RPLI Plans were introduced in 1995 under the new postal life insurance schemes to cover the financial uncertainties of the rural Indian population.

Rural Postal Life Insurance (RPLI) Plans 

Features & Benefits of RPLI Policy

Whole Life Assurance (Gram Suraksha Plan)

This RPLI policy aims to compensate the nominee of the policy with a sum that is equal to the assured sum together with offering accrued bonus amount to the nominee in case of sudden demise of the policy owner.

Sum assured (Minimum): Rupees 10,000

Eligibility : The plan permits 19 years as the minimum eligibility age, whereas  55 years as the maximum age of entry.

Sum Assured (Maximum): Rupees 5 lakhs

Loan facility: Available after the policy completes 4 years.

Surrender facility: Available after the policy completes 3 years.

Premium to be Paid: Premium depend upon the amount assured as well as the applicant’s age.

RPLI bonus rates: The plan offers bonus rate of Rs. 65 for sum assured of Rs.1000

Endowment Assurance (Gram Santosh Plan)

This scheme aims to fulfill the required needs of a policy owner. Even in this plan, the nominee receives an amount of the assured sum as well as the bonus accrued till the nominee reaches maturity age at the time of policyholder’s death.

Sum assured (Minimum): Rupees 10,000

Eligibility : The plan permits 19 years as the minimum eligibility age, whereas  55 years as the maximum age of entry.

Sum Assured (Maximum): Rupees 5 lakhs

Loan facility: Available after the policy completes 3 years.

Surrender facility: Available after the policy completes 3 years.

Premium to be Paid: Premiums depend on the amount assured as well as the applicant’s age. The applicant can make online premiums via online payment modes.

RPLI bonus rates:The plan offers bonus rate of Rs. 50 for sum assured of Rs.1000

Convertible Whole Life Assurance (Gram Suvidha Plan)

The plan aims to compensate the nominee with an amount that is equal to the amount assured together with providing the accrued bonus in case of sudden demise of the owner of the policy.

Sum assured (Minimum): Rupees 10,000

Eligibility : The plan permits 19 years as the minimum eligibility age, whereas  55 years as the maximum age of entry.

Sum Assured (Maximum): Rupees 10 lakhs

Loan facility: Available after the policy completes 3 years.

Surrender facility: Available after the policy completes 3 years. Here, bonus gets nullified if the policy is surrendered.

Premium to be Paid: Premiums depend on the amount assured as well as the applicant’s age.

Anticipated Endowment Assurance (Gram Sumangal Plan)

Being a money-back plan, this policy serves the best interest of people who are looking for periodic cash for fulfilling the short-term monetary needs of the insured.

Sum assured (Minimum): Rupees 10,000

Eligibility : The plan permits 19 years as the minimum eligibility age, whereas  45 years as the maximum age of entry for 15 years term plan, while it is 19 years minimum and  40 years maximum age for the 20 years term plan. Polic

Sum Assured (Maximum): Rupees 5 lakhs

Surrender facility: Available after the policy completes 3 years. Here, bonus gets nullified if the policy is surrendered before 5 years.

Premium to be Paid: Premiums depend on the amount assured as well as the applicant’s age.

10 Year RPLI (Gram Priya Plan)

This is another short duration policy aimed at the rural customers to benefit the owner of the policy and their nominee with sum assured and accrued bonus on completion of the term of the policy.

Sum assured (Minimum): Rupees 10,000

Eligibility : The plan permits 20 years as the minimum eligibility age, whereas  45 years as the maximum age of entry.

Sum Assured (Maximum): Rupees 10 lakhs

Surrender facility: Available after the policy completes 3 years.

Premium to be Paid: Premiums depend on the sum assured as well as the applicant’s age.

RPLI bonus rates: The plan offers bonus rate of Rs. 65 for sum assured of Rs.1000

Children Policy (Bal Jeevan Bima)

This is a scheme that aims at offering life insurance protection to small children in rural India. Here, no amount is offered in the event of sudden demise of the policy owner/parent.

Sum assured (Minimum): Rupees 10,000

Eligibility : The plan permits children within the age group of 5 to 20 years as eligible for the policy, while the age of the policy owner/parent should be 45 or below while buying the policy.

Sum Assured (Maximum): Rupees 10 lakhs

Surrender facility: Available after the policy completes 3 years.

Benefits of Rural Postal Life Insurance Plans

- These plans offer the benefit of deduction on premiums as per Section 80C of 1961 Income Tax Act.

– These policies can be revived if they get lapsed because of lapse in payment of premium.

– They also offer rebate to policyholders as per Section 88 of Income Tax Act.

– These policies can be used as guarantee for receiving credit/loan from any banks or financial institutions.

– These plans provide the facility of nomination, which can even be changed if required.

– The RPLI plans can be converted from one particular scheme to another. So the insured can move to another plan if he/she is not happy with the policy that the person owns.

Latest Statistics of Rural Postal Life Insurance (RPLI)

Years

2007-2008

Sum Assured (Rs. Crore)

61,67,928

2008-2009

53,072.10

2009-2010

59,572.59

2010-2011

66,132.23

2011-2012

69,754.17

2012-2013

75,154.06

2013-2014

79,466.46

2014-2015

1.05,204.79

2015-2016

1.05,204.79

2016-2017

3, 983.47

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