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What is the Postal Life Insurance (PLI) Scheme? – Interesting Facts

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What is the Postal Life Insurance (PLI) Scheme? – With Interesting Facts

Are you curious to read and learn about the Postal Life Insurance Scheme, also referred to as the Post Office PLI Scheme? This article will go in-depth on the topic of the Postal Life Insurance (PLI) Scheme: its history, benefits, Plans, and more. Did you know that the PLI Scheme was ordered by the Queen Empress of India herself?

Continue reading to know about more such interesting facts about the PLI Scheme of India.

 

  • History of PLI Scheme
  • Benefits of PLI Scheme
  • PLI plans and policies
  • Interesting Facts about the PLI Scheme

History of the PLI Scheme

The Postal Life Insurance Scheme is one of the earliest welfare schemes introduced in India. In fact, PLI Scheme was introduced around 63 years prior to India’s independence in 1947. The PLI Scheme was founded on February 1, 1884, and was solely introduced as a welfare scheme for employees of the post office.

The PLI Scheme has come a long way since 1884, with many modifications and changes. Today, the PLI Scheme provides six types of life insurance schemes or plans for a variety of different audiences, including officers of the central and state governments, nationalised banks, RBI employees, professionals, and beyond.

Benefits of the PLI Scheme

The most important benefits of the Postal Life Insurance Scheme are:

 

  • High coverage: The Postal Life Insurance Scheme provides a reasonably high life insurance coverage of Rs. 50 lacs. Life insurance coverage has slowly but steadily increased over the course of many years. This is extremely important as it is keeping pace with general inflation levels in the nation.
  • Highly accessible: The PLI Scheme is accessible throughout the nation via over 1.5 lakh post office branches across India. This makes it the easiest life insurance scheme to access in India.
  • Tax Benefits: Policyholders can avail of tax benefits under Section 80C and Section 10(10D) of the Income Tax Act on premiums paid.
  • Affordable Premiums: With the spirit of welfare intact, the PLI Scheme provides a good amount of life insurance coverage for reasonably affordable premium rates. This increases insurance penetration in India.
  • Guaranteed Returns: Returns are guaranteed by India Post. This ensures safety and stability for policyholders.

PLI Schemes and Policies

There are six plans offered under the PLI Scheme, and they are:

 

  • Endowment Assurance (Santosh)
  • Anticipated Endowment Assurance (Sumangal)
  • Whole Life Assurance (Suraksha)
  • Convertible Whole Life Assurance (Suvidha)
  • Children’s Policy (Bal Jeevan Bima)
  • Joint Life Assurance (Yugal Suraksha)

You can also read in detail about the PLI plans.

Interesting Facts About the PLI Scheme

Mentioned below are some of the lesser-known but interesting facts about the PLI Scheme:

 

  • The PLI Scheme was founded in 1884 by order of the Queen Empress of India.
  • The PLI Scheme was suggested by the then Director General of Post Offices, Mr. F.R. Hogg.
  • There are over 46 lakh policyholders under the PLI Scheme (as of 2017).
  • PLI policyholders can avail of a loan against their PLI policy.
  • Maximum life insurance coverage under the PLI scheme is Rs. 50 lacs (as of 2023).
  • The PLI Scheme is backed by the Central Government of India.
  • The annual budget of the post office is ₹ 20,820.02 crore (as of 2022) and employs over 4 lakh employees across the country.

 

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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Rural Postal Life Insurance (RPLI) Agent Login

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Rural Postal Life Insurance (RPLI) Agent Login – A Simple Guide

Rural Postal Life Insurance (RPLI) has influenced the lives of millions of individuals belonging to the rural sector of India by offering them very affordable life insurance coverage. As an RPLI agent, it is crucial to manage policies, access customer data, and streamline operations to enhance customer service. That’s where the RPLI agent portal comes in. It is an online portal offered by India Post to help agents manage policies for their clients.

In this article, we will talk about the features of RPLI agent portal and also give you a complete guide on how to access the portal.

  • How to login into RPLI Agent Portal?
  • How to register on RPLI Agent portal?
  • How to reset password on RPLI Agent portal?
  • Features of RPLI Agent Portal
  • Frequently Asked Questions (FAQs)

How to login into RPLI agent portal?

