Table of Contents
- Blog Introduction
- What is Gram Suraksha?
- How Does Gram Suraksha Policy Work?
- Policy Term of Gram Suraksha
- Sum Assured Amount
- Bonus Rate
- Maturity Benefit
- Death Benefit
- Medical Test
- Policy Conversion
- Loan Facility in Gram Suraksha Policy
- Surrender Policy
- FAQ About RPLI Gram Suraksha
- Open Your Demat and Trading account with Zero Cost
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In this blog post I will be explaining my analysis on RPLI Gram Suraksha . This will be a complete guide on RPLI Gram Suraksha. Please read till end of the blog post to know the complete information about this RPLI Gram Suraksha. Lets get started.
Before you read this blogpost, please check RPLI Overview to learn about the basics of RPLI.
What is Gram Suraksha?
It is an investment cum life insurance policy. It is also known as RPLI Whole Life Assurance policy.
It is a life insurance policy where the maturity amount (sum assured amount plus accumulated bonus amount) will be paid to you when you reach 80 years of age. In case of death before the age of 80 years, the sum assured amount and any bonus accumulated till the day of death will be paid to nominees or legal heirs.
How Does Gram Suraksha Policy Work?
- Decide the Sum Assured amount and purchase the policy at a Post Office.
- Choose one of the premium paying terms available for your age.
- The monthly premium amount will be decided based on your age, sum assured amount and the premium paying term.
- You need to pay the premium amount every month till the end of the premium paying term.
- When the premium paying term ends, you need not pay any premium further.
- The bonus amount will be accumulated every year as per the bonus rate during the premium paying term.
- You’ll receive the maturity amount when you reach 80 years of your age. The maturity amount is the total of the sum assured amount and the accumulated bonus.
- If die before 80 years of age, then nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.
Policy Term of Gram Suraksha
This insurