Rural Postal Life Insurance (RPLI)

Rural Postal Life Insurance (RPLI)

 If you are thinking about insurance with savings , then you are on a perfect place. Dept of Posts, Govt. of india, provides low premium high bonus insurance plans.

Rural Postal Life Insurance (RPLI) came into being as a sequel to the recommendations of the  Official Committee for Reforms in the Insurance Sector (Malhotra Committee).  The Committee had observed in 1993 that only 22% of the insurable population in this country had been insured; life insurance funds accounted for only 10% of the gross household savings.  The Committee had observed: “ The Committee understands that Rural Branch Postmasters who enjoy a position of trust  in the community  have the capacity to canvass life insurance business within their respective areas…..” The Government accepted the recommendations of Malhotra Committee  and allowed Postal Life Insurance to extend its coverage to the rural areas to transact life insurance business with effect from 24.3.1995, mainly because of the vast network of Post Offices in the rural areas and low cost of operations. The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population. As on 31.03.2015, we have more than 23.51 million RPLI policies.

Who can Avail  Rural Postal Life Insurance :  any Indian  residing in Rural India can take                           RPLI.  Rural area is defined as one being outside the limits of a municipality.

Age Limit: In all policies the age limit is (age as on next birthday):19-55 years. Only in AEA                        and GRAM Priya in RPLI the maximum age limit is 40 years.

             RPLI offers following types of plans:

1. Whole Life Assurance ( GRAMA SURAKSHA)
2. Convertible Whole Life Assurance (GRAMA SUVIDHA)
3. Endowment Assurance ( GRAMA SANTOSH)
4. Anticipated Endowment Assurance  (GRAMA SUMANGAL)
5. 10 Year RPLI (GRAM PRIYA)
6. Children Policy (BAL JEEVAN BIMA)

The salient features of the Whole Life, Endowment, Convertible Whole Life and Anticipated Endowment Schemes of RPLI are same as the corresponding schemes of PLI except that the minimum Sum Assured is Rs.10,000 and the maximum Sum Assured is Rs.10 lac.  The maximum age limit of entry is 55 years in case of Whole Life and Endowment Assurance but 45 years in case of other plans.

All the schemes have compulsory medical examination.  For the non-medical policies, the maximum limit of Sum Assured is Rs.25,000/-, and maximum age is 35 years.   In case of  Non-standard age proof for Rural PLI policies, the maximum age limit is 45 years.

Contact : Nearest Post office

Source : http://www.postallifeinsurance.gov.in/Index.aspx