Follow these simple steps to login to the portal:

  • Step 1: Visit the official website of India Post or click on this official link, i.e. https://dopagent.indiapost.gov.in/. to directly access the portal.
  • Step 2: Enter your login ID and password.
  • Step 3: Enter the captcha code and click on “Log in.”
  • Step 4: You will be successfully logged in.

Note: If you are a first time user, you will need to register yourself on the portal. Once you have successfully registered yourself on the portal, you can log in anytime using the agent ID and password created during the registration process.

How to register on RPLI agent portal?

Follow these simple steps to register yourself on the portal:

  • Step 1: Click on this link, http://www.postallifeinsurance.gov.in/, to access the official portal.
  • Step 2: Click on the “Register” option on the login page.
  • Step 3: Enter your user ID or agent ID received by India Post and your date of birth. Also, enter the security code and click on “Generate Password.”
  • Step 4: Create a unique login password. You can use this password to log into the RPLI portal at any time.

Note: If you face any issues while logging in or registering on the RPLI agent portal, you can contact India Post Customer Care or your RPLI Branch Office for assistance.

How to reset password on RPLI agent portal?

in case you have forgotten your password. Let us show you how you can reset the password in these simple steps:

  • Step 1: Go to the official portal link for the same, which has been provided above.
  • Step 2: Click on the “Forgot Password” option given on the login page.
  • Step 3: Enter your user ID, date of birth, and security code and click on the “Request Password” option.
  • Step 4: A link will be generated to reset the password. You can now reset your password accordingly.

Features of RPLI agent portal

Below are a few features and benefits of the portal:

  • Policy Management: This portal enables the agents to manage their customers insurance policies efficiently. Agents can track and submit claims, generate premium quotes, track policy applications, and much more through the portal.
  • Customer Details: This portal provides agents access to important customer details like KYC, premium receipts, policy bonds, etc., which are stored in a secured database. This feature enables the agents to manage and update any policy-related records efficiently.
  • Renewals: RPLI agents can easily track the policy renewal dates for their customers and send them timely reminders for renewals.
  • Policy-related Resources: The portal offers a plethora of policy-related resources such as brochures, policy wordings, etc. so that the agents can guide and educate the customers in detail.

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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Frequently Asked Questions

  • How to update customer information on RPLI agent portal?
    • Step 1: Login to the portal using your user ID and password.
    • Step 2: Click on the "Customer" tab.
    • Step 3: Select the customer whose information you want to update.
    • Step 4: Update the necessary fields with the new information or data.
    • Step 5: Click on "Save" to make the necessary changes.
  • How can I generate a premium due report for customers on the RPLI portal?

    Follow these simple steps:

    • Step 1: Login to the portal using your user ID and password.
    • Step 2: Click on the "Policy Reports" tab.
    • Step 3: Select the customer’s policy whose premium due report you want to generate.
    • Step 4: Then click on "Maturity Report."
    • Step 5: The premium-due report for that policy will be generated instantly.
  • What documents are available on the RPLI agent portal?

    All policy-related documents, such as the policy bond, revival application form, death claim form, and more, can be downloaded through the portal.

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    Postal Life Insurance

    Difference between RPLI and PLI (8 Key Differences)

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    Difference between RPLI and PLI (8 Key Differences)

    Are you planning to purchase a life insurance plan from Rural Postal Life Insurance (RPLI) or Postal Life Insurance (PLI) by India Post? If so, it is important that you understand the similarities and differences between RPLI and PLI.

    Hence, in this article, we will draw a comparison table between RPLI and PLI plans so that you can make an informed decision based on your insurance needs and preferences.

    Rural Postal Life Insurance

    Postal Life Insurance

    What is RPLI?

    India Post’s Rural Postal Life Insurance was introduced in 1995 with the main objective of providing life insurance coverage at an affordable premium to individuals belonging to the rural sector of India.

    What is PLI?

    Postal Life Insurance by India Post was established on February 1, 1884.

    It was established with the intention of providing life insurance coverage to postal employees, female employees of P&T departments, etc. Postal Life Insurance has now expanded its services and offers coverage to the armed forces, government employees, and so on.

