What are Rural Post Life Insurance Schemes and features?
The Rural Postal Life Insurance (RPLI) Schemes were launched on 24.3.1995 to cover Rural Public. The Scheme is operated as per the Notification issued by the Govt. of India vide ‘Rural Postal Life Insurance Schemes 1994.
All persons who are RESIDENT INDIANS, and have a permanent residence anywhere in a rural area are eligible to join the Scheme, provided they have attained a majority:
- Minimum age – 19 years (Next birthday)
- Maximum age – 55 years (Next birthday)
- Maximum age – 45 yeas in case of GY, CWA policies.
- Maximum age – 40 years in case of AEA Policies.
- Maximum age – 35 years in non-medical policies.
- Endowment Assurance Policies maturing at ages 40,45,55,58 and 60 are the only non-medical policies.
- The maximum limit for non-medical policies is Rs Rs. 1 lakh (Standard Age Proof) & 25,000/- (Non- Standard Age Proof)
- Maximum age – 45 years for non-standard age proof.
- Maximum age – 44 years for taking policies amounting Rs 10,00,000/-.
- For 45 years and above, the maximum limit of insurance is RS 1,00,000/-.
- Policies can be taken for a minimum sum of Rs 10,000/- or multiples of Rs 10,000/- thereafter.
As per Directorate letter no. 25-3/2003-LI/vol. II dated 18.5.2015, the maximum of aggregate sum assured is enhanced to Rs. 10 Lakhs.
Eligibility for Rural Postal Life Insurance (RPL): All existing policyholders as well as new insurants from the eligible clientele of RPLI can be given enhanced coverage within a maximum or aggregate sum assured of Rs. 10 Lakhs.
Available Plans in Rural Postal Life Insurance (RPL)
Whole Life Assurance (WLA)- Gram Surksha
- Premia ceasing at 55,58 or 60 years.
- Sum assured with Bonus payable at death only.
Endowment Assurance (EA)- Gram Santosh
- Maturity at ages 35,40,45,50,55,58 and 60 years
- Sum assured with Bonus payable at maturity or on death whichever is earlier.
Convertible whole Life Assurance (CWA)- Gram Suvidha
- – Twin benefits – Pay less premium initially under the whole Life Plan and get the policy converted into Endowment Assurance after 5 years.
Anticipated Endowment Assurance (AEA – 20 years/15 years terms)
- Survival benefits if the insurant survives the specified period reckoned from the date of commencement of risk as follows :
|
20 years policy |
15 years policy |
|
8 years – 20 % |
6 years – 20 % |
|
12 years – 20 % |
9 years – 20 % |
|
16 years – 20 % |
12 years = 20 % |
|
20 years – 40 % + accrued Bonus |
15 years – 40 % + accrued Bonus |
- – Full sum assured payable on the death occurs before the date of maturity notwithstanding the survival benefits already paid.
- Loan and surrender not permitted.
10-year Rural PLI (Grama Priya)
- A short-term AEA plan specifically designed for rural insurants.
- Guaranteed money back periodically for productive purposes or to meet social obligations.
- Multiples of Rs 5,000/- admissible.
- Special relief in case of natural calamities affecting the insurant directly as (a) and (b) below
- a) No interest will be charged up to one year.
- b) Policy; does not lapse on account of non-payment of premia for one year.
- Survival benefits are payable if the insurant survives the specified period from the date of commencement of risk as specified below.
4 years – 20%
7 years – 20%
10 years – 60% + accrued Bonus
- Full sum assured payable if death occurs before the date of maturity notwithstanding the survival benefits already paid.
- Loan and surrender not permitted.
Children’s policy
- This Policy was introduced with effect from 20.01.2006
- This is an ADD-On policy to provide insurance coverage to the two children of the
policyholder. - This is a non-medical policy where parents should not be aged above 45 years and the child should be between 5 and 20 years. The sum assured should be between Rs.10000/- and Rs.100000/-.
May Also Read:-
Rural Postal Life Insurance (RPL) in hindi.
Other Features of Rural Postal Life Insurance (RPLI) Schemes :
- Low Premium – PLI charges lower premium
- High Bonus – PLI has a record of consistently giving high Bonus
- No extra premium is charged for deference personnel for war/aviation/high sea risks.
- Rebate is allowed on Policies of Rs 20,000 and above @ Rs 1/- per month per Rs 20,000/- the sum assured.
- A rebate of 2% is allowed on policies if the premium is paid 12 months in advance, 1% if the premium is paid 6 months in advance, and 0.5% if the premium is paid 3 months in advance.
- Premium receipt books are provided.
- Premium is eligible for an income tax rebate (20% of the premium paid) under section 88-C of the Income Tax act.
- Premium can be paid in any post office on or before the last working day of the month.
- Life can be converted into an endowment policy.
- Nomination and assignments can be made
- Policies and loan bonds exempted from stamp duty;
- Loans can be had easily. Repayment of the loan is optional.
- A person whose age is below 45 years can have any number of policies up to a maximum of Rs ten lakhs and whose age is 45 and above (up to 55 years) can have any number of policies up to a maximum of Rs one lakh in his name.
- Risk is covered from the date of acceptance of the policy;.
- Claims are settled quickly, and payments are arranged at any nearest post office or at any post office in India.
- No need to verify the specimen signature and payments will be made on proper identification.
- Credit position intimated periodically.
- In AEA/GY policies periodical survival benefits will be released on due dates on receipt of the application from the insurant.
- Risk coverage on full face value even after the release of periodical survival benefits in respect of AEA/GY policies.
- Better customer service.
