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Rural Postal Life Insurance

In 1995, life insurance schemes were introduced to offer a comprehensive life coverage to the rural population of the country at low premium rates. These policies were named Rural Postal Life Insurance (RPLI) and were made available to people living in rural areas. 

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About Rural Postal Life Insurance (RPLI)

Rural Postal Life Insurance (RPLI) was introduced on 24 March 1995 to extend insurance coverage to people living in rural areas of India. In 1993, a special committee named Malhotra Committee reported that insurance created a very small percentage of the gross household savings of India i.e., life insurance funds accounted for only 10% of the total household savings and only 22% of the population eligible for insurance coverage in India had been insured. The Indian Government approved all the committee’s recommendations and allowed Postal Life Insurance to increase its insurance coverage to the rural areas. This helped in generating a life insurance business, mainly because of the large number of post offices in the rural areas and involving low operational costs.

The aim of this rural postal life insurance scheme is to offer insurance coverage to the rural population and to provide benefits to the women workers of rural regions and weaker sections of society. Also, RPLI is creating awareness about insurance among rural masses.

Benefits of Rural Postal Life Insurance Schemes

Following are the benefits of the rural postal life insurance schemes. You can also check the benefits of term insurance:

  • Lapsed life insurance plans can be revived by paying the unpaid premium rates

  • The policyholder can avail of a loan facility under RPLI

  • Conversion of plans from one type of policy to another type of plan i.e., whole life assurance plan to endowment assurance is allowed after completion of a specific time.

  • Change of nomination can also be done by making the request to the postal department.

  • If the original plan document is damaged or lost, a duplicate copy can also be issued.

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Rural Postal Life Insurance Schemes

There are currently 6 different types of plans under Rural Postal Life Insurance scheme designed for people specifically living outside the municipal boundaries of a city or a town. Rural Postal Life Insurance Policy Plans

  1. Whole Life Assurance (Gram Suraksha):

    Under this scheme, the assured amount along with an accrued bonus is paid to the policyholder either upon acquiring 80 years of age or to their legal representatives/assignees on the assured’s death (whichever occurs earlier), provided the plan is in force on the claim date.

    Parameters Minimum Maximum
    Entry Age 19 years 55 years
    Sum assured limit Rs. 10,000 Rs. 10 Lacs
    Policy Term/Maturity 80 years or death (whichever is earlier)
    Loan Facility After 4 years
    Surrender After 3 years (if it surrendered before 5 years, bonus is not payable in the policy)
    Conversion Facility Plan can be converted into endowment assurance plan upto the maximum age of 59 years
    Premium payment ceasing age May be opted for as 55, 58 or 60 years
    Bonus Rs. 60/-per Rs. 1000 sum assured per year
  2. Convertible Whole Life Assurance (Gram Suvidha)

    This scheme comes with an added feature to convert the whole life assurance plan to an endowment assurance plan at the end of the 5 years of buying a policy.

    Parameters Minimum Maximum
    Entry Age 19 years 45 years
    Sum assured limit Rs. 10,000 Rs. 10 Lacs
    Policy Term/Maturity 80 years or death (whichever is earlier)
    Loan Facility After 4 years
    Surrender After 3 years (if it surrendered before 5 years bonus is not payable)
    Conversion Facility Plan can be converted into endowment assurance plan after 5 years, but later than 6 years of buying the policy. In case of non-conversion, the plan will be continue as Whole Life Assurance.
    Premium payment ceasing age May be opted for as 55, 58 or 60 years
    Bonus Rs. 60/-per Rs. 1000 sum assured per year as on 01.04.2023

    Note: Bonus of Endowment Assurance will be paid in case of conversion.

  3. Endowment Assurance (Gram Santosh)

    In this, an assurance is given to the proponent to the extent of the Sum Assured and accrued bonus till he/she acquires the pre-determined maturity age (35 years to 60 years of age). Legal heir/nominee/assignee is paid the total Sum Asssured with accrued bonus in case of life assured’s death.