    Plans under Rural Postal Life Insurance

    • Whole Life Assurance Policy (Gram Suraksha)
    • Convertible Whole Life Assurance Policy (Gram Suvidha)
    • 10 years Rural PLI Policy (Gram Priya)
    • Endowment Assurance Policy (Gram Santosh)
    • Anticipated Endowment Assurance Policy (Gram Sumangal)
    • Children Policy (Gram Bal Jeevan Bima)

    Plans under Postal Life Insurance

    • Whole Life Assurance Policy (Suraksha)
    • Convertible Whole Life Assurance Policy (Suvidha)
    • Joint Life Assurance Policy (Yugal Suraksha)
    • Endowment Assurance Policy (Santosh)
    • Anticipated Endowment Assurance Policy (Sumangal)
    • Children Policy (Bal Jeevan Bima)

    Benefits of Rural Postal Life Insurance Plans

    Below are a few general benefits under RPLI plans:

    • Death Benefit: In the event of the unfortunate demise of the policyholder, the nominee of the policy will receive the sum assured along with any accrued bonus.
    • Unnatural Death: RPLI plans also offer coverage for unnatural death in cases of suicide, etc., but only if the policy is continued for more than 2 years.
    • Survival Benefit: A certain percentage of the total sum assured will be payable to the policyholder under the survival benefit, along with any accrued bonus, after 4 years, 7 years, and 10 years of policy completion.
    • Loan Facility: The policyholder can also avail of a loan facility upon the policy’s completion after 3 or 4 years. The loan facility is not admissible under the Bal Jeevan Bima Policy.
    • Interest Waiver: All interest on arrears of premium up to one year will be waived off, in the case of natural calamities such as floods, droughts, earthquakes, cyclones, etc.
    • In Case of Parents Death: In case of the death of the parent of the insured child under the (Gram) Bal Jeevan Bima Policy, all premiums will be waived off. The insured child will receive total SA along with any accrued bonus.
    • Tax Rebate: RPLI plans are eligible for an income tax rebate under Section 80C of the Income Tax Act. The insured can also avail of a rebate under Section 88 of the Income Tax Act.

    Benefits of Postal Life Insurance Plans

    Below are a few general benefits under PLI plans:

    • Death Benefit: In the event of the death of the insured individual, the sum assured under the plan will be paid to the beneficiaries of the policy.
    • Accidental Death Benefit: In case of the unfortunate accidental death of the policyholder, the sum assured along with the accrued bonus will be paid to the beneficiary of the policy.
    • Total Permanent Disablement Cover: PLI plans also financially compensate in the event of any total permanent disability suffered by the policyholder due to an accident.
    • Unnatural Death: Like RPLI, PLI plans also offer coverage for unnatural deaths like suicide, murder, etc. only if the policy has been active for more than 2 years.
    • Loan Facility: The policyholder can also avail of a loan facility upon the policy’s completion after 3 or 4 years. The loan facility is not admissible under the Bal Jeevan Bima Policy.
    • In Case of Parent’s Death: Under the Children Policy (Bal Jeevan Bima), all premiums will be waived in case of the unfortunate death of the parent.
    • Tax benefit: PLI plans are eligible for income tax exemption under Section 80C of the Income Tax Act.

    Sum Assured

    Below are the sum assured options under the RPLI plans:

    Minimum sum assured:  ₹  10,000

    Maximum sum assured: ₹ 10,00,000

    Sum Assured

    Below are the sum assured under PLI plans:

    Minimum sum assured: ₹ 20,000

    Maximum sum assured: ₹ 50,00,000

    Eligibility

    Following individuals are eligible to opt for RPLI plans:

    Rural Postal Life Insurance plans can be purchased by all individuals belonging to rural sector of India.

    Eligibility

    All government employees, the Defence and Para-Military Services, employees of PSU banks, educational institutions, Local Bodies, and professionals like doctor’s, MBAs, lawyers, etc. Employees of companies listed with the Bombay Stock Exchange( BSE) and the National Stock Exchange (NSE)

    Age Criteria

    Following are the general age criteria for purchasing the plan: The same may vary according to the type of policy.

    Minimum age: 5 years

    Maximum age: 55 years

    Age Criteria

    Following are the general age criteria for purchasing the plan: The same may vary according to the type of policy.

