Rural Postal Life Insurance Schemes

GRAM SANTOSH ( ENDOWMENT ASSURANCE )

An Endowment Assurance Scheme

Under this scheme the proponent is given an assurance to the extent of the Sum Assured and accrued bonus till he/she attains the pre-determined age of maturity.
In case of unexpected death of the insurant, the assignee, nominee or the legal heir is paid the full Sum Assured together with the accrued bonus.

* Minimum Age at entry is 19 years.
* Maximum Age at entry is 55 years and for policies with sum assured beyond Rs.1 lakh      maximum age at entry is  45 years
* Premium ceasing at the age of 35, 40, 45, 50, 55, 58 & 60
     ( Payment of premia for at least 5 years )
* Maximum Sum Assured of Rs.2 lac
* Insurance Cover starts from the date of acceptance
* Eligible for loan after payment of premia for 36 months.
* Interest Rate @ 10% on loan
* Surrender allowed after payment of premia for 36 months
* Assignment facility available
* Can be converted into Suraksha (Whole Life Assurance )
* No medical examination required if age is 35 years or less and Sum Assured
      is not more   than Rs.25000/.
* Nomination facility is available

GRAM SURAKSHA (WHOLE LIFE ASSURANCE )

It is a Whole Life Assurance Scheme.
Under this scheme, the proponent is given an assurance to the extent of sum assured and accrued bonus which is paid to the assignee, nominee or legal heir after the death of the insurant.

• Insurance cover starts from the date of acceptance
• Minimum Age at entry is 19 years
• Maximum Age at entry is 55  years and for policies with sum assured beyond Rs.1 lakh maximum age at entry is 45 years
• Premium ceasing at the age of 55, 58 & 60
• Maximum sum assured is Rs. 2 lac 
• Eligible for loan after payment of premia for 48 months.
• Interest rate @ 10% on loan
• Surrender of policy allowed after payment of premia for 36 months
• Assignment facility available
• Can be converted into Gram Santosh (Endowment Assurance)
• Nomination facility available

GRAM SUVIDHA ( CONVERTIBLE WHOLE LIFE ASSURANCE )

A Convertible Whole Life Assurance Scheme.

• Insurance cover starts from the date of acceptance
• Minimum age at entry is 19 years
• Maximum age at entry is 55 years
• Premia ceasing at the age of  55, 58 & 60
• (Payment of premia for at least 5 years )
• Maximum sum assured Rs. 1 lac
• Eligible for loan after payment of premia for 48 months
• Interest on loan @ 10 %
• Surrender of Policy allowed after payment of premia for 36 months
• Assignment facility available
• Can be converted into Gram Santosh
  (Endowment Assurance after 5 years with premia ceasing at the age applicable to that Scheme )
• Nomination facility available.

GRAM SUMANGAL ( ANTICIPATED ENDOWMENT ASSURANCE )

An Anticipated Endowment Assurance Scheme which is also known as Money Back Policy

• Insurance cover starts from the date of acceptance of the proposal.
• Survival benefit is paid to the insurant periodically

(Such payments will not be taken into consideration in the event of unexpected death of the insurant and full sum assured with accrued bonus is payable to the nominee).

• Two type of policies i.e. 15 years term and 20 years term.
• Minimum age at entry is 19 years and maximum age at entry is 40 years
• Maximum sum assured is Rs.1 lac.
• No loan facility
• No surrender value is payable
• Nomination facility is available.
• Assignment facility is available.
• Survival benefit is payable as under:

                            15 years       20 years

• at the end of 6 years          8 years 20% of Sum Assured
• at the end of 9 years         12 years 20% of Sum Assured
• at the end of 12 years       16 years 20% of Sum Assured
• at the end of 15 years       20 years 40% of Sum Assured              With bonus

GRAM PRIYA ( 10 YEARS RPLI )

It is Anticipated Endowment Scheme for Ten Years
- Insurance cover start from the date of acceptance

• Proponent is given an assurance to the extent of Sum Assured with accrued bonus payable till completion of ten years.
• Minimum Age at entry is 19 year
• Maximum Age at entry is 45 year
• No interest charged upto one year arrear of premia in case of natural calamities like flood, drought, earthquake, cyclone etc.
• Survival benefit is payable as under:

·  At the end of 4 years - 20%
·  At the end of 7 years - 20%
·  At the end of 10 years - 60% with accrued bonus

• Nomination facility is available
• No surrender value is payable
• Assignment facility is available
• No loan is admissible.

CHILDREN POLICY

CHILDREN POLICY-SALIENT FEATURES

   A Policy holder of WLA or EA in PLI/RPLI shall be eligible for taking such Policy for his/her child(ren) against      his/her policy.
   Minimum Age-5 Years.
   Maximum Age- 20 Years   (The age of main policy holders should be below 45 years.)
   Sum Assured limit Minimum- Rs. 20,000/- Maximum- Rs. 1,00,000/-. However, the Sum Assured of      Children policy should not exceed the Sum Assured of the main policy.
   Insurance Cover starts from Date of acceptance of the proposal or payment of the Ist premia in full, which      ever is later.
   A non-medical policy with full benefits.
   Assignment/Nomination facility available, as per POIF Rules.
   No loan facility against this policy, but can be made paid up in usual conditions to main policy provided      atleast 5 Years premia have been paid.
   Sum Assured alongwith accrued bonus shall be payable on maturity or earliesr on death of the Child(ren).
   In even of death of main policy holder before the expiry of the Children Policy- no further premia shall be      payable for the remaining term of the policy.

CHILDREN POLICY PREMIA FOR SUM ASSURED OF Rs. 1000/-

Posted in PLI