mentioned for this policy.

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

Grama Suvidha Rural Postal Life Insurance Scheme Reviews

Page 1 of 50 1 2 3 4 5
  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been taken my Life insurance with Life insurance corporation of India, the agent had clearly explain me about the policy coverage and benefits,i have been holding two policy one is on monthly basis and one is for yearly basis,there premium amount they have charged me was nominal.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy in the year of 2001. Since my brother in law working as a agent, i have selected the Life Insurance Corporation of India for my insurance policy. I paid the premium amount of Rs. 2500 for half yearly. I make the premium through online.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Not recommendable policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy from Life insurance corporation of India. I'm making the premium through online. Most of the policy got matured and I'm not satisfied with the returns. I have purchased policy in 1995. I have selected the quarterly payment mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Very Good Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this Jeevan Anand insurance policy almost seven years back and i am paying the premium half yearly. The premium amount was around 8944 which was not too high. The payment method has been simple and has been done easily. It is a good policy and suggestible to others.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My Life insurance with Life insurance corporation of India had got completed, for 15 years, i was been paying this premium amount, the premium amount was on half yearly basis, and now i am waiting for the money to get, there service was good, they have charged me nominal premium amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC LIFE, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Go for term insurance for the family future safety"
    0.5 4.0/5 "Great!"
    I have taken my term insurance policy from TATA AIG. This a a terms with returns policy. TATA AIG is providing a less premium with the sum assured amount of Rs. 1 Crore. I used to make the premium amount of Rs. 18000 per annum. I took the policy 1 month before. I have done the documentation process by online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    My endowment policy was taken from LIC because of the trust and secure. In 2000, i have purchased this policy. I used to make the payment through online. One of my friend has recommended me about this policy. I have visited the branch many times and they are providing average service to the customer.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    I have purchased a endowment plan from LIC. Bought my endowment plan in 2003. I have been paying the premium amount of Rs. 4000 per annum. I will get a sum assured amount of Rs. 1 lakhs. Total tenure period of the policy is 15 years. This is a tax benefit policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 3.0/5 "Satisfactory"
    I have invested a money back policy from Life insurance Corporation of India. I took this policy in the year of 2003. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 100000 per annum. Three times i have received a money back in my account. I have not faced any issue in this policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance policy was bought from ICICI Prudential. The plan name is money growth. I have been paying the premium amount of Rs. 250000 per annum. I have selected the annual mode. I used to make the premium through online. I will get a sum assured amount of Rs. 25 lakhs. Total tenure period the policy is 10 years.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My life insurance i have dealing with Life insurance corporation of India,the agent clearly explain about the policy , coverage ,they have send me hard copy, i pay premium on quarterly basis,they have charged me up to 2500-2400 approx, which was nominal, i pay off line via cheque.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have purchased a term insurance policy from TATA AIA. I opened this policy before 4 months. The claim ratio was 97% hence i have selected them. The premium amount is very less. I've chosen the coverage value of Rs. 50 lakhs. I make the premium by cheque.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Bad return value in this policy"
    0.5 1.0/5 "Really Bad"
    I hold a investment policy from HDFC LIFE. Friend has told me about this policy. They are not providing a good service to the customer. I took this policy in 2016. I have been paying the premium amount of Rs. 25000 per annum and the sum assured amount is Rs. 2.40 lakhs. This is a tax benefitable policy.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • Kotak Life Life Insurance
    "Good benefits"
    0.5 4.0/5 "Great!"
    I took my life insurance policy from Kotak Mahindra before 6years. It is a long term policy. I pay the premium through online, approx 20K per annum. I am happy with the benefits and their service. I got insurance paper. I need to pay for 15 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I am having a personal life insurance policy for the myself and my wife. All services are good and am fine mostly doing online payment. The tenure period is 15 years. I got an agent, he helps me out. It has good benefits. The premium was paid yearly through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using life insurance with Life insurance corporation of India,the agent had clearly explain the policy and the benefit coverage ,and the premium i pay is according to my convenient,like it is flexible option available,like whenever i want i can pay ,but i pay in monthly basis every time,the premium amount i use to pay up to 2000 in an monthly basis,it is nominal.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Good for investment"
    0.5 5.0/5 "Blown Away!"
    HDFC Life is best as per my experience, their claim ratio is good. They are providing terminal premium for the critical illness, disability cover. I took the policy cover for Rs. 10 lakhs, I make the premium of Rs. 30,000 on quarterly basis it has term of 10 years. They do have life cover for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with Life insurance corporation of India, i have been holding three policy , the agent had clearly explain me account the policy benefit,and there coverage,the premium amount i use to pay on yearly basis,which they have charged me was nominal,and i use to get deducted from my account.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 19, 2019
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