Post Office Schemes: Now You Can Earn 1 Million Rupees Through These Schemes; Here’s How!

The post office provides six insurance policies under its RPLI (Rural Post Life Insurance) scheme to help ordinary people save money and obtain insurance coverage. These six-post office schemes are Gram Santosh, Gram Suraksha, Gram Sumangal, Gram Suvidha, and Gram Priya, and Bal Jeevan Bima.

The Rural Post Life Insurance (RPLI) program was launched in 1995 to benefit the rural population and expand the insurance coverage to people in rural areas, with a special focus on weaker section groups and female workers.

1. Gram Santosh (Endowment Assurance)

According to the Gram Santosh scheme, the supporter will be guaranteed the amount insured and accrued bonus until he/she reaches the predetermined maturity age, that is 35, 40, 45, 50, 55, 58, and 60 years old age.

If the insurer, nominee, assignee, or legal heir dies, he shall be paid the full amount of insurance and accrued bonuses.

Minimum and Maximum Age for Entry: 19-55 years old

Minimum Sum Assured-10,000 Rupees, Maximum-1 Million Rupees

The last declared bonus-50 rupees per year/-1000 rupees per sum assured.

The policyholder can use the loan facility after 3 years and can choose to surrender after 3 years.

2. Gram Suraksha (Whole Life Assurance)

Gram Suraksha is a scheme under which insurance premiums and accrued bonuses should be paid to the insured person when he reaches 80 years of age, or to his legal representative or assignee when the insured person dies. The earlier one shall prevail, and provided that the policy has been effective on the date of the claim.

Minimum and Maximum Age For Entry: 19-55 years old

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Minimum Sum Assured-10,000 Rupees, Maximum-1 Million Rupees

Last declared bonus-65 rupees per year/-1000 rupees per insured amount

Policyholders can obtain loan facilities four years after purchasing the policy and can choose to abandon the policy after three years.

3. Gram Sumangal (Anticipated Endowment Assurance)

Gram Sumangal is a refund scheme (money back policy) with maximum coverage of 1 million rupees, which is most suitable for those who need regular returns.

Regularly pay the survival insurance money to the insurer. If the insured person dies accidentally, this payment will not be considered. In this case, the full insurance premium and accrued bonus shall be paid to the nominee or assignee of the legal heir.

Policy period: 15 years and 20 years.

The minimum age is 19 years old, and the maximum age at the time of entry is 40 years for a 20-year regular policy and 45 years for a 15-year regular term policy.

Survival rewards paid periodically, as under-

15-year insurance policy-20% each after completion of 6 years, 9 years, and 12 years, and accrued bonuses at maturity, accounting for 40%.

20-year policy-20% will be charged at the completion of 8 years, 12 years, and 16 years respectively, and an accrued bonus of 40% will be received at maturity.

The recently announced bonus-47 rupees per year/-1000 rupees per insured amount.

4. Gram Suvidha (Convertible Whole Life Assurance)

Gram Suvidha scheme is a whole life assurance policy with additional features that can be converted into an “Endowment Assurance Policy” when the five-year term of the policy is adopted.

Policyholders will receive a guaranteed amount of insurance and enjoy accrued bonuses until they reach maturity.

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In the event of death, the nominee, assignee, or legal heir will be paid the full amount of insurance and accrued bonuses.

Minimum Age and Maximum Entry Age: 19-45 years old

Minimum Sum Assured-10,000 Rupees, Maximum-1 Million Rupees

The recently announced bonus-65 rupees/- per 1000 rupees per year (applicable to WLA policy if not converted to endowment assurance)

The policyholder can avail of the loan facility after 4 years and can waive the policy after 3 years.

5. Gram Priya (10 Years Rural PLI)

Gram Priya is a short-term refund scheme for the rural population only. Provide 10-year insurance coverage for the insured. The insurer receives life coverage up to the limit of the sum insured for 10 years.

After 4 years (20%), after 7 years (20%), and after 10 years (60%), the survival benefits are paid and the bonus is accumulated.

The Minimum and Maximum Age For Entry are 20-45 years old.

Minimum Sum Assured-10,000 rupees, Maximum-1 million rupees

In the event of natural disasters (such as droughts, earthquakes, floods, hurricanes, cyclones, etc.), no interest will be charged for the premium for one year in arrears.

The recently announced bonus is 47 rupees/-1000 rupees per year-sum assured.

6. Bal Jeevan Bima (Children Policy)

The main features of this scheme are as follows:

  • The scheme provides life insurance for the children of policyholders
  • The policyholder (parent) can have up to two children.
  • Children between 5 to 20 years old are eligible.
  • The maximum insured amount is 3,00,000 rupees, or equal to the parent company’s insured amount, whichever is lower.
  • The insured (parent) must not exceed 45 years of age.
  • If the policyholder (parent) dies, there is no need to pay any premiums for the child policy. The full amount insured and accrued bonuses shall be paid at the end of the term policy.
  • The policyholder (parent) is responsible for paying the child insurance policy.
  • Loans are not admissible.
  • There are facilities to provide premium payment capabilities, and provided that premiums are paid for 5 consecutive years.
  • Surrender facilities are not available.
  • There is no need for a physical examination of the child. However, the child should be healthy, and the risk shall begin on the day of receiving the proposal.
  • Attract the bonus rate applicable to the Santosh policy (endowment policy), that is, the most recent bonus rate is 50 rupees per year/1000 rupees per insured amount.
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