    Minimum age: 5 years

    Maximum age: 55 years

    Premium

    Premiums under RPLI plans are low as compared to PLI plans, as these plans are specifically made for weaker sections of society.

    Premium

    Premiums under the PLI plans are slightly on the higher side because of their extensive coverage.

    Renewability

    RPLI policies can be renewed yearly.

    Renewability

    PLI policies can be renewed on a year to year basis.

    Conclusion

    The main difference between Rural Postal Life Insurance (RPLI) and Postal Life Insurance (PLI) is that RPLI can only be purchased by individuals belonging to the rural sector of the country, while PLI plans can be bought by all professionals, government officials, persons serving in the armed forces, and so on.

    Secondly, although the coverage under both life plans is similar, the premium of Postal Life Insurance is marginally on the higher side due to the benefits offered by its extensive coverage.

    Thirdly, another major difference between both RPLI and PLI plans is the sum assured options. Postal Life Insurance offers a wide range of sum assured options, as compared to RPLI plans to choose from. The sum assured options ranges between ₹10,000 up to ₹ 1,00,000 in Rural Postal Life Insurance, where as the sum assured option in Postal Life Insurance plans ranges from ₹ 20,000 up to ₹ 50,00,000.

    Learn more about PLI and RPLI via their official website: https://www.indiapost.gov.in/Financial/Pages/Content/rpli.aspx

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

    Frequently Asked Questions

  • What is the frequency of bonuses under the RPLI and PLI plans?

    A bonus is declared every year under the Rural Postal Life Insurance and Postal Life Insurance plans.

  • How do I pay the premiums for RPLI and PLI plans?

    You can pay the premiums of Rural Postal Life Insurance and Postal Life Insurance plans through any of their official apps, like Postinfo, the India Post Payments Bank Mobile Banking (IPPB) Application, or the India Post website. You can also make the payment by visiting any of the nearest India Post branches.

  • Is the nomination facility available under the RPLI and PLI plans?

    Yes, you can register a maximum of three individuals as nominees under both plans.

  • Is a medical examination necessary under the RPLI and PLI plans?
    • For Rural Postal Life Insurance plans: A medical examination is compulsory if the sum assured is more than ₹ 25,000 and the proposer’s age is more than 35 years.
    • For Postal Life Insurance plans: A medical examination is compulsory if the sum assured is more than ₹ 1,00,000 and the proposer’s age is more than 35 years
  • What is the customer care number for RPLI and PLI?

    The customer care number for Rural Postal Life Insurance and Postal Life Insurance is 1800 266 6868.

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    Make Online Payments using RPLI Online Payment App (Simple Guide)

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    How to Make Online Payments using RPLI Online Payments App?

    In today’s era of digitization, the demand for safe and convenient payment options has become crucial in the insurance business. As it provide convenience to policyholders to renew their insurance policy on time. India Post’s Postal Life Insurance, a prominent name in the insurance industry has launched many such apps for the convenience of its customers.

    In this article, we will talk about the online payment applications introduced by Postal Life Insurance and the steps to make premium payments. They are:

     

    • Postinfo App by India Post
    • India Post Payments Bank Mobile Banking (IPPB) Application
    • India Post Official Website

    Postinfo App by India Post

    India Post introduced an online mobile application named Postinfo for its policyholders on the 11th of June 2015. This mobile application can be downloaded on both iOS and Android platforms.
    This application provides customers with hassle-free access to multiple policy-related services such as grievance redressal, premium payment, policy monitoring, and more.

    Steps to pay Rural Life Insurance Premium through Postinfo App

    Now, let us guide you as to how you can make your Rural Life Insurance Policy premium through the Postinfo application:
    Follow these simple steps to make the payment through the app:

     

    • Step 1: Download the official Postinfo application by India Post on your mobile phone.
    • Step 2: Once the application is downloaded select the “Insurance” option.
    • Step 3: Then click on the “Customer Login” tab.
    • Step 4: Enter the correct “Customer ID”, “Password” and then click on “Log in”
    • Step 5: Click on the “Payments” option and select the policy for which you want to make the payment.
    • Step 6: Verify the policy details, check the premium amount, and click on “Pay Now.”
    • Step 7: Choose your preferred payment gateway option and Select “Continue to Pay.” You can make the payment via a debit or credit card, UPI, net banking, PAYTM, etc.
    • Step 8: Click on ‘Proceed to Payment.’ Once the payment is successfully made, you will receive a confirmatory message on your registered mobile number.

