Rural Postal Life Insurance - Low Premium high returns
Postal Life Insurance (PLI) was started in 1884 as a welfare measure for the employees of the Posts and Telegraphs (P&T) Department. Due to the popularity of 
its schemes, various departments of the central and state governments were extended its benefits. Now Postal Life Insurance is open for employees between 19 and 50 years (as on the next birth date of the applicant) of all central and state government departments, nationalized banks, public sector undertakings, financial institutions, local bodies like municipalities and zilla parisads and educational institutions aided by the government.
its schemes, various departments of the central and state governments were extended its benefits. Now Postal Life Insurance is open for employees between 19 and 50 years (as on the next birth date of the applicant) of all central and state government departments, nationalized banks, public sector undertakings, financial institutions, local bodies like municipalities and zilla parisads and educational institutions aided by the government.It started becoming popular, it was extended for the rest of bodies. In 1995, the Rural Postal Insurance was introduced exclusively for villagers who account for a majority of our population.
w.e.f 23rd March,1995 the benefits of Postal Life Insurance were extended to the rural populace of the country under the banner of Rural Postal Life Insurance to cater to the almost 60 per cent of India's population that lives in villages. PLI is a good option for those eligible as it charges lower premiums and offers higher returns than comparable policies of life insurers.. 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
RPLI offers following types of plans:
- Whole Life Assurance ( GRAMA SURAKSHA)
- Convertible Whole Life Assurance (GRAMA SUVIDHA)
- Endowment Assurance ( GRAMA SANTOSH)
- Anticipated Endowment Assurance (GRAMA SUMANGAL)
- GRAM PRIYA
- 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.
So if you are eligible, buy postal life insurance for yourself and create an insurance portfolio with comparative higher return on investment. Postal life insurance is a good option if you are just looking out to buy pure life insurance cover, unlike LIC and rest of the insurers which offer accidental death benefit riders and many other riders with extra premiums. They enjoy the same tax benefits the way a normal Life insurance policy receives. The premiums for these schemes can be paid at any of the post office across the country and loans are also available on the same.
This way we see that Postal Life Insurance carries immense value and everybody who is entitled should go for it.
This way we see that Postal Life Insurance carries immense value and everybody who is entitled should go for it.
Note: The provisions related to RPLI are subject to change. Please contact your nearest Post Office and RPLI Insurance agents for more details. Errors and omissions are expected.
Best Regards
Prakash Nair
www.keralites.net          |
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