- Free Correspondence through the nearest post office.
- Policies can be surrendered or made auto-paid up after 3 years of payment of premia. However, surrender of AEA/GY policies is not permitted.
- Bonus allowed on all types of policies as per rates announced by Govt. of India from time to time.
- Bonus allowed only if the policy is in force for at least five years.
- Reinstatement or Revival of passed policies encouraged.
- Change in class or term, reduction in sum assured, change in the periodicity of payment of premium, splitting up of a policy into two or more policies, alteration in name, or correction in policies are permitted on certain conditions.
PROOF OF AGE- Rural Postal Life Insurance (RPL)
The Department accepts the proof of age only along with the proposal. As such all the policies are
issued with age duly admitted. The Department does not issue policies if proof of age is not submitted.
Standard age proof Rural Postal Life Insurance (RPL):
The following type of standard age proof will be acceptable to the Department.
- Certified extract from Municipal or other records made at the time of birth. However, in most of the cases child’s name is not generally mentioned in the birth certificate. When a birth certificate is produced, it is normally insisted that the person who produces it should be requested to confirm that it pertains to the life assured. Tallying of the father’s name as given in the birth certificate with that given in the proposal is also done.
- Certificate of Baptism or certified extract from family Bible if it contains age or date of birth.
- Certified extract from School or College records if age as date of birth is stated therein. The certificate should be on the letterhead of the school or college.
- Certified extract from service register in the case of Government employees and employees of quasi-government institutions, including Public Undertakings.
- Passport issued by the Government of India.
- Marriage certificate in case of Roman Catholics issued by the Roman Catholic Church.
- Certified extract from service records of small commercial institutions or industrial undertakings provided it is specifically mentioned in such an extract that conclusive evidence of age was produced at the time of recruitment of the employee.
- In the case of Defence Personnel, an identity card is issued by the Defence Authority.
- A true copy of the University certificate or a Matriculation higher academic examination.
- A true copy of the SSLC certificate issued by a Board set up by the Central or State Government attested by a Gazetted Officer/Magistrate.
Non-standard age-proof Rural Postal Life Insurance (RPL):
If any of the above age proofs is not available, the following non-standard proofs are accepted.
i) Horoscopes prepared soon after birth can be accepted provided they are genuine and the Circle Office will determine the genuineness of the horoscopes.
ii) The department may admit age on the basis of elder declaration, the elder’s declaration being executed by a considerably elder relative or friend who has personal knowledge of the life assured’s date of birth. The elder’s declaration is required to be adequately stamped according to the stamp regulations in force at the place where the declaration is executed. It must be signed by the declarant in the presence of a Magistrate or an Officer empowered to administer oaths. In case of age stated in the proposed and the age as per the declaration differ the higher age will be admitted.
iii) Where he policyholder is unable to give any evidence of age, not even a declaration of age by an elder, the age of the part as given by him and as assessed by; the Medical examiner whichever is higher would be acceptable without evidence.
iv) In case of a proposal from the rural areas, the Department would admit age on the basis of a declaration by the proposer himself counter-signed by the Secretary or a Member of the Panchayat or the Tahsildar or Block Development Officer. The medical examiner also would make a careful estimate of the age of the proposer and in case the age differs, the higher age would be admitted. The self-declaration does not require to be stamped.
v) Election identity card.
In all cases of non-standard age proof an extra premium of 5% of the normal tabular premium will be charged over and above the ordinary premium. Extra premium @5% of tabular rate should be added first and rebate for higher sum assured should be added thereafter.
- Maximum limit is Rs 1,00,000/- only.
- The maximum age limit is 45 years only.
- When only the year of birth is known, the date of birth is taken as 1st July, when only the month and year is known, the date of birth is taken as 16th of the month.
Rural Postal Life Insurance (RPL) Bonus Rate since 1995
| Policy in existence during the year | Rate of bonus for sum assured Rs.1000/-(EA) | Rate of bonus for sum assured | Rate of bonus for sum assured Rs.1000/-(WLA) |
| Rs.1000/-(AEA/GY) | |||
| 1996-97 | 50 | 50 | 60 |
| 1997-98 | 50 | 50 | 60 |
| 1998-99 | 50 | 50 | 60 |
| 1999-00 | 50 | 50 | 60 |
| 2000-01 | 50 | 50 | 60 |
| 2001-02 | 50 | 50 | 60 |
| 2002-03 | 50 | 50 | 60 |
| 2003-04 | 55 | 50 | 60 |
| 2004-05 | 55 | 50 | 60 |
| 2005-06 | 55 | 50 | 60 |
| 2006-07 | 55 | 50 | 60 |
| 2007-08 | 50 | 47 | 65 |
| 2008-09 | 50 | 47 | 65 |
| 2009-10 | 50 | 47 | 65 |
| 2010-11 | 50 | 47 | 65 |
| 2011-12 | 50 | 47 | 65 |
| 2012-13 | 50 | 47 | 65 |
| 2013-14 | 50 | 47 | 65 |
| 2014-15 | 50 | 47 | 65 |
| 2015-16 | 50 | 47 | 65 |
| 2016-17 | 50 | 47 | 65 |
| 2017-18 | 50 | 47 | 65 |
| 2017-18 | 50 | 47 | 65 |
| 2018-19 | 50 | 47 | 65 |
| 2019-20 | 50 | 47 | 65 |
| 2020-21 | 48 | 45 | 60 |
| 2021-22 | 48 | 45 | 60 |
| 2022-23 | 48 | 45 | 60 |
| 2023-24 | 48 | 45 | 60 |