Ten years RPLI is a short-term money-back policy. Gram Priya is another name for it. This policy is for ten years, as the name suggests. This policy is only for people who live in rural areas. The PLI (Postal Life Insurance) category does not include this coverage.
It’s a combination of investing and life insurance policy. It is a money-back insurance policy that pays out benefits at regular intervals. This policy is appropriate for those who require benefits at regular periods.
Your nominees or legal heirs will get the entire sum insured amount and any bonus collected until the day of your death if you die unexpectedly during the policy term.
Gram Priya Plan Eligibility:
The plan restricts the policyholder’s age at the time of enrolment. The following are the specifics: At the time of entrance, the age is 19 years old., the maximum age limit is 40 years old.
How Do 10 Years’ RPLI Policy Work?
- Decide on the Sum Assured and go to a Post Office to buy the policy.
- This policy is for ten years. There are no other options.
- The amount of your monthly premium is determined by your age and the amount of the sum assured.
- You must pay the premium amount every month for ten years.
- During the 10-year insurance term, the bonus amount will be accumulated each year at the bonus rate.
- At the end of the fourth, seventh, and tenth years, you will earn periodic bonuses.
- If you die within the ten-year policy term, your nominees or legal heirs will receive the entire sum assured amount as well as any bonuses earned up to the time of your death.
The Gram Priya Plan’s Benefits:
- This policy is only available to people who live in India’s rural areas.
- The insurance coverage will begin as soon as the policy is accepted.
- Individuals have the option of naming someone to collect the rewards on their behalf.
- Gram Priya is a rural postal insurance plan that lasts ten years.
- For the plan to be accepted, a medical check-up is required.
Benefit in Case of Death:
The nominee pays the death benefit when the life assured dies and the cash assured, and accrued bonus is paid to the nominee.
After four years, the policyholder receives 20% of the sum assured, 20% after seven years, and 60% of the total assured plus bonus after ten years as a survival benefit.
Individuals who pay premiums for life insurance contracts are eligible for tax benefits under Section 80C of the Income Tax Act of 1961.