Money & Banking

India Post tailors affordable life policies for rural segment

Venkatesan R Chennai | Updated on May 22, 2018 Published on May 18, 2018

India Post plays an important role in financial services, reaching out in the rural areas with its large and efficient network. It has a long tradition of distributing financial products, going back to 1884.

Postal Life Insurance extended insurance cover to the rural population under the banner ‘Rural Postal Life Insurance' (RPLI) in 1995. This scheme is primarily meant for people residing in rural areas, especially women and small and marginal farmers. Low premium and high bonus are the unique features of rural policies.

The RPLI team regularly interacts with the target audience in rural areas, highlighting the importance of financial savings. It also inculcates the habit of savings among the poor and weaker sections of society, creating opportunities for wise investments.


The RPLI offers a range of policies suited to every individual and household. This includes Whole Life Assurance (Gram Suraksha), Endowment Assurance (Gram Santosh), Convertible Whole Life Assurance (Gram Suvidha), Anticipated Endowment Assurance (Gram Sumangal), 10 Years RPLI (Gram Priya) and the Children Policy (Bal Jeevan Bima).

Any person who is a resident Indian and has permanent residence in rural areas, in the age group of 19-55 years, is eligible to take an RPLI policy. Physically challenged persons are also eligible to subscribe subject to certain conditions.

The Endowment Assurance policy of Rs 10,000, maturing at 60 years, can be taken by a 19-year-old person by paying just Rs 18 per month. For a Whole Life Policy of Rs 10,000 taken at a minimum age of 19 years and maturing at 60 years, the premium payable is Rs 14 per month or Rs 148 per annum.

The minimum and maximum sums assured under Whole Life, Endowment, Convertible Whole Life and Anticipated Endowment Schemes are Rs 10,000 and Rs 10 lakh. The maximum age limit of entry is 55 years in case of Whole Life and Endowment Assurance, and 45 years in case of other plans.

Medical examination is compulsory for all the schemes. For non-medical policies, the maximum sum assured is Rs 25,000, and maximum age 35 years. In case of non-standard age proof for Rural PLI policies, the maximum age limit is 45 years.

The policyholder can take a loan provided the policy has completed three years in case of Endowment Assurance and four years in case of Whole Life Assurance. The policy can be assigned to any financial institution for availing of a loan.

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Published on May 18, 2018
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