What is Rural Postal Life Insurance

What is Rural Postal Life Insurance 1

The recommendation of the Rural Postal Service Life Insurance Scheme was first made by the Malhotra Committee in 1993. Because this committee presented a report in which it was a statement that only 22% of the people in the country were insured. Whereas there are many people in India who should get the benefit of insurance. Due to this reason, RPLI was started as Life Insurance business on 24-03-1995 due to this motive which is still going on. One of its main objectives is that more and more people will be insured in rural areas. They also benefited from this scheme.

Post office help has been taken to bring this scheme to the rural areas as there are many Post Offices in the Postal Department in rural areas and their staff can mainly make rural postal service public aware about it. Because the postman is aware of the language and circumstances of his locality so that he can give full and accurate information about the Rural Postal Life Insurance to the people by spreading more of this scheme.

Earlier, LIC had the right to life insurance only but in 1999, Postal Life Insurance was also exempt, in which it was stated that the right of life insurance is also given to PLI. RPLI plans are completely managed by postal department employees. Although the business is growing, it is being administered without the appointment of additional employees. All benefits of such low-cost operations are being passed to customers through low premium and high bonuses.

For this reason, Rural Life Insurance is very reputable schemes as it is given a higher bonus even if paying less premium. The main objective of this scheme is to provide insurance cover to the rural masses generally and to benefit the weaker sections of rural areas and women workers and spread awareness among the rural population. And this effort is also being successful as under RPLI so far, more than 75 lakh people are getting the benefits of Life Insurance Policies and the number of people taking advantage of this scheme is increasing day by day.

Individual Eligibility for Rural Postal Life Insurance Scheme

What is Rural Postal Life Insurance 2

Many people do not know what eligibility should be to take advantage of this insurance. We are giving you this information too. Any Indian citizen (Indian) who resides in rural India for rural postal life insurance can take RPLI policy. But notice that the rural area is defined as one outside the limits of the municipality. Because of this, if you want to take advantage of this scheme, you must first see that

Whether you are living or rural (rural) or not
You must be at least 19 years and above 55 years of age.

If you are from a rural area then you can take this insurance policy by going to your nearest post office. Now we are going to tell you what type of policy you get under this scheme because there is a different type of policy in which we are going to give you information. Which will make it easier for you to choose a better insurance policy.

Policy Plans For Rural Postal Life Insurance

1 – Whole Life Assurance (GRAM SURAKSHA)
2 – Convertible Whole Life Assurance (GRAM SUVIDHA)
3 – Endowment Assurance (GRAM SANTOSH)
4 – Anticipated Endowment Assurance (GRAM SUMANGAL)
5 – GRAM PRIYA
6 – Scheme for Physically Handicapped People

Whole Life Assurance (GRAM SURAKSHA)

The objective of the scheme – In the event of the nominee (which the insured declared his successor policy), in the event of the death of the policyholder (who has been insured), the amount of sum insured along with the bonus amount Will go.

Eligibility Criteria: Minimum admission age is 19 years to take advantage of this and maximum admission age is 55 years

Conversion of policy: This policy can also be changed if the insurer wants to do this. After completion of 1 year of policyholder policy and before the policyholder completes the age of 57 years, the entire life assurance policy can be converted into an endowment policy.

The minimum insured amount is Rs. 10,000.

Maximum insured Amount: 5 lakhs

Loan Option – Yes. After completion of 4 years policy

Policy surrender – If you want to close it after taking the policy, then you have to adhere to the condition. Only after completion of 3 policy years can you do this.

The premium payable: The amount of money you have to pay in different installments varies with the premium sum insured, the age of the applicant, etc.

Convertible Whole Life Assurance (GRAM SUVIDHA)

The purpose of the plan: Equate the amount of sum assured in the event of the death of the policyholder in case of the nominee.

