Bonus for Rural Postal Life Insurance Subscribers

rural postal life insurance

Rural Postal Life Insurance (RPLI)

In 1993, a special committee, namely the Malhotra Committee pragmatically concluded that insurance formed an inadequate percentage of the India’s gross household savings. The numbers were outstandingly weak for those who belonged to the rural sector. In those times, only 22% of the total population of the country had been insured. The committee recommended an absolutely leveled course of action to make the insurance scenario better in our country. According to the committee, in the rural areas, post masters enjoyed a very dependable and welcoming relationship with customers and hence, this position could be effectively utilized for the purpose of popularizing insurance in the nation’s rural areas.

With a well-built network of post offices in urban as well as rural areas, Rural Postal Life Insurance was launched and immediately set on the path towards success. Beneficially, the cost expected to be incurred for operations came down drastically because of extensive use of existing network of post offices. Currently, RPLI is the only insurance provider in the country to provide the highest returns to customers at the lowest premium amount. The RPLI scheme, being a huge success, was expected to provide insurance to individuals working in all government sector enterprises including military forces, nationalized banks, government school’s employees, local civic bodies and similar institutions. Even employees who are working in the private sector can avail these rural postal policies for insurance.

Certainly, there are several benefits that are linked with Rural Postal Insurance Schemes. Most importantly, a multitude of different schemes are available under the rural insurance umbrella. Some of the most exceptional advantages of these schemes are:

  • Policyholders of Rural area Insurance Schemes can avail credit by pledging their schemes as collateral for security. The policy has to be pledged with the Heads of the Circle and it is eligible for loan only if 3 years or more have been concluded in case of endowment policy schemes and 4 years in case of the whole life assurance.
  • These insurance policies can be pledged with any financial institution for obtaining credit.
  • Also note that the policies under rural postal insurance can be revived in the event of its lapse due to non-payment of insurance premium.
  • Insurance policies can be renewed from one scheme to another scheme under this rural postal life insurance. So, if a customer is not entirely or partially satisfied with the features and benefits of one scheme, he/she can easily get it converted to another as per rules set by the Postal Insurance Department.
  • A provision for Nomination is available and nomination can be duly changed as per the policyholder’s needs and requirements. This can be done by placing a request with the Postal Insurance Department.

Some of the Insurance Schemes that come under the Rural Postal Life Insurance are:

  1. Grama Suraksha, which is a Whole Life Assurance, aims to pay to the nominee a sum of equal to assured sum plus accrued bonus in the event of death of the policyholder. This policy can be renewed into an endowment policy after the completion of 1 year of and before policyholder completes 57 years of age.
  2. Grama Santosh, which is an Endowment Assurance, aims to furnish sum assured plus all accrues bonuses to the nominee until he/she attains the age of maturity on the unfortunate death of the policyholder.
  3. Grama Suvidha, which is a Convertible Whole Life Insurance, aims to pay the nominee a sum of equal to assured sum plus accrued bonus in the event of death of the policyholder. This policy can be renewed to an endowment policy after the completion of 5 years of plans and before the policyholder completes 55 years of age.

There are many other like the above, mainly Grama Sumangal (Anticipated Endowment Insurance), Grama Priya and a Scheme for Physically Handicapped People that help people secure their future.

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About Aditi Singh 364 Articles
Aditi Singh is an independent content creator and money finance advisor for 5 years. She is recently added with Investment Pedia. Internet users are always welcome to put comments on her contributions.

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