Gram Sumangal is a money-back insurance scheme that is extended by Postal Life Insurance as part of the six schemes under rural postal life insurance. The policy can be bought by those who live outside the municipal boundaries of towns and cities. The RPLI schemes were introduced to facilitate insurance penetration in the country, especially in the rural areas at affordable premiums.Read more
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Gram Sumangal is a money-back scheme that offers life insurance cover with survival benefits. Introduced as an anticipated endowment assurance policy, Gram Sumangal rural postal life insurance scheme is suitable for those looking for periodical returns. The survival benefits shall cease on the death of the policyholder, in which case the entire sum assured amount is offered to the claimants.
The policy offers periodic benefits up to a percent of the sum assured on surviving certain policy years.
On the death of the policyholder within the policy term, the assigned nominees or legal heirs can claim the sum assured on death.
The bonus shall be added to the base sum assured at a rate of Rs. 45 per Rs. 1000 sum assured.
If the sum assured is above Rs. 25,000 policyholders have to undergo a medical examination.
Policyholders can choose from a policy term of 15 years or 20 years.
The survival benefits vary as per the selected policy term.
For either policy term chosen, the maturity benefit payable is equal to 40% of the sum assured plus the accrued bonus.
|Policy Term||15 years||20 years|
|Entry Age||Minimum: 19 years
Maximum: 45 years
|Minimum: 19 years
Maximum: 40 years
|Survival Benefits||6th Year - 20% of the Sum Assured
9th Year - 20% of the Sum Assured
12th Year - 20% of the Sum Assured
15th Year - 40% of the Sum Assured
|8th Year - 20% of the Sum Assured
12th Year - 20% of the Sum Assured
16th Year - 20% of the Sum Assured
20th Year - 40% of the Sum Assured
|Sum Assured||NA||Rs. 10 Lakhs|
Death Benefit - If the life assured dies within the chosen policy term, Postal Life Insurance is liable to pay the entire sum assured on death along with accrued bonuses. The claimants (assigned nominees or legal heirs) can claim this benefit within 120 days from the date of death of the life assured.
Survival Benefit - The money-back nature of this anticipated endowment assurance policy guarantees periodic payouts on surviving certain policy years. For a 15-year policy term, survival benefits are paid out on the completion of the 6th, 9th, 12th, and 15th policy years. For a 20-year policy term, these benefits are paid out on surviving the 8th, 12th, 16th, and 20th policy years. The first three payouts are equal to 20% of the sum assured each. The last survival benefit payout is done on the date of maturity falling on the 15th or the 20th policy year (per the policy term chosen) and is equal to 40% of the sum assured.
India Post now offers the benefit of calculating premiums against the desired sum assured for its range of rural postal life insurance policies. Buyers can use the Gram Sumangal scheme calculator to get premium quotes prior to buying the policy. This should help them determine if the coverage required is affordable or not.
Here is a step-by-step guide on how to use the online Gram Sumangal premium calculator.
Visit the official website of India Post.
Click on Postal Life Insurance.
You will be redirected to an external page. Click on OK to proceed.
Move to ‘Purchase a Policy’ and click on ‘Quote’ from the drop-down menu.
Enter the details requested. These include contact details, date of birth, gender, residence, sum assured, etc.
Under Product Type, select RPLI.
Under Product Name, select Gram Sumangal.
Select the Policy Term, viz. 15 years or 20 years.
Enter the letters as shown in the captcha below.
This will give you the monthly, quarterly, half-yearly, and yearly premium quotes against the sum assured opted for.
If you want to calculate again to compare quotes of other policies or change the features, you can scroll down and click on Recalculate.
If not, you can proceed to buy the policy.
The policy can be bought online as well as offline. For the latter, you can visit your nearest post office branch and submit the relevant documents. To purchase online, follow the steps below:
Once you have arrived at a reasonable premium quote (follow the steps above), choose the ‘Select’ option against it.
This takes you to a form wherein you will have to fill in more details about the Insurer and the Proposer.
Click on Next to fill in the correspondence information about where you live and ways to reach you.
The subsequent forms are related to your employment details, nominee assignment, history of insurance, medical history (if any), and base coverage.
Sign the Declaration to proceed to the payment details.
Pay the initial premium installment to start coverage.
Declaration of Medical Examiner
Declaration in case the proposer is illiterate
Certificate by DO/FO(PLI)/Agent
Certificate by SDI/ASP