The RPLI Gram Santosh policy is a life insurance plan designed specifically for rural residents in India. It offers a guaranteed sum assured and accumulated bonuses upon reaching maturity, along with death benefit protection for your loved ones.
But before exploring in, it’s crucial to understand the financial commitment involved. This is where the RPLI Calculator-Gram Santosh comes in handy. This free online tool empowers you to make informed decisions by estimating your premium payments based on your desired sum assured and chosen maturity age.
RPLI-EA (Gram Santosh) Premium Calculator
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Please Note
1. 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.
2. For Non-Stard age proof -The maximum limit is Rs 1,00,000/- only & maximum age limit is 45 years only.
3. 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.
3. The maximum limit for non-medical policies is Rs Rs. 1 lakh (Standard Age Proof) & 25,000/- (Non- Standard Age Proof)
4. Under the Non-Medical Scheme of RPLI any person, whose age on the next birthday does not exceed 35 years may apply.
How to use RPLI Calculator-Gram Santosh-Endowment Assurance
Step-1 – Please Select your Date of birth Day, Month, and Year from the drop-down
Step-2 Now Select the desired Sum Assured, the minimum SA is Rs. 10,000 and the maximum SA is Rs. 10 lakh.
Step-3 Now Select the Maturity age, the minimum period of any RPLI Gram Santosh will be 5 years from the next available maturity age plan. If your age is 36 you can select the next available plan of 45,50,55,58 &60yrs.
Step-4 Now the selected maturity plan monthly, Quarterly, Half Yearly, and Yearly premium plan will be highlighted in yellow color and a summary in the last.
Key points of the Gram Santosh- Endowment Assurance RPLI policy:
Benefits:
- Maturity Benefit: You are guaranteed to receive the sum assured you choose (between ₹10,000 and ₹10 lakh) along with any accumulated bonuses if you survive until the policy matures. Maturity ages are pre-determined and you can choose from 35, 40, 45, 50, 55, 58, or 60 years.
- Death Benefit: In case of your unfortunate death during the policy term, the full sum assured along with accrued bonuses will be paid to your assignee, nominee, or legal heir.
Eligibility:
- Age: You can apply if you are between 19 and 55 years old.
- Any Citizen of India having residence of rural area is eligible for the RPLI policy.
Policy Features:
- Minimum Sum Assured: ₹10,000
- Maximum Sum Assured: ₹10 lakh
- Loan Facility: You can avail a loan against your policy after 3 years.
- Surrender Option: You have the option to surrender the policy after 3 years, but there are implications:
- Before 5 Years: You will not receive any bonus amount.
- After 5 Years: You will receive a proportionate bonus based on the reduced sum assured (in case you opt for a partial surrender).
Bonus:
- Declared Bonus: As of now, the declared bonus is ₹48 per ₹1,000 sum assured per year. This may change in the future.
- Bonus Eligibility: You will not be eligible for any bonus if the policy is surrendered within 5 years of commencement.
- Partial Surrender: If you partially surrender the policy after 5 years, you will receive a bonus proportionate to the remaining sum assured.
This is a general overview. It’s important to carefully read the policy documents and ask the RPLI agent any questions you may have to ensure this plan aligns with your financial goals.
The provided calculator is for your reference only. More details may also be in the RPLI customer Portal India Post.
May also check Other PLI Calculators