Rural Postal Life Insurance Schemes ( For Rural Public )

by

What is Rural Postal Life Insurance

What is Rural Postal Life Insurance
What is the eligibility for RPLI?
INSURANCE PLANS IN RPLI AND THEIR FEATURES:-
SALIENT FEATURES OF RPLI POLICIES:-
Non-Standard age proof in RPLI :
    The Rural Postal Life Insurance Scheme was 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.
Rural Postal Life Insurance Schemes
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.

• 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.

What is the eligibility for RPLI?


Eligibility: 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.
Therefore various schemes of PLI and RPLI are very popular and doing extremely well in the rural sector. Both  PLI and RPLI are entirely managed by the Department of Posts.

Though the business has been growing substantially, it is being administered without appointing extra staff. All the benefits of such low-cost operations are being passed on to the customers by way of low premiums and higher bonuses.

PLI and RPLI processing centers are fully computerized and interconnected.

INSURANCE PLANS IN  RPLI AND THEIR FEATURES:- 


RPLI offers the 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 years RPLI (Gram Priya)

6. Children policy

Also Read:-

RPLI Plans in Hindi

SALIENT FEATURES OF RPLI POLICIES:-

 

# GRAM SURAKSHA- WHOLE LIFE ASSURANCE:-


• Minimum age 19, Maximum age 55 years.

• Minimum sum assured `10,000, maximum ` 10 lacs.

• Surrender after 3 years.

• Loan Facility after 4 years.

• Premium ceasing at the age of 55, 58, 60. ( Minimum payment of premium for 5 years)

• Maturity amount is payable to the Assignee, nominee or the legal heir after the death of the insurant or to the insurant at the age of 80 yrs.

• Higher bonus and lower premium than the Endowment Policy.

• The policy can be converted into an E.A Policy (Santhosh) after completion of one year and before 57 years of age of the insurant.

# GRAM SUVIDHA – CONVERTIBLE WHOLE LIFE ASSURANCE:-

 
 • Minimum age 19, Maximum age 50 years• Converted into Endowment Assurance after 5 years.

• If the option is not exercised the policy stands converted into whole-life policy

• Age on date of conversion not more than 55 years.

• Minimum sum assured Rs. 10,000, maximum Rs. 10 lacs.

• Maturity at the age of 50, 55 or 58 years

• On conversion, premium & terms will be revised accordingly

• Bonus due on the Policy will also change as applicable to Gram Santosh’s Policy on conversion

# GRAM SANTOSH- ENDOWMENT ASSURANCE

   This scheme provides the proponent with an assurance up to the specified age of maturity, covering the Sum Assured along with any accrued bonuses.
In the unfortunate event of the insurant’s unexpected demise, the assignee, nominee, or legal heir receives the entire Sum Assured along with the accrued bonus.

• Minimum age 19, Maximum age 55 years

• Minimum sum assured Rs 10,000, maximum Rs 10 lacs

• Surrender after 3 years.

• Loan facility available

• Premium ceasing at the age of 35, 40, 45, 50, 55, 58 & 60 ( Payment of premium for at least 5 years )


# GRAM SUMANGAL—ANTICIPATED ENDOWMENT ASSURANCE:-

• Money back policy with maximum sum assured Rs 10 lac.

• Minimum age 19, Maximum age 40 years for 20 yrs plan and 45 yrs for 15 yrs plan.

• Survival benefits paid periodically

• Two types of policies under this scheme.

• 15 years Policy –Benefits paid after 6 Years 20%, 9 years 20%, 12 years 20% and 15 years- 40% of sum assured and accrued bonus

• 20 years policy- Benefits paid after 8 years 20%, 12 years 20%, 16 years 20% and 20 years 40% and accrued bonus.

• No loan facility

• No surrender value is payable.

# GRAMA PRIYA ( 10 years RPLI) 

 
• Minimum age 19, Maximum age 45 years• Minimum sum assured Rs 10,000, maximum Rs 10 lacs

• Survival benefits are paid after 4 years 20%, 7 years20%, and 10 years 60% with accrued bonus.

• No surrender value is payable

• No loan facility available

• No interest charged upto one year arrear of premium in case of natural calamities like flood, drought, earthquake, cyclone etc.

#CHILDREN POLICY ( Bal Gram Dak Jivan Bima )

The Department has introduced Children Policy under RPLI, with effect from 20th Jan 2006. The main features of this scheme are as under:-

 The Scheme is focused to provide Insurance cover to the children of PLI/RPLI policyholders.

