Rural postal life insurance scheme

Rural postal life insurance scheme

Rural postal life insurance scheme

Rural Postal life insurance schemes (RPLI) 24/03/1995 GT was done by the government after the recommendation of the Malhotra Committee. In the year 1993, Malhotra Committee in its research found that out of the total insurable population, Only 22% of the people have insurance. And this figure was weak in rural India as compared to the cities.

Rural postal life insurance scheme

The committee found in its research that the postmaster appointed in rural areas is reliable and friendly with the people in the eyes of the people. And the network of India Post is spread all over from cities to rural India. Keeping this in mind, the Government of India started life insurance schemes (RPLI HT) following the recommendation of the Malhotra Committee.

What is Rural Postal life insurance (RPLI)

As we have mentioned in the above sentence, the full form of RPLI is Rural Postal Life Insurance, and it is a group of insurance schemes started by the central government for rural areas through the post office. Different types of insurance schemes have been included under RPLI. We will describe it below.

Benefits

Under the rural postal life insurance scheme, various types of benefits have been provided for the policyholders. which are the following.

  • Policyholders of rural postal life insurance schemes can keep their policy as collateral while taking a loan from any bank. But this will happen when the endowment policyholder has been paid the premium for three consecutive years or 36 months and the whole life insurance policyholder for 4 years i.e. 48 months.
  • Rural postal insurance policy can also be mortgaged as collateral while taking a loan from the bank.
  • If a person has lapsed his policy due to non-fulfillment of the policy, then revived by paying all the premium amount
  • If a policyholder is satisfied with the features or benefits of his policy, then he can convert his policy to another policy under RPLI.
  • The nominee is given by the policyholder. If the policyholder wants, he can change from time to time.
  • If the bond of a policyholder is burnt, lost, or torn, then he can get a duplicate policy bond.

Insurance scheme under a policy

Various types of schemes are provided by the Government of India under RPLI. Some of these schemes are full-fledged life insurance schemes. And some are endowment schemes (endowment schemes).
Any person can take advantage of one or more schemes. And can also convert his scheme to another scheme if needed. What are the main points of these schemes? We are describing them below.

1- Gram Santosh (Endowment Scheme):

It is an endowment insurance scheme under RPLI. Under the Gram Santosh Bima Yojana, the total assured amount and accrued bonus will be payable to the insured at the age of maturity. If an insured dies before maturity. 

So the sum assured of the total sum assured plus accrued bonus will be payable to the nominee. Following are the main points of the Gram Santosh scheme.

Insurance cover: The insurance cover will start from the time your first installment is approved.

* Minimum entry age: 9 years

*Maximum age of entry: 45 years

* Minimum Sum Assured: Rs. 10000

*Maximum Sum Assured: Rs 5 lakh

*Eligibility for loan: A person who has deposited premium continuously for 48 months. Will be eligible to pledge his policy as collateral for availing loan.

* Policy Surrender Time Limit: 36 months i.e. after 33 years of continuous premium payment.

* Conversion to other policy: Can control in Village Suraksha.

* Medical Examination: If the age of the policyholder is less than 35 years, and the sum insured is 25000 or less than 25000. So there is no need for any kind of medical examination.

* Premium: The premium amount will also differ according to the different sum assured sum insured.

 

2- Gram Santosh (Whole life insurance)

Under Rural Postal life insurance schemes & after the death of the policyholder, the nominee will be given the assured amount and accrued bonus.

Insurance cover: The insurance cover will start from the time the first installment of the person is approved.

* Minimum entry age: 19

*Maximum age of entry: 45 years

* Minimum Sum Assured: Rs. 10000

*Maximum Sum Assured: 5 Lakhs

*Eligibility for loan: A person who has deposited premium for 4 consecutive years. Will be eligible to pledge his policy as collateral for availing loan.

* Policy Surrender Time Limit: 36 Months i.e. after 3 years of continuous premium payment.

* Conversion: After paying a premium for one year in an endowment policy, the policyholder can convert before the age of 57 years

* Premium: The premium amount will also vary according to the different sum assured.

3- Gram Priya (Money Back Scheme)

Any interested person can take the policy for 10 years. And under this policy, money back will be done by doing 20% ​​of the total sum assured in 4, 7 years. and the remaining 60% on the maturity of the policy.

* Insurance cover: Insurance cover will start from the time your first installment is approved.

* Minimum entry age: 19 years

*Maximum age of entry: 45 years

* Minimum Sum Assured: Rs 10000

* Maximum Sum Assured: Rs.5 Lakhs.

* Premium: The premium amount will also vary according to the different sum assured.

4- Gram Suvidha (whole life insurance)

Insurance cover: The insurance cover will start from the time the first installment of the insured is approved.

* Minimum entry age: 9 years

*Maximum age of entry: 45 years

* Minimum Sum Assured (Pay Prat): Rs 10000

*Maximum Sum Assured: 5 Lakhs

*Eligibility for loan: A person who has deposited premium continuously for 48 months. Can pledge his 70807 as collateral to take a loan.

* Policy Surrender Time Limit: 36 Months i.e. after 3 years of continuous premium payment.

* Conversion to other policies: after paying the premium for 5 years in Endowment policy, and can be changed before the policyholder attains the age of 55 years.

» Premium: The premium amount will also be different according to the different Sum Assured.

Other guidelines of RPLI

Private sector employees can also take insurance policy under this.
Only people residing in rural areas can take insurance policy under this scheme. People residing in urban cannot take insurance policies under this.

* To take an insurance policy under Real Postal Life Insurance, the person who wants to take an insurance policy will have to go to his nearest post office and fill out the form.

* A policy book will be given to the insurance holder, the details of the premium will be filled in that book while paying the premium. If the policyholder wants, he can pay by check.

* Insurance policy can be pledged as collateral while taking a loan from the bank.

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