    What are the services offered on the Postinfo App?

    Below given are a few services that can availed by customers through the application:

     

    • Premium Payments: As mentioned earlier, policyholders can make premium payments for their policies in a matter of minutes.
    • Services Request: This feature allows policyholders to place various policy-related requests through the application. The concerned department of India Post will process the request and take necessary action to solve the issue. Customers can submit requests such as address change, tracking of postal documents, grievance redressal, and so on.
    • Interest Calculator: This feature allows the policyholders to calculate the rate of interest they will receive on Recurring Deposits, Senior Citizens Savings Scheme, Sukanya Samriddhi Scheme, Public Provident Fund, and so on.
    • Post Office Search: This feature will allow the customer to locate the nearest postal office in their area or regional zone.
    • Postage Calculator: This feature allows the customers to calculate the postage charges for sending their posts, mail, and parcels, depending on the location of region, weight, and dimensions of the package. This feature will assist the customers in estimating the cost of postal services and help them plan their finances accordingly.

    India Post Payments Bank Mobile Banking (IPPB) App

    India Post Office has launched an online mobile banking application for its customers in 2022. This application was launched with the main objective that the policyholders pay their Post Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) premiums easily online.

    Steps to make Rural Life Insurance payments through IPPB Mobile Banking App

    Follow the simple steps to pay your premiums with IPPB Mobile App:

     

    • Step 1: Log into the India Post Payments Bank Mobile Application.
    • Step 2: Click on “Post Office Services” and then select on “Postal Life Insurance.”
    • Step 3: Then select the “Pay Premium” option.
    • Step 4: Enter the policy number and date of birth. Then click on “Continue.”
    • Step 5: Verify the policy details and premium amount and click on “Confirm”
    • Step 6: Enter your “MPIN” and make the premium payment online.
      Policyholders can also make premium payments by visiting the official branch, counter, or ATM centers of India Post Payments Bank (IPPB.)

    How to activate Post Office Mobile Banking?

    In order to use the IPPB Mobile Banking Application, the customers will have to active internet and mobile bank for their savings account with the post office.
    Follow these simple steps to activate your online mobile banking with India Post:

    • Step 1: Visit the nearest Post Office branch.
    • Step 2: Request for the Internet and Mobile banking form.
    • Step 3: Enter all the requested details and submit the form.
    • Step 4: Your internet and mobile banking will be activated shortly.
    • Step 5: Once you have completed the above formality. Download the official IPPB Mobile Banking App on your phone.
    • Step 6: Enter your CIF ID under the username section, date of birth, mobile number, and CIF ID again. Then click on “Activate.”
    • Step 7: You will receive a four-digit OTP on your mobile number. Enter the OTP and click on “Activate.”
    • Step 8: The final step would be to enter a new “MPIN” and click on “Submit.”

    India Post Official Website

    You can also make your Rural Life Insurance premium payments by visiting the official website of India Post. Follow these simple steps to make your premium payment online:

    • Step 1: Go to the official website of India Post i.e www.indiapost.gov.in.
    • Step 2: Select the “Postal Life Insurance” section.
    • Step 3: Click on “OK” as you will be redirected to an external page of India Post.
    • Step 4: Click on Rural Postal Life Insurance (RPLI)
    • Step 5: Click on “Pay Postal Life Insurance Premium.” Enter all the details and make the premium payment online.

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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    Frequently asked questions

  • Are Postal Life Insurance apps safe?

    Yes, Postal Life Insurance applications are safe to make online payments.

  • How can I pay the Rural Postal Life Insurance (RPLI) premium online?

    You can pay the premium of your Rural Life Insurance through any of the official applications of the insurer such as the Postinfo App, IPPB Mobile App, or by visiting the official website of India Post.

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    Postal Life Insurance

    What is Rural Postal Life Insurance (RPLI)?

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    post box

    What is Rural Postal Life Insurance (RPLI)?

