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Best Rural Postal Life Insurance (RPLI) Plans their Features & Benefits

Rural Postal Life Insurance (RPLI) plays a significant role in the insurance sector of India. RPLI online scheme was introduced in March 1995, especially for the benefit of rural people. RPLI scheme in post offices emphasizes on weaker or women population so that these people can also lead a healthy and wholesome life by opting for various rural postal insurance policies.

Earlier, only 22% of the total population of India had been insured. The special insurance committee (Malhotra committee) has recommended introducing the RPLI scheme (in 1993) as postmasters share a healthy relationship with customers in rural areas. Now, RPLI has 146 lakh policies.

List of 6 Best Rural Postal Life Insurance (RPLI) Plans in India 2021

Let’s take a look at the 6 Rural Postal Life Insurance (RPLI) Plans along with their features and benefits as mentioned below:-

  1. Whole Life Assurance (Gram Suraksha)
  2. Endowment Assurance (Gram Santosh)
  3. Convertible Whole Life Assurance (Gram Suvidha)
  4. Anticipated Endowment Assurance (Gram Sumangal)
  5. 10 Years Rural PLI (Gram Priya)
  6. Children Policy (Bal Jeevan Bima)

1. Whole Life Assurance (Gram Suraksha)

The prime objective of this policy is to offer the sum assured along with the accrued bonus to the insured policyholder either when he/she turns 80 years, or to his/her nominees after the death of the policyholder (whichever happens earlier).

Eligibility Criteria and Features 

  • Minimum and Maximum age at entry: 19 years and 55 years respectively.
  • Minimum and maximum sum assured: Rs.10,000 and Rs. 10 lakhs respectively.
  • Loan facility: Only after 4 years
  • Surrender: Only after 3 years of the completion of the policy
  • Premium: Premiums will be varied based on the sum assured and the age of the candidate
  • Rural postal life insurance bonus rates: Rs. 65 per Rs. 1000 of the sum assured

 

2. Endowment Assurance (Gram Santosh)

This scheme meets all insurance needs of policyholders. It offers an extent of the sum assured and accrued bonus until the policyholder attains the pre-determined maturity age.

Eligibility Criteria and Features 

If the policyholder passes away, the nominee will receive the entire sum assured and accrued bonus.

  • Minimum and maximum entry age: 19 years and 55 years, respectively
  • Minimum and minimum sum assured: Rs10,000 and Rs. 10 lakhs
  • Loan facility: Only after 3 years of completion of the
  • Surrender: After 3 years
  • Premium: Based on your age and the sum assured, the premium will vary. By opting for rural postal insurance online payment, customers can pay premiums online.
  • Rural postal life insurance bonus rates: Rs. 50 per Rs. 1000 of the sum assured

 

3. Convertible Whole Life Assurance (Gram Suvidha)

This policy is similar to the whole life assurance policy but with some additional features. After the completion of the 5 years of the policy, you can convert it to an Endowment assurance policy.

Eligibility Criteria and Prime Features 

  • This policy offers an extent of sum assured along with accrued bonus at the time of maturity
  • If the policyholder expires, the beneficiary will get the sum assured with accrued bonus
  • Minimum and maximum entry age: 19 years and 55 years, respectively
  • Minimum and minimum sum assured: Rs10,000 and Rs. 10 lakhs
  • Loan facility: Only after 3 years of completion of the
  • Surrender: after 3 years
  • Premium: Based on your age and the sum assured, the premium will vary

 

4. Anticipated Endowment Assurance (Gram Sumangal)

This plan is a money-back policy (with 10 lakhs sum assured) ideal for customers looking for cash periodically to accomplish their short-term financial needs. No period payments will be made if the policyholder dies. But in such cases, the nominee will have the full sum assured with accrued bonus.

Eligibility Criteria and Prime Features 

  • Policy term: This plan has two tenure periods (for 15 years and 20 years)
  • Minimum age and maximum age at entry: 19 years and 40 years for 20 years’ term policy
  • Minimum age and maximum age at entry: 19 years and 45 years for 15 years’ term policy

Survival benefits under this policy

  • For 15 years Policy: 20% each after the completion of 6 years, 9 years & 12 years and with 40% accrued bonus at the time of maturity
  • For 20 years Policy: 20% each after the completion of 8 years, 12 years & 16 years and 40% accrued bonus at the time of maturity.
  • Surrender: After 3 years
  • Premium: Based on your age and the sum assured, the premium will vary

 

5. 10 Years Rural PLI (Gram Priya)

This is a short-term money-back policy scheme ideal for rural customers.

  • This endowment scheme is for a term of 10 years, and from the date of purchase, insurance cover starts
  • Survival benefits are given after 4 years (20%), after 7 years (20%) and after 10 years (60% with accrued bonus)
  • Minimum and maximum entry age: 20 years and 45 years
  • Minimum and maximum sum assured: Rs 10,000 and Rs. 10 lakhs
  • If there are natural calamities like floods, cyclones, and drought, no interest is charged for up to 1 year.

 

6. Children Policy (Bal Jeevan Bima)

Eligibility Criteria and Features 

  • This scheme offers life insurance coverage to children of policyholders.
  • Children between ages 5- 20 years are eligible.
  • The maximum sum assured amount is 1 lakh or equal to the sum assured of the parent (which one is lesser).
  • The age of the policyholders(parent) should not cross 45 years
  • No amount will be given on the death of the policyholder (parent). The policyholder will get the entire sum assured along with accrued bonus at the term of maturity.
  • Though medical tests are not required for children, still, they should be healthy and risk-free at the time of the policy.

 

Also Read: Know all about Postal Life Insurance Premium Calculator

Benefits of Rural Postal Life Insurance (RPLI) Plans

RPLI offers a spectrum of insurance policies under one roof. Let’s take a look at some prime RPLI benefits.

  • Rural postal life insurance policyholders can get credit benefits by vowing their schemes as collateral for security. The policyholders of rural postal life insurance schemes are needed to pledge with the Heads of the Circle. The policyholders will get a loan only if their endowment schemes have completed 3 years and the whole life insurance scheme has completed 4 years.
  • To get credit, the policyholders of rural postal insurance can get pledged with any financial institution.
  • If your rural postal insurance policy lapses because of a non-payment premium issue, then you can revive the policy.
  • You can easily convert your insurance plan to another under rural postal insurance. If you are not content or satisfied with your existing plan’s features and benefits, you can migrate to other plans according to the rules set by the postal insurance department.
  • This rural postal life insurance scheme offers nomination benefits. As a policyholder, you can change the nominee as per your requirements by sending a request to the postal insurance department.

 

Rural Postal Life Insurance (RPLI) Tax Benefits

  • For the premiums, the deduction under Section 80C is applicable under the Income Tax Act, 1961.
  • Under Section 88 of the IT Act, the insured policyholder is eligible for a rebate.

 

Major Difference between PLI and RPLI Plans

  • For Postal Life Insurance (PLI): the sum assured amount is more than Rs. 1 lakh or proposer’s age is above 35 years.
  • For Rural Postal Life Insurance (RPLI): The sum assured amount is more than Rs. 25,000 or proposer’s age is above 35 years.

 

The above blog must have given you adequate information about Rural Postal Life Insurance (RPLI), its benefits, various plans & their features while helping you to understand it in a better way.

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