    Parameters Minimum Maximum
    Entry Age 19 years 55 years
    Sum assured limit Rs. 10,000 Rs. 10 Lacs
    Loan Facility After 3 years
    Surrender After 3 years (if it surrendered before 5 years, bonus is not payable)
    Bonus Rs. 48/-per Rs. 1000 sum assured per year as on 01.04.23
  4. 10 Years Rural RPLI (Gram Priya)

    This plan is a money back plan for the people living in rural areas only

    Parameters Minimum Maximum
    Entry Age 20 years 45 years
    Sum assured limit Rs. 10,000 Rs. 10 Lacs
    Policy Term 10 years
    Loan Facility Not Available
    Surrender Not Available
    Bonus Rs. 45/-per Rs. 1000 sum assured per year as on 01.04.23
    Survival Benefits 20% of sum assured on completion of 4th and 7th year of policy and the remaining 60% with a bonus at maturity age
  5. Anticipated Endowment Assurance (Gram Sumangal)

    This is a money back plan which has a maximum Sum Assured of Rs. 10 Lakhs. This plan is best suitable for those people who need returns periodically. The survival proceeds are paid to the policyholder on a periodic basis. These types of payments will not be considered in case of an unforeseen policyholder’s death. In this case, the total Sum Assured with accrued bonus is paid to the nominee/legal heir/assignee.

    Parameters Minimum Maximum
    Entry Age 19 years 40 years for 20 years term plan

    45 years for 15 years term plan

    Sum assured limit Rs. 10,000 Rs. 10 Lacs
    Policy Term 15 years and 20 Years
    Loan Facility Not Available
    Surrender Not Available
    Bonus Rs. 45/-per Rs. 1000 sum assured per year as on 01.04.23
    Survival Benefits For 15-year term policy- 20% of sum assured on completion of 6th, 9th and 12th year of policy and balance 40% with bonus on maturity.
    20% of sum assured on completion of 8th, 12th and 16th year of policy and balance 40% with bonus on maturity.
  6. Children Policy (Gram Bal Jeevan Bima)

    Parameters Minimum Maximum
    Insurance cover Maximum of 2 children of EA/WLA policyholders
    Entry Age (child) 5 years 20 years
    Entry Age of parent (policyholder) - 45 years
    Sum assured limit Rs. 20,000 Rs. 1 Lacs
    Medical Examination Not necessary for child
    Loan Facility Not Available
    Surrender Not Available
    Bonus Rs. 48/-per Rs. 1000 sum assured per year as on 01.04.23

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Rural Postal Life Insurance Scheme Bonus Rates 2023-24

Here are the bonus rates of Rural Postal Life Insurance schemes:

Types of Insurance Plan Bonus Rates of RPLI Scheme
Whole Life Assurance (Gram Suraksha policy) Rs. 60/- per 1000 SA per year
Convertible Whole Life Assurance (Gram Suvidjha policy) Rs. 60/- per 1000 SA per year (for Whole life insurance if not converted to EA i.e., endowment assurance) Bonus of endowment assurance will be paid on conversion
Endowment Assurance (Gram Santosh) Rs. 48/- per 1000 SA per year
10 Years Rural RPLI (Gram Priya) Rs. 45/- per 1000 SA per year
Anticipated Endowment Assurance (Sumangal policy) Rs. 45/- per 1000 SA per year
Gram Bal Jeevan Bima – Children Policy Rs. 48/- per 1000 SA per year

Bonus Rates of RPLI over the years

Financial Year RPLI
Rate of Bonus per thousand of sum assured
Whole Life Assurance (WLA) Endowment Assurance (EA) (including children policies) Anticipated Endowment Assurance (AEA)
2009-10 65 50 47
2010-11 65 50 47
2011-12 65 50 47
2012-13 65 50 47
2013-14 65 50 47
2014-15 65 50 47
2015-16 65 50 47
2016-17 65 50 47
2017-18 65 50 47
2018-19 65 50 47
2019-20 65 50 47
2020-21 60 48 45
2021-22 60 48 45
2022-23 60 48 45
2023-24 60 48 45