    Rural Postal Life Insurance (RPLI) is effectively the rural life insurance arm of Postal Life Insurance. The plans, features and services are generally the same, the only difference between Postal Life insurance and Rural Postal Life Insurance is that PLI operates in urban areas and RPLI operates in rural areas. RPLI came into existence in 1995 on the back of recommendations made by the noteworthy Malhotra Committee in 1993.

    The Malhotra committee also made a host of other important observations and recommendations in 1993, some of them were; allowing the entry of private companies in the insurance sector, advising towards the formation of the IRDAI, and making other important insurance recommendations. The Department of Posts took the recommendations of the Malhotra committee pertaining to increasing the penetration of insurance in rural areas in India and began operations in 1995. As of 2021, RPLI has been immensely successful, having issued policies worth ₹1.27 Lakh Crores, and selling over 2.18 Crore policies.

    Let us now talk about some of the noteworthy aspects of RPLI, such as:

    • Importance of RPLI
    • Features and benefits of RPLI
    • Schemes under RPLI
    • Eligibility and Documents required

    Importance of RPLI

    • Increasing rural insurance penetration: RPLI has been instrumental in increasing life insurance penetration in India through its extensive efforts to push the life insurance product in rural India. The insurance penetration in rural India was relatively low in the early 90s, now as of 2023 every one out of five rural persons has a life insurance coverage.
    • Low premiums: The premium structure and rates under RPLI are designed to be extremely affordable, with the intention to bring every rural person under the umbrella of life insurance.
    • Increase in employment: As RPLI was pushed to rural areas of the nation, this led to an increase in the requirement for staff, which resulted in many employment opportunities for the rural population.

    Features and benefits of RPLI

    • Loan against policies: RPLI provides policyholders with the ability to mortgage their life insurance policy and get a loan against it. This feature could really assist the policyholder during times of cash crunch.
    • Nomination: A Nomination facility is provided under every RPLI policy. Further, a policyholder can change or modify his nomination by filling up a fresh nomination form.
    • No need for a medical test: Policyholders do not need to undergo a medical test in order to purchase an RPLI policy.
    • Tax benefits under 80C: Up to ₹1.5 Lakhs worth of premiums paid per year is eligible for tax deduction under Section 80C of the I.T Act.
    • Policy switching: Certain RPLI policies have the added benefit and ability to be switched from one RPLI policy to another. This switching is generally eligible for only certain types of policies and after a certain period has passed.
    • Flexible premium payments: Under RPLI, the policyholder has the option to pay his premium as per his convenience, he can either chose a monthly, quarterly, half yearly, or even yearly premium payment terms.

    Schemes under RPLI

    RPLI currently offers 6 policies, they are:

    • Whole Life Assurance (Gram Suraksha)
    • 10 Year RPLI (Gram Priya)
    • Anticipated Endowment Assurance (Gram Sumangal)
    • Children Policy (Bal Jeevan Bima)
    • Endowment Assurance (Gram Santosh)
    • Convertible Whole Life Assurance (Gram Suvidha)

    We will briefly talk about the most important aspects and features of each of the above policies.

    • 1.) Whole Life Assurance (Gram Suraksha): Under this policy, the policyholder or his beneficiary will be paid the sum assured along with the bonus accrued when the policyholder reaches the age of 80. If the policyholder passes away before the age of 80, the policy beneficiary will be eligible to receive the policy benefits. The maximum sum assured under this policy is ₹10 Lakhs.
    • 2.) 10 Year RPLI (Gram Priya): The Gram Priya RPLI policy is an endowment policy where the policyholder is provided with a life cover as well as regular survival bonus payments which are paid to him after 4 years.
    • 3.) Anticipated Endowment Assurance (Gram Sumangal): This is a relatively long term policy where the survival benefits are paid to the policyholder periodically. This policy may seem attractive for someone looking for regular income inflow from their life insurance policy.
    • 4.) Children Policy (Bal Jeevan Bima): Under this policy, up to 2 children of the policyholder are covered against the death of the policyholder. For insurance, if the policyholder dies, PLI will disburse the policy benefits to the children of the policyholder.
    • 5.) Endowment Assurance (Gram Santosh): The Gram Santosh RPLI policy is also a kind of endowment policy where the policyholder will to paid regular policy benefits when he or she attains the following age; 35 years, 40 years, 45 years, 50 years, 55 years, 58 years & 60 years of age. If the policyholder passes away before maturity, the policy beneficiary/nominee will receive the policy benefits along with any accrued bonus.
    • 6.) Convertible Whole Life Assurance (Gram Suvidha): This policy has the flexibility to get converted from a whole life assurance policy to an endowment policy after 5 years. This policy can be surrendered after 3 years, and a loan can be taken on this policy after 4 years.

