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With the pandemic infusing uncertainty in all sections of the population, insurance has assumed a lot of importance in our lives. We all know about Life Insurance Corporation of India (LIC) and several life insurance companies operating in this space.
But how many of us know about Rural Postal Life Insurance (RPLI) which is managed and operated by India Post. It was launched in March 1995.
The main advantage of RPLI is that they offer a higher return including bonus with a low premium.
The main objective of these schemes is to provide insurance cover to the rural public and benefit weaker sections and women workers of rural areas in particular.
RPLI policies
RPLI is like any other like insurance. It offers the six types of policies:
1) Whole Life Assurance (Gram Suraksha)
2) Endowment Assurance (Gram Santosh)
3) Convertible Whole Life Assurance (Gram Suvidha)
4) Anticipated Endowment Assurance (Gram Sumangal)
5) 10 Year RPLI (Gram Priya)
6) Children Policy (Bal Jeevan Bima)
Eligibility
All ordinary permanent residents in rural areas can buy the policies.
Benefits
RPLI offers an attractive bonus rate to its customers. It stands at Rs 65/thousand in Whole Life Assurance (Gram and Convertible Whole Life Assurance (Gram Suvidha).
For the Endowment Assurance (Gram Santosh) and Children Policy (Bal Jeevan Bima) a bonus rate of Rs 50/thousand sum assured per year is applicable.
In Anticipated Endowment Assurance (Gram Sumangal) and 10 Years Rural PLI (Gram Priya) the applicable bonus is Rs 58/thousand.
Low premium
The premium of RPLI schemes is low compared to that in other companies offering life insurance. Facilities like assigning policies, taking loans against a policy, surrender and paid up value options are also available.
The policies can also be transferred to any circle within India at no additional charges.
In case of natural calamities like flood, drought, earthquake or cyclone, for Gram Priya Policy, no interest is charged up to one year.