Citizen Charter

Sl. No. Nature of Work Qualifying description Service standards (in days)
1. Issue of acceptance letter and policy bond Time taken from the receipt of completed documents 15
2. Revival/Conversion Time taken from the receipt of

completed documents

15
3. Loan, change of nomination, assignment of policy, issue of duplicate policy bond. Time taken on receipt of request 10
4. Change of address Time taken on receipt of request 5
5. Maturity claim/

surrender/paid up value/survival benefit payment

Time taken from the receipt of

completed documents

15
6. Settle of PLI/RPLI death claims With/ without nomination (Time taken from the receipt of completed documents) 30
Involving investigation 90

Documents Required for Rural Postal Life Insurance Policy Issuance

  • Proposal Form

  • Self-attested or thumb impressed age proof such as:

    • Birth Certificate

    • School Certificate/Mark sheet

    • PAN Card / PRAN Card

    • Passport

    • Driving Licence

    • Aadhar Card

    • Voter-id

    • Elder’s declaration

    • Approximate age certificate from the Medical Examiner

    • Declaration by the life assured, and then signed by a Panchayat Member

  • Self-attested or thumb impressed address proof and identity proof such as:

    • Aadhar Card

    • Voter-id

    • Passport

    • Driving License

    • Ration Card

    • Electricity Bill or Water Bill

  • Medical Report

    • Declaration of Medical Examiner

    • Declaration in cases wherein the proposer is illiterate

  • Certificate and Confidential Report by DO/FO(PLI)/AGENT

FAQ's

  • What is the premium payment frequencies available under RPLI scheme?

    Ans: Premium can be paid monthly, quarterly, half-yearly, or yearly.
  • Are private-sector employees eligible to purchase rural postal life insurance?

    Ans: Yes, any person residing in rural areas can purchase rural postal life insurance.
  • If I live in a city, can I buy rural postal life insurance for my family in the village?

    Ans: Only people who reside in rural areas can buy RPLI schemes.
  • How can I buy rural postal life insurance?

    Ans: Rural postal life insurance policies can be purchased either through offline or online modes. Offline mode involves you visiting the nearest post office branch. Online purchases can be made through India Post or Postal Life Insurance’s website.
  • Is it mandatory to undergo medical tests to qualify for rural postal life insurance?

    Ans: Medical examination is mandatory in cases where the sum assured exceed Rs. 1,00,000/-. Bal Jeevan Bima policy does not require children to undergo medical tests if they have no previous ailments.
  • Can I deposit a rural postal life insurance scheme as collateral for obtaining loans?

    Ans: Yes, policyholders can deposit their RPLI policy as security for availing loans. This is subject to the policy being in force for at least 3 years and 36 months premia have been paid into.
  • When did RPLI start?

    Ans: Rural Postal Life Insurance (RPLI) is introduced on 24th March 1995.
  • What are the benefits of RPLI plans?

    Ans: Low premium and high bonus are the major benefits of RPLI plans
  • How can policyholders pay RPLI plan premium?

    Ans: RPLI policyholders can pay premium at any nearest post office across India through cheques or cash.
    Online at the customer portal, i.e., https://pli.indiapost.gov.in/CustomerPortal/PSLogin.action through credit/debit card, UPI/BHIM, net banking and online wallets.
    Cashless transaction through IPPB (India Post Payments Bank) application, Gramin Dak Sewa (GDS) using Micro ATM, and Standing Instructions (SI).
  • When can the policy conversion be done?

    Ans: Conversion of RPLI schemes means any alteration affecting the maturity of insurance contract and includes not only changes from whole life assurance (WLA) to Endowment Assurance (EA) but also post-dating or ante-dating of the EA policy maturity and consequently the increase or decrease of premium rates.
  • How can a policyholder get details about his/her RPLI policy?

    Ans: Policyholder can call on toll-free number :1800-266-6868 to get plan details or can visit the nearest post office.
  • What is the frequency of declaring bonus?

    Ans: The PLI reversionary bonus is declared annually.
  • Are Rebates allowed in RPLI premium payment?

    Ans: Rebates @ 0.5%, 1% and 2% is applicable on advance premium payment made for 3, 6, and 12 months or more advance deposits, in RPLI respectively.
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