FLASH...FLASH

Breaking News:
Loading...

TLM Preparation

More ...

Sponsored Searches

Teachers Info

More ...

Primary School @TLM/Materials

More ...

High School@TLM/Materials

More ...

Students info

More ...

Academic info

More ...

TLMweb-For Education

General Info

More ...

Sunday, June 23, 2019

Rural Postal Life Insurance Plans


Rural Postal Life Insurance Plans

Rural Postal Life Insurance Plans

This plan was formed so that the insurance sector in India could improve especially the insurance in rural areas as it formed a meagre part of a general household in India. Around 22% of the total population of the country after this plan was implemented has improved.
Rural Postal Life Insurance Plans

With a strong network of post offices in urban as well as rural areas, rural postal life insurance was set to succeed. Also, the cost expected to be incurred for operations came down drastically because of use of existing network of post offices. Currently, RPLI is the only insurance provider in the country to give the highest returns to customers at the lowest premium amount. The RPLI scheme is aimed to provide insurance to individuals working in all government sector enterprises including military forces, government school employees, nationalized banks, local civic bodies etc. Also, employees working in the private sector too can avail these rural postal policies for insurance.

Benefits of Rural Postal Life Insurance in India:
Several benefits are associated with rural postal insurance schemes. A host of different schemes are available under the rural insurance umbrella. Some of the most outstanding advantages of these schemes are listed as under.

Policyholders of rural postal 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 is eligible for loan only if 3 years or more are completed in case of endowment schemes and 4 in case of whole life assurance.
Rural postal insurance policies can be pledged with any financial institution for obtaining credit.
Policies under rural postal insurance can be revived in case it lapses due to non-payment of insurance premium.
Insurance policies can be converted from one scheme to another under rural postal insurance. So if a customer is not satisfied with features and benefits of one scheme, he/she can get it converted to another as per rules set by postal insurance department.

Nomination facility is available

and nomination can be duly changed as per policyholder’s requirement. This can be done by placing a request with the postal insurance department.
Insurance Schemes under Rural Postal Life Insurance:

number of schemes are available for customers under the rural postal insurance drive. 
These schemes include those of pure insurance nature and those that are endowment plans. Customers can avail one or more of these insurance schemes and can also switch between schemes in case of dissatisfaction. Important features and benefits of these schemes are described in detail in the section below.

1.Whole Life Assurance ( GRAMA SURAKSHA):

Objective of the scheme: To pay the nominee a sum equal to assured sum plus accrued bonus in the event of death of the policyholder
Eligibility Criteria:
Minimum entry age is 19 years and maximum entry age is 55 years
Conversion of Policy: Whole Life assurance policy can be converted to endowment policy after completion of 1 year of policy and before policyholder completes 57 years of age
Minimum Sum assured: Rs.10,000
Maximum Sum Assured: Rs.5 lakhs
Loan Option: Yes. After completion of 4 years of policy
Surrender of policy: Only after completion of 3 policy years
Premiums Payable: Premiums vary with the sum assured, age of applicant etc.

2.Convertible Whole Life Assurance (GRAMA SUVIDHA):

Objective of the scheme: To pay the nominee a sum equal to assured sum plus accrued bonus in the event of death of the policyholder
Eligibility Criteria: Minimum entry age is 19 years and maximum entry age is 55 years
Conversion of Policy: Whole Life assurance policy can be converted to endowment policy after completion of 5 years of policy and before policyholder completes 55 years of age
Minimum Sum assured: Rs.10,000
Maximum Sum Assured: Rs.5 lakhs
Loan Option: Yes. After completion of 4 years of policy
Surrender of policy: Only after completion of 3 policy years; bonus in case of surrender is nullified
Premiums Payable: Premiums vary with the sum assured, age of applicant etc.
Endowment Assurance ( GRAMA SANTOSH):
This scheme is an endowment plan aimed to fulfill the insurance needs of policyholders.

Following are some of the most striking features of this scheme.
Objective of the scheme: 

To furnish sum assured plus all accrues bonuses to the nominee/assignee/heir until he/she attains the age of maturity on death of the policyholder
Eligibility Criteria: Minimum entry age is 19 years and maximum entry age is 55 years
Minimum Sum assured: Rs.10,000
Maximum Sum Assured: Rs.5 lakhs
Loan Option: Yes. After completion of 4 years of policy
Surrender of policy: Only after completion of 3 policy years; bonus in case of surrender before 5 years is nullified
Premiums Payable: Premiums vary with the sum assured, age of applicant etc.
Anticipated Endowment Assurance (GRAMA SUMANGAL) :

The Anticipated Endowment Assurance is a money-back policy which is best suited for customers who wish to avail certain amount of cash periodically to fulfil their short-term financial needs. Under this scheme, two types of policies are offered, one for a tenure of 15 years and another for a term of 20 years. For the former term, the benefits are paid at intervals of 6, 9, 12 and 15 years while for the latter benefits are paid at intervals of 8, 12, 16 and 20 years.

Objective of the scheme: To furnish benefits to the policyholder periodically. In the event of death of the policyholder, only the sum assured and bonuses accrued will be paid and staggered payment in stages will cease
Eligibility Criteria: Minimum entry age is 19 years and maximum entry age is 55 years
Minimum Sum assured: Rs.10,000
Maximum Sum Assured: Rs.5 lakhs
Surrender of policy: Only after completion of 3 policy years; bonus in case of surrender before 5 years is nullified
Premiums Payable: Premiums vary with the sum assured, age of applicant etc.

Thanks for reading Rural Postal Life Insurance Plans

No comments:

Post a Comment