Rural Postal Life insurance calculator | RPLI policy details | RPLI Insurance Details | Postal Insurance Information

Postal life insurance is a scheme introduced by the Indian government to provide financial security and insurance coverage to the rural population.

Since it launched in 1884, the program has performed as a vital source of financial security for millions of Indians. Rural postal life insurance is a subset of the postal life insurance scheme that is specifically targeted towards the rural population.

This blog post aims to provide a comprehensive overview of rural postal life insurance and its benefits, eligibility criteria, and features.

RPLI-Rural Postal Life insurance calculator | RPLI policy details | RPLI Insurance Details | Postal Insurance Information.)

Rural Postal Life Insurance calculator

What is Rural Postal Life Insurance?

The Indian Postal Department’s rural postal life insurance program aims to give life insurance protection to residents of rural areas. The program is intended for residents of rural areas and tiny towns who lack access to conventional life insurance policies.

The scheme aims to provide financial protection to the family of the policyholder in case of their untimely death. The program is accessible to people from all walks of life due to its low cost and flexible premium payment choices.

Benefits of Rural Postal Life Insurance

Rural postal life insurance provides various benefits to its policyholders, some of which are mentioned below:

👉Affordable premiums: Rural postal life insurance offers affordable premiums, making it accessible to people from all socio-economic backgrounds. Depending on the policyholder’s ease, the premiums for the insurance can be paid on a quarterly, half-yearly, or annual basis.

👉Guaranteed returns: Rural postal life insurance provides guaranteed returns to its policyholders. The scheme offers a bonus on the sum assured at the end of the policy term, which provides an additional source of income to the policyholder.

👉Tax benefits: Policyholders of rural postal life insurance can avail of tax benefits under Section 80C of the Income Tax Act. The policy’s premium payments are tax deductible, making it a desirable financial choice.

👉Loan facility: Rural postal life insurance also provides a loan facility to its policyholders. Policyholders can avail of a loan against the policy’s surrender value, which can be helpful in times of financial distress.

Eligibility Criteria for Rural Postal Life Insurance

Because the premium payments for the insurance are tax deductible, it is a wise financial decision.

✔The beneficiary requirements to live in India.

✔The policyholder must be between the ages of 19 and 55 years.

✔The policyholder must have a valid postal address.

✔The policyholder must have a source of income.

Features of Rural Postal Life Insurance.

Rural postal life insurance comes with several features that make it an attractive investment option. Some of these features are mentioned below:

Affordable premiums: Rural postal life insurance offers affordable premiums, making it accessible to people from all socio-economic backgrounds.

Flexible premium payment options: Depending on the policyholder’s ease, the premiums for the insurance can be paid quarterly, half-yearly, or annually.

Guaranteed returns: Rural postal life insurance provides guaranteed returns to its policyholders. The scheme offers a bonus on the sum assured at the end of the policy term, which provides an additional source of income to the policyholder.

Policy term: The policy term for rural postal life insurance ranges from 5 to 20 years, depending on the policyholder’s preference.

Nomination facility: Policyholders can nominate a person to receive the policy benefits in case of their untimely death.

Surrender value: Rural postal life insurance provides a surrender value to its policyholders. If the policyholder surrenders the policy before the completion of the policy term, they can receive a surrender value that is calculated based on the premiums paid.

Documents to purchase of RPLI: –

You must submit the following documents in order to buy Rural Postal Life Insurance (RPLI):

Filling out the proposal form for the RPLI policy is the first stage. You can pick up a copy of this form at your neighborhood post office or obtain a copy from the India Post website.

Identity Proof: You would need to submit a valid identity proof such as Aadhar card, Voter ID, PAN card, Passport, etc.

Address Proof: You would also need to submit a valid address proof such as Aadhar card, Voter ID, utility bill, etc.

Also required is appropriate age documentation, such as a birth certificate, academic credentials, a passport, etc.

Passport-size Photograph: You would need to submit a passport-size photograph along with the proposal form.

You might also have to provide any additional paperwork that the insurance provider needs in order to complete your application. For any particular requirements, it is best to contact the post office or the insurance provider.

Comparison between RPLI and LIC: –

RPLI (Rural Postal Life Insurance) and LIC (Life Insurance Corporation of India) are both life insurance schemes offered in India. The primary differences between the two are as follows:

Ownership: The Government of India owns RPLI, whereas LIC is a public sector organization.

Coverage: RPLI offers life insurance coverage specifically for rural areas, while LIC offers life insurance coverage to people across India.

Premiums: RPLI offers lower premiums compared to LIC, making it a more affordable option for many people.

Benefits: Both RPLI and LIC offer a range of benefits, including death benefits, maturity benefits, and optional riders for additional coverage.

Investment options: LIC offers a wider range of investment options, including mutual funds, stocks, and bonds, while RPLI only offers life insurance coverage.

Customer service: LIC has a larger customer service network compared to RPLI, with offices across India and a strong online presence.

In general, both RPLI and LIC provide life insurance coverage; however, RPLI is more oriented toward rural residents, whereas LIC has a wider audience and more investment choices. Individual requirements and preferences will determine which option is preferred.