In 1993, a special committee was formed, which was named Malhotra Committee. The main objective of setting up this committee was to make it possible for the people living in the villages to get the benefit of insurance. When this committee surveyed, it saw that a lot of time has started in the life of Postal Life Insurance in India, but so far many people of the villages who did not have complete information about this scheme and many of India's population Was not able to take advantage of it. So far only 22% of the total population of India had their own insurance. It was recommended by the Committee that a campaign should be conducted to tell and explain the public about insurance and the responsibility of this campaign should be given to the Post Office employees as the employees working in the villages Had created a very good relationship with the people of the village, that the people of the villages had started believing in them and to explain this scheme properly, it was flowing out Power was essential. The Indian government launched a campaign according to the advice of the Malhotra Committee and gave all the responsibility of this campaign to the employees of the post masters and post office located in the villages. As expected, the post office in the villages has a significant role in making this campaign successful.
At present, Rural Postal Life Insurance is the only insurance that returns a higher return on lower premiums. The main purpose of this scheme is to provide insurance to the government employees as well as if the person working in a private sector can also take advantage of this scheme.
Benefits of Rural Postal Life Insurance
There are many benefits with the Rural Postal Life Insurance, which you are being told here. If the policy premium has been closed due to non-payment, you can get it started again.
In this, Nominee facility is also provided to you, if you want anyone can make your Nominee. Apart from this, you can change your Nominee whenever you want, for this, you will need to make a request in writing from the Postal Insurance Department.
If you ever need cash then you can get cash by pledging the policy.
This insurance policy converts easily from one scheme to another scheme. If you are not satisfied with the Benefit and Feature of the Policy taken by you, you can also convert your Policy to any other scheme. But for this you have to follow the Rules created by the Postal Insurance Department.
Scheme of Rural Postal Life Insurance
There are many plans available for your customer under Rural Postal Life Insurance. In this scheme you will also get a Pure Insurance plan, then the endowment plan will also be received. Customer can take any plan according to its desire and requirement and if it is not satisfied with the plan taken then it can also switch to any other plan. We are going to tell you about a similar plan that will make you more likely to get a Rural Postal Life Insurance.
Physically Handicapped Persons
If for some reason the Policyholder dies, the entire Amount of Insurance and Accrued Bonus will be paid to the Insured's Nominee. It is mandatory to have a Medical Examination for this policy and that will be valid only from the Authorized Medical Examination.
Grama Priya
This is an endowment policy which is for a period of up to 10 years. In this, the insurance cover starts from the day you practice the policy. Insurance Amount and Accrued Bonus are given to the policy holder or Nominee declared by him.
- Minimum 19 years and maximum 55 years of age are mandatory for this policy.
- Minimum Sum Assured Amount is 10 thousand rupees and Maximum Sum Assured Amount is 5 lakh rupees.
- Once the policy has completed 3 years, you can surrender this policy at any time. But if you want to get bonus and other benefits, then you can not surrender the policy for 5 years.
- The amount of premium will be determined by the age of the insured.
Grama Sumangal: Anticipated Endowment Assurance
This policy is a Money Back Policy and is suitable for those who want to retrieve a small amount from their investment at a fixed time interval and also want to maintain their Insurance Cover. In this policy, we get two types of plans. Which are as follows: -
- 15 Years Money Back Plan: Benefit is available only when you have completed 6 years of policy. After 6 years you get 20% benefit from insurance amount, after which Policy completes 9 years, you get 20% benefit from Insurance Amount, when your policy completes 12 years then 20% of the Amount is received and when your policy completes 15 years, then the remaining 40% of the benefits, Insurance Amount and Accrued Bonus are also given. At the end of every three-three years, you pay 20% of the sum of the insurance Amount.
- 20 Years Money Back Plan: In this, you get benefit when 8 years of policy has been completed. After 8 years you get 20% benefit from Insurance Amount, after which Policy completes 12 years, then you get 20% benefit from Insurance Amount, when your policy completes 16 years 20% of the Amount is received and when your policy completes 20 years, then the remaining 40% of the benefits, Insurance Amount and Accrued Bonus are also paid. At the end of every four-four years, you pay 20% of the sum of Insurance Amount.
In this policy, the policyholder is benefited from time to time, so when the life insured dies, his family members receive only the sum insured and accrued bonus. Extra and no other benefit of any kind is given.
- Minimum should be 19years and maximum 55years.
- Minimum Sum Assured Amount 10000 and Maximum Sum Assured Amount 5lakhs.
- The policy can be surrender anytime after three years but if you want to get a bonus, you should surrender the policy only after completion of 5 years.
- The amount of premium is decided according to the age of the insured.
Grama Santosh: Endowment Assurance
This is an endowment plan that aims to meet your insurance needs. In this, the sum of the sum assured of the insurance and accrued bonus is given to Nominee after the policyholder's death when the policy becomes mature.
- Minimum should be 19years and maximum 55years.
- Minimum Sum Assured Amount 10000 and Maximum Sum Assured Amount 5lakhs.
- Loan facility is available in it, but only when your policy has completed 4 years, you can take Against Loan of your Policy.
- The policy can be surrender anytime after three years but if you want to get a bonus, you should surrender the policy only after completion of 5 years.
- The amount of premium is decided according to the age of the insured.
Grama Suvidha: Convertible Whole Life Assurance
In the event of the death of the policyholder, the sum amounts of the Insurance Amount and Accrued Bonus are given to the policyholder's Nominee.
- Minimum should be 19years and maximum 55years.
- You can convert Whole Life Insurance Policy into any Endowment Policy, but it has to adhere to two conditions.
- First: Your policy has completed 5 years and
- Second: You should not be over 55 years of age.
- Minimum Sum Assured Amount 10000 and Maximum Sum Assured Amount 5lakhs.
- You are also given the facility of borrowing, but for that, your policy should be 4 years old.
- The policy can be surrender anytime after three years but if you want to get a bonus, you should surrender the policy only after completion of 5 years.
- The amount of premium is decided according to the age of the insured.
Grama Suraksha: Whole Life Assurance
In the event of the death of the policyholder, the sum amounts of the Insurance Amount and Accrued Bonus are given to the policyholder's Nominee.
- Minimum should be 19years and maximum 55years.
- You can convert Whole Life Insurance Policy into any Endowment Policy, but it has to adhere to two conditions.
- First: Your policy has completed 1 year and
- Second: You should not be more than 57 years old.
- Minimum Sum Assured Amount 10000 and Maximum Sum Assured Amount 5lakhs.
- You are also given the facility of borrowing, but for that, your policy should be 4 years old.
- The policy can be surrender anytime after three years but if you want to get a bonus, you should surrender the policy only after completion of 5 years.
- The amount of premium is decided according to the age of the insured.
Insurance provides financial help only if your family does not belong to you, if you look at it from an investment perspective, then you are making a very big mistake. If you look at it from an investment perspective, then it will always be a loss to you. If you have to invest, then look towards your Mutual Fund, Equity Fund, Debt Fund and you can have more profits in less time
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