Grama Suvidha Rural Postal Life Insurance Scheme
For rural people of India, India Post has introduced Rural Postal Life Insurance schemes on 24 March 1995 following the observation by Malhotra Committee.
The committee extended rural postal life insurance to rural India to benefit weaker section and working women. Out of six rural postal life insurance schemes, Gram Suvidha rural postal life insurance 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 is known to benefit people according to their needs and here are the details about Gram Suvidha Rural Postal Life Insurance.
About Gram Suvidha Rural Postal Life Insurance
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 |
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Documents Required to Rural Postal Life Insurance Policies
A valid age proof is required to apply for rural postal life insurance policies. Her eis the list of documents requires in case valid age proof is available:
- Aadhar card
- Voter ID
- Self-declaration attested by Gram Pradhan or Panchayat member
- Appropriate age certificate provided by medical officer
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. |
Surrender period | Policy can be surrender after three years |
Bonus | Not eligible if surrendered before completion of five years |
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 four 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:
- 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.
- 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.
- Accrued Bonuses Payments: RPLIs are said to have the highest returns in the market considering the low premium amounts payable.
- 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.
- 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.
- 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.
- 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.
- 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.
Bonus Rate for Gram Suvidh RPLI Scheme
The bonus rates for 2024 are given in the table below:
Category | Bonus |
Terminal Bonus | Rs.20 per sum assured of Rs.10,000 |
Convertible Whole Life Assurance (CWLA) | ·Rs.60 per thousand of sum assured· Rs.48 per sum assured in case of conversion |
Whole Life Assurance (WLA) | Rs.60 per thousand of sum assured |
Endowmnet Assurance (EA) including children | Rs.48 per thousand of sum assured |
Anticipated Endowment Assurance (AEA) including Gram Priya Polices | Rs.45 per thousand of sum assured |
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.
How to Enroll for Gram Suvidha Rural Postal Life Insurance?
Here are the steps to enroll for Gram Suvidha Rural Postal Life Insurance policy:
- Visit the official website of India Post
- Click on ‘Postal Life Insurance’ option
- Click on ‘Purchase a Policy’
- Then click on ‘Quote’
- Fill in the application form
- Fill in the required details, such as:
o Name
o Mobile number
o Email address
o Gender
o Occupation
o Date of birth
o State
o Product type
o Product name
o Sum assured
- Enter the captcha code
- Click on ‘Get Quote’
- The premium details will be displayed on the screen after filling in the details
- You can complete the buying process of the Gram Suvidha Rural Postal Life Insurance policy by making the payment
How to Buy Gram Suvidha Rural Postal Life Insurance?
Here are the steps to buy Gram Suvidha Rural Postal Life Insurance policy:
- Visit the official website of India Post
- Click on Postal Life Insurance
- After redirected to another page, click on ‘OK’ to proceed further
- From the available options, click on ‘Quote’
- Enter the required details, such as date of birth, residence, gender, contact details, sum assured, etc.
- Select RPLI, under Product Type
- Select Gram Suvidha under Product Name
- As per convenience, select Premium Ceasing Age at which age premium payment of the policy ceases
- Enter the captcha
- Click on ‘Get Quote’
- The premium payment modes available are monthly, quarterly, half-yearly and yearly
- Proceed to buy the cover by clicking on ‘Select’ if you are comfortable with the premium amounts
FAQs on Gram Suvidha Rural Postal Life Insurance
- Who can buy the Gram Suvidha policy?
Any individual residing outside the municiapl town and city aged between 19 to 50 years are eligible to purchase Gram Suvidha Rural Postal Life Insurance policy.
- Can Gram Suvidha be purchased online?
Yes, you can purchase Gram Suvidha Rural Postal Life Insurance policy from the official website of India Post.
- What are the age criteria to enter Gram Suvidha RPLI scheme?
To enter the Gram Suvidha RPLI scheme the age criteria ranges between 19 to 50 years.
- Can I convert Gram Suvidha into an Endowment policy?
Yes, Gram Suvidha RPLI can be converted into an endowment policy after completing five years and not later than sixth policy year.
- How to check the Gram Suvidha RPLI?
You need to visit the official website of India Post to check the Gram Suvidha RPLI and log into the account using your login credentials. After logging, navigate to the ‘Policy Details’ section to check the policy details, which can also be done via offline mode either by visiting the nearest post office or India Post Mobile Banking app.
- How is the maturity amount of RPLI determined?
Depending on the premium paid, policy duration and plan chosen, the maturity amount of RPLI scheme may vary and the amount includes bonus accrued over the policy term and sum assured.
- Which plan rules will be applicable if Gram Suvidha is converted into endowment policy?
Until the maturity of the policy or policyholder’s demise, the rules and terms of the original term insurance policy will continue to apply if the Gram Suvidha scheme is not converted.
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