    You can read more about RPLI and their plans here.

    Eligibility and Documents required

    The eligibility criteria for buying an RPLI policy is rather straight forward. Any person living under what would constitute as a rural area is eligible towards RPLI. Documents required to purchase a Rural Postal Life Insurance policy would be photo ID and address proof, such as:

    • Aadhar Card
    • Passport
    • Driving License
    • Ration Card
    • Voter ID

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    How to calculate maturity value of your PLI policy?

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    How to calculate maturity value of your PLI policy? (maturity calculator)

    Do you have a Postal Life Insurance policy? Is it due for maturity? Or are you just wanting to calculate the maturity amount of your PLI policy? Well, this article tells you how you can calculate the maturity value of your PLI policy in simple steps. Let’s begin.

    Further, we would like to point out that there is no official PLI maturity calculator tool by the India Post, you as a policyholder will also have to be cognizant of this. Accurately calculating your PLI maturity value is a manual process that you will need to undergo. We will show you how below.

    Step 1.) Identify your PLI policy

    Postal Life Insurance offers a variety of life insurance plans like Whole Life Assurance (Suraksha), Anticipated Endowment Assurance (Sumangal), Joint Life Assurance (Yugal Suraksha), Endowment Assurance (Santosh), Children Policy (Bal Jeevan Bima), and Convertible Whole Life Assurance (Suvidha). Find out which is your policy.

    Step 2.) Break-up of maturity value

    Now, you will need to get a break-up of all of the aspects of your maturity value. For instance, if you have a Santosh PLI policy (Endowment Assurance), you will have to get the following details:

    • Fixed policy maturity value (This is the fixed maturity value of your policy). If you have taken a Santosh PLI policy for 5 Lakhs, then this would be your fixed maturity value.
    • Next, calculate the bonus amount on your PLI policy. This is the yearly bonus that accrues in your policy. The bonus amount may fluctuate from year to year based on the type of policy taken and the performance of the policy. You will have to take to your agent or officer to get clarity on the bonus rate. The bonus rate is generally announced at the start of the financial year by the Department of Posts.
      In 2023, The Directorate of Postal Life Insurance announced the bonus rate for FY 24 as ₹76/- per thousand of sum assured for the Endowment Assurance policy. You can get the bonus rates for 2023 of other policies here.

    Step 3.) Calculation of your PLI policy maturity value

    Now, let us show you how to calculate the final maturity value of your policy.

    For this use case, we will take the example of a hypothetical PLI policy that a person named Mr. Singh has taken. Let us assume that Mr. Singh has taken his policy in 2013 for 10 years. His policy is nearing maturation in 2023, and he wants to calculate the final maturity figure.

    • First, he will have to check his policy bond and get the fixed maturity value figure. For our example, let us say the fixed maturity value figure was ₹10 Lakhs.
    • Next, Mr. Singh will have to calculate the bonus figures for each year. Here, generally the updated bonus figures will be sent to him via email to the registered email ID. In case these figures are not sent, Mr. Singh will have to trace down the bonus amount announced by Postal Life Insurance for each year from 2013-2023. Remember, that the bonus amount may be different for every year.  For example, let us say PLI announced a bonus of as ₹50/- per thousand of sum assured for the Endowment Assurance policy for 2014. Next, they announced ₹46/- per thousand of sum assured for 2015, so on and so forth.
    • Mr. Singh will have to trace all of his bonus amounts from 2013-23. Now let us assume that the total bonus accrued between 2013-2023 is ₹5 Lakhs. That means, he will then have to add his primary maturity value (₹10 Lakhs) + total accrued bonus amount (₹5 Lakhs) = Final maturity value of ₹15 Lakhs.

    Note that this is just an example maturity amount, the actual maturity amount may be higher or lower based on your actual PLI policy bonus figures. You can calculate the maturity value of your own PLI policy following the above framework.

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