Rural Postal Life Insurance

Rural Postal Life Insurance

The rural demographic, particularly those with lower income levels, faces heightened susceptibility to financial devastation in the event of the primary wage earner’s demise. Due to this, ensuring the inclusion of this population under the protective umbrella of life insurance is of paramount importance. 

Though there are several life insurance providers in India, ‘Rural Postal Life Insurance’ is considered secure and reliable since it is operated by the India Post Office, which is a government entity. It offers a sense of security because it implies a commitment to the stability and reliability of the insurance scheme.

Check out more Rural Postal Life Insurance details!

Eligibility Criteria Of Rural Postal Life Insurance

The Rural Postal Life Insurance Policy is available to the following individuals:

Eligibility In Terms Of Age & Sum Assured

Scheme NameEntry AgeSum Assured
Whole Life Assurance (Gram Suraksha)19 To 55 YearsRs. 10,000 To Rs. 10 Lakhs
Convertible Whole Life Assurance (Gram Suvidha)19 To 45 YearsRs. 10,000 To Rs. 10 Lakhs
Endowment Assurance (Gram Santosh)19 To 55 YearsRs. 10,000 To Rs. 10 Lakhs
10 Years Rural PLI (Gram Priya)20 To 45 YearsRs. 10,000 To Rs. 10 Lakhs
Anticipated Endowment Assurance (Gram Sumangal)19 To 40 Years
Children Policy (Bal Jeevan Bima)

For Children: 5 To 20 Years

For Parents: Not More Than 45 Years

‘Sum Assured’ will be either up to a maximum of Rs. 1 lakh or equal to the ‘Sum Assured’ of the parent, whichever is less.

Eligibility In Terms Of Types Of Individuals:

  • Employed individuals, whether permanent or non-permanent, across various government sector enterprises, including military forces, government school employees, nationalized banks, and local civic bodies.
  • Additionally, individuals working in the private sector are also eligible to avail themselves of these rural postal policies for insurance.

Features & Benefits Of Rural Postal Life Insurance

Rural Postal Life Insurance (RPLI) offers a range of features and benefits tailored to cater to the diverse needs of individuals in rural areas. Here are some key features and benefits of RPLI:

  • Sovereign Guarantee: RPLI is backed by a sovereign guarantee, signifying that the government of India serves as the ultimate guarantor for the insurance policies. This guarantee provides an additional layer of security for policyholders.
  • Higher Affordability & Wider Accessibility: RPLI policies are designed to be affordable, catering to individuals with varying income levels in rural areas. Moreover, the scheme can be easily accessed through the extensive network of post offices, ensuring coverage even in remote rural locations.
  • Wide Coverage Options: RPLI provides a range of coverage options to meet different insurance needs. The plans include whole life assurance, endowment assurance, and convertible whole life assurance. Individuals can choose the plan that aligns with their financial goals and requirements.
  • Adequate Sum Assured: RPLI offers high coverage amounts based on the premium paid. This ensures that individuals can secure a substantial life cover, providing financial protection to their families in the event of the insured’s demise.
  • Grievance Redressal Mechanism: RPLI has a well-established grievance redressal mechanism in place. Policyholders can approach the designated authorities in case of any issues, ensuring prompt resolution and customer satisfaction.
  • Last Declared Bonuses: All the schemes of Rural Postal Life Insurance offer the ‘Last Declared Bonus’ as follows:
Scheme NameLast Declared Bonus
Whole Life Assurance (Gram Suraksha)₹ 60/- per ₹ 1000 sum assured per year
Convertible Whole Life Assurance (Gram Suvidha)₹ 60/- per ₹ 1000 per year (for WLA policy if not converted to Endowment Assurance)
Endowment Assurance (Gram Santosh)₹ 48/- per ₹ 1000 sum assured per year
10 Years Rural PLI (Gram Priya)₹ 45/- per ₹ 1000 sum assured per year
Anticipated Endowment Assurance (Gram Sumangal)₹ 45/- per ₹ 1000 sum assured per year
Children Policy (Bal Jeevan Bima)₹ 48/- per ₹ 1000 sum assured per year.

Brief Description Of Insurance Schemes Under Rural Postal Life Insurance

This section will briefly discuss all schemes!

