1. Whole Life Assurance (Gram Suraksha Plan)
Objective: 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.
Eligibility: The plan permits 19 years as the minimum
eligibility age, whereas 55 years as the maximum age of entry.
Policy
Conversion: This policy can be changed to
endowment plan once it completes 1 year. For this policyholder must convert the
plan before completing the age of 57 years.
Sum
assured (Minimum): Rupees 10,000
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
2. Endowment Assurance (Gram Santosh Plan)
Objective: 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.
Eligibility: The plan permits 19 years as the minimum
eligibility age, whereas 55 years as the maximum age of entry.
Sum
assured (Minimum): Rupees 10,000
Sum
Assured (Maximum): Rupees 5 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. The applicant can make online premiums via
online payment modes. Option for online mode also helps in RPLI policy status
check online.
RPLI
bonus rates: The plan offers bonus rate of Rs. 50
for sum assured of Rs.1000
3. Convertible Whole Life Assurance (Gram Suvidha
Plan)
Objective: 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.
Eligibility: The plan permits 19 years as the minimum
eligibility age, whereas 55 years as the maximum age of entry.
Policy
Conversion: This policy can be changed to an
endowment plan once it completes 5 years. For this policyholder must convert
the plan before completing the age of 55 years.
Sum
assured (Minimum): Rupees 10,000
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.
4. Anticipated Endowment Assurance (Gram Sumangal
Plan)
Objective: 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.
This policy is
available in two different terms; one for a 15 years period and the other for
20 years period. The periodic payments in case of 15 year term is available in
intervals of 6 yrs, 9 yrs, 12 yrs and 15 yrs. On the other hand, the 20 years
term offer periodic payments in intervals of 8 yrs, 12 yrs, 16yrs and 20 yrs.
However, in the event of the death of the policyholder, no periodic payments
are made. However, here the nominee receives the entire sum assured and accrued
bonus in one go.
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.
Policy
Conversion: This policy can be changed to an
endowment plan once it completes 5 years. For this policyholder must convert the
plan before completing the age of 55 years.
Sum
assured (Minimum): Rupees 10,000
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.
5. 10 Year RPLI (Gram Priya Plan)
Objective: 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.
Eligibility: The plan permits 20 years as the minimum
eligibility age, whereas 45 years as the maximum age of entry.
Sum
assured (Minimum): Rupees 10,000
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.
Benefits:
- This plan offers 20% survival benefits after the policy turns 4
years, 7 years and 10 years, while 60% of the same is offered along with
the accrued bonus.
- Here, interest is not levied on the policy holder for 1 year if
there is any occurrence of natural calamities.
6. Children Policy (Bal Jeevan Bima)
Objective: 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. However, the
policyholder/child receives the entire assured sum together with the bonus
accrued once the term matures.
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 (Minimum): Rupees 1,00,000 (1lakh)
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.
- They also offer rebate to policyholders as per Section 88 of Income
Tax Act.
- These policies can be revived if they get lapsed because of lapse
in payment of premium.
- 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.
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