 Maximum two children in the family will be eligible to take the children policy.

 Children between the age of 5 and 20 years are eligible and the maximum sum assured is Rs 3 lakh or equivalent to the sum assured of the main policy holder whichever is less.

 The main policyholder should not have attained the age of 45 years.

Upon the demise of the main policyholder, no further premiums are required for the children’s policy. The complete sum assured, along with the accrued bonus, will be disbursed to the child after the children’s policy term concludes. In the unfortunate event of the child’s passing, the full sum assured with the accrued bonus will be paid to the main policyholder.

The responsibility for payments on the Children Policy lies with the main policyholder. The Children Policy does not permit loans, but it does offer the option to make it paid up, provided continuous premiums are paid for 5 years.

No medical examination is needed for the child; however, the child should be in good health on the day of the proposal, and the risk coverage begins from the proposal acceptance date.

The policy is eligible for bonuses at the rate applicable to the Endowment Policy. The rules of POIF (Postal Life Insurance Fund) that are updated from time to time will be applicable to the Children’s Policy.


Other Features of RPLI :-

Ø Low Premium – PLI charges a lower premium.

Ø High Bonus – PLI has a record of consistently giving high Bonus.

Ø No extra premium is charged for deference personnel for war/aviation/high sea risks.

Ø Rebate is allowed on Policies of Rs 20,000 and above @ Rs 1/- per month per Rs 20,000/- sum assured.

Ø 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.

Ø Premium receipt books are provided.

Ø Premium is eligible for income tax rebate (20% of the premium paid) under section 88-C of Income Tax act.

Ø Premium can be paid in any post office on or before the last working day of the month.

Ø Life can be converted into an endowment policy.

Ø Nomination and assignments can be made

Ø Policies and loan bonds exempted from stamp duty;

Ø Loans can be had easily. Repayment of the loan is optional.

Ø A person whose age is below 45 years can have any number of policy upto a maximum of Rs ten lakhs and whose age is 45 and above (upto 55 years) can have any number of policy upto a maximum of Rs one lakh in his name.
 


Ø Risk is covered from the date of acceptance of the policy;.

Ø Claims settled quickly, payments arranged at any nearest post office or at any post office in India.

Ø No need to verify specimen signature and payments will be made on proper identification.

Ø Credit position intimated periodically.

Ø In AEA/GY policies periodical survival benefits will be released on due dates on receipt of the application from the insurant.

Ø Risk coverage on full face value even after the release of periodical survival benefits in respect of AEA/GY policies.

Ø Better customer service.

Ø Free Correspondence through the nearest post office.

Ø Policies can be surrendered or made auto-paid up after 3 years of payment of premia. However, surrender of AEA/GY policies not permitted.

Ø Bonus allowed on all types of policies as per rates announced by Govt.of India from time to time.

Ø Bonus allowed only if the policy is in force for at least five years.

Ø Reinstatement or Revival of passed policies encouraged.

Ø 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, correction in policies are permitted on certain conditions.


PROOF OF AGE in RPLI :- 


The Department accepts 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 in RPLI :


The following type of standard age proof will be acceptable to the Department.

a) 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.

b) A Proof for age, Certificate of Baptism or certified extracted from the family Bible if it contains age or date of birth.

c) 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.

d) Certified extract from service register in the case of Government employees and employees of quasi Government institutions, including Public Undertakings.

e) Passport issued by the Government of India.

f) Marriage certificate in case of Roman Catholics issued by the Roman Catholic Church.

g) A certified extract from the service records of small commercial institutions or industrial undertakings is acceptable, but it must explicitly state that conclusive evidence of age was presented during the employee’s recruitment.

h) In the case of Defence Personnel, identity card issued by the Defence Authority.

i) A true copy of the University certificate or a Matriculation higher academic examination.

j) A true copy of SSLC certificate issued by a Board setup by the Central or State Government attested by a Gazetted Officer/Magistrate.


Non-Standard age proof in RPLI :


If any of the above age proofs is not available, the following non-standard proofs are accepted.

i) Horoscope 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 person 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.

Ø 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.

Ø Maximum limit is Rs 1,00,000/- only.

Ø Maximum age limit is 45 years only.

Ø 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.

Source- Postal Life Insurance Download

Leave a Comment