Eligibility Criteria – Minimum admission age is 19 years and maximum admission age is 55 years

Conversion of the policy: After the policyholder completes the 5-year policy and the policyholder can convert the entire life assurance policy into an endowment policy before completing 55 years of age.
Minimum Sum Insured: Rs. 10,000

The maximum sum insured: 5 lakhs

Loan option: Available. You can do this after 4 years of policy completion

Policy surrender: only after completion of 3 policy years; In the case of surrender the bonus has been canceled. That is, if you surrender the policy then you will not get the bonus over the premium.

The premium payable: Premium sum insured, this also varies with the applicant’s age, etc.

Endowment Assurance (GRAM SANTOSH)

There are some important conditions in this plan that you have to take care of.

The purpose of the plan: to save the consolidated bonus to the consolidated / assigning / successor until the age of maturity on the policyholder’s death.

Eligibility Criteria: The minimum entry age in this insurance policy is 19 years and the maximum admission age is 55 years.

Minimum Assured amount – Rs. 10,000

Maximum insured amount: 5 lakhs

Loan Options: Yes. After completion of 4 years policy

Policy surrender: only after completion of 3 policy years; Before 5 years, the bonus has been canceled in case of surrender

The premium payable: Premium insured amount, age of the applicant, etc.

Anticipated Endowment Assurance (GRAM SUMANGAL)

Estimated Endowment Assurances (Gram Sumangal) – This insurance policy is best for those who need cash to meet your financial needs in a timely fashion. Under this scheme, two types of policy are given, for a period of 15 years and for another 20 years. However, if you want the policy KR money before a certain period after the policy is taken, the benefits are paid at the interval of 6, 9, 12 and 15 years for the earlier period, while the subsequent benefits of 8, 12, 16 and 20 years Payments are made at intervals of

The purpose of the plan: To provide benefits to the policyholder from time to time. In the event of the death of the policyholder, only the sum insured and the accrued bonus will be paid and the payment will decrease in stages

Eligibility Criteria: Minimum admission age is 19 years and maximum admission age is 55 years

Minimum Insured Amoun: Rs. 10,000

Maximum Assured Amoun – 5 Lakhs

Policy surrender: only after completion of 3 policy years; Prior to 5 years, the bonus has been canceled in case of surrender.

The premium payable: Premium sum insured, age of the applicant, etc.

GRAM PRIYA

Village Priya (10 years RPLI is an insurance policy) It is an endowment plan which is for a period of 10 years. The insurance cover begins with the date of purchase of the policy.

The purpose of this plan: to provide benefits to the policyholder or the nominee on completion of the policy term. The assurance is for the amount earned (bonus amount) with the amount deposited.

Eligibility Criteria: Minimum admission age is 19 years and maximum admission age is 45 years

Minimum Insured Amount: Rs. 10,000

Maximum insured amount: 5 lakhs

Surrender of policy – only after completion of 3 policy years; Before 5 years, the bonus has been canceled in case of surrender

The premium payable: In this policy, the premium is different from the insured, the age of the applicant, etc.

Scheme for Physically Handicapped People

Purpose of the plan: In the event of the h of the policyholder, only the sum insured and the earned bonus will be paid. The medical examination is mandatory to take advantage of this policy as the nature and extent of disability is evaluated by the authorities. This Insurance Policy can not be availed of without a Medical Test.

What is Rural Postal Life Insurance 3

Eligibility Criteria: Minimum admission age is 19 years and maximum admission age is 55 years
Minimum Sum Insured: Depending on the premium paid.

Maximum Sum Assured: Depending on the premium paid. You will get this information from the Post Office.

Policy surrender: surrender after completion of 3 policy years
Loan Facility: Loan can be availed from various borrowing institutions by pledging insurance policy

Premiums payable – Premium sum insured, age of the applicant, etc. will be different.

Special – See as much insurance policy as you can get inside Rural Postal Life Insurance, it will be necessary for you to have a medical test i.e. you must submit your documents related to your age, submit documents of disability.

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