Whole Life Assurance (Gram Suraksha):

This insurance policy is a comprehensive whole life coverage that remains in effect for the entirety of the policyholder’s life. It includes a death benefit, payable to the nominee upon the unfortunate demise of the policyholder.

Convertible Whole Life Assurance (Gram Suvidha):

The Gram Suvidha policy is a Whole Life Assurance plan that encompasses both death and maturity benefits. Should the policyholder pass away prematurely, the nominee is entitled to receive the death benefit. Additionally, after five years of policy initiation, there is an option to convert it into an Endowment Assurance Policy.

Endowment Assurance (Gram Santosh):

This scheme is formulated to offer financial security and assistance for the education and future endeavors of children residing in rural areas. Within this plan, the policyholder is guaranteed the sum assured and accrued bonus until reaching the predetermined age of maturity, which can be selected from options such as 35, 40, 45, 50, 55, 58, and 60 years.

10 Years Rural PLI (Gram Priya):

This scheme is a brief-term, money-back policy providing life coverage equivalent to the Sum Assured for a period of 10 years. 

Survival benefits are as follows: 20% after 4 years, 20% after 7 years, and 60% with accrued bonus after 10 years.

Anticipated Endowment Assurance (Gram Sumangal):

This is a Money Back Policy with a maximum sum assured of ₹10 lakh, designed for individuals seeking periodic returns. The policy provides survival benefits at regular intervals, and these payments do not impact the payout in the event of the untimely death of the insured. In case of such an unfortunate event, the full sum assured along with accrued bonuses is payable to the assignee, nominee, or legal heir.

Children Policy (Bal Jeevan Bima):

This child insurance policy is crafted to safeguard the future of children residing in rural areas. It guarantees a lump sum payment to the child upon reaching a predetermined age, ensuring financial assistance for their education or other significant life events. In the unfortunate event of the child’s demise, the sum assured is disbursed to the parent or legal guardian.

How To Purchase Rural Postal Life Insurance?

Customers can now conveniently purchase Rural Postal Life Insurance by the following means:

ONLINE METHOD:

  1. Click on the “Quote” menu in the drop-down under “Purchase a Policy.”
  1. Generate the quote by entering a valid phone number, email ID, correct PIN code, and various other details.
  1. The name of the nearest head post office will pop up based on the provided PIN code.
  1. Complete the proposal form.
  1. Make the initial premium payment through the link provided in the email or the “Initial Payment” menu in the drop-down under “Purchase a Policy.”
  1. Upload the relevant documents through the “Document Upload” menu in the drop-down under “Purchase a Policy” on the customer portal.
  1. The selected head post office will download the documents and initiate further processing.
  1. The policy bond will be issued to the customer through a registered post.

OFFLINE METHOD:

To purchase any scheme of Rural Postal Life Insurance through an offline method, one can go to the nearby post office branch. The team of the post office will help you to buy the scheme with minimum hassles.

How To Raise A Death Claim Against Rural Postal Life Insurance?

If you are looking to raise a death claim against your Rural Postal Life Insurance, then listed below are the steps that you may need to follow.

  1. Take a death claim application. It is available for download from the India Post, PLI, or PLI Customer Portal websites, or pick it up at the closest Post Office.
  1. Fill out the form with the information including policy details, policy number, name of the insured, sum assured, date of acceptance, and date of maturity, to name a few.
  1. Submit the form with the required documents as listed on the official website.
  1. Now obtain a properly completed and signed “Acknowledgment Slip” from the official or office where the claim application is filed as verification of submission.
  1. As soon as the postal department contacts you for missing or extra documents or information, reply to them right away.
  1. The acquired sum must be sent immediately to the recipient’s bank or post office account, or via check.

Frequently Asked Questions

No, only customers residing in rural areas are eligible to apply for schemes under RPLI.

Yes, a medical examination is required for all schemes. However, there are certain schemes where a medical check-up may not be necessary.

The surrender facility is only available with WLA, CWLA, and EA, not with 10 Years Rural PLI, AEA, and Child Policy.

For queries on Rural Postal Life Insurance, you can contact 1800 180 5232/155232.

Premiums paid for RPLI policies may be eligible for tax benefits under relevant sections of the Income Tax Act. Customers are advised to consult with a tax advisor for personalized guidance

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