Rural Postal Life Insurance (RPLI)

 

Rural Postal Life Insurance (RPLI)

Rural Postal Life Insurance (RPLI) came into being as a sequel to the recommendations of the  Official Committee for Reforms in the Insurance Sector (Malhotra Committee).  The Committee had observed in 1993 that only 22% of the insurable population in this country had been insured; life insurance funds accounted for only 10% of the gross household savings.  The Committee had observed:

“ The Committee understands that Rural Branch Postmasters who enjoy a position of trust  in the community  have the capacity to canvass life insurance business within their respective areas…..”

The Government accepted the recommendations of Malhotra Committee  and allowed Postal Life Insurance to extend its coverage to the rural areas to transact life insurance business with effect from 24.3.1995, mainly because of the vast network of Post Offices in the rural areas and low cost of operations. The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population. As on 31.03.2010, we have 99,25,103 RPLI policies.

RPLI offers 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. GRAM PRIYA
  6. Scheme for Physically handicapped persons

The salient features of the Whole Life, Endowment, Convertible Whole Life and Anticipated Endowment Schemes of RPLI are same as the corresponding schemes of PLI except that the minimum Sum Assured is Rs.10,000 and the maximum Sum Assured is Rs.3 lac.  The maximum age limit of entry is 55 years in case of Whole Life and Endowment Assurance but 45 years in case of other plans.

All the schemes have compulsory medical examination.  For the non-medical policies, the maximum limit of Sum Assured is Rs.25,000/-, and maximum age is 35 years.   In case of  Non-standard age proof for Rural PLI policies, the maximum age limit is 45 years.

PLI is the only insurer in the Indian Life Insurance market today which gives the highest return (bonus) with the lowest premium charged for any product in the market.

A PLI/RPLI  policy holder may also get following facilities :-

  • Change of nomination.
  • The insurant can take loan by pledging his/her policy to Heads of the Circle on behalf of President of India, provided the policy has completed 3 years in case of Endowment Assurance and 4 years in case of Whole Life Assurance. The facility of assignment is also available.
  • Assignment of Policy to any Financial Institution for taking loan.
  • Revival of his/her lapsed policy. Policy lapses after 6 unpaid premia if it remained in force for less than 3 years and after 12 unpaid premia if it remained in force for more than 3 years.
  • Issue of Duplicate Policy Bond in case the original Policy Bond is lost, burnt or torn/mutilated.
  • Conversion from Whole Life Assurance to Endowment Assurance and from Endowment Assurance to other Endowment Assurance as per rules.

Note: The rules and regulations related to Rural Postal Life Insurance is subject to change, please contact your nearest Post Office for more up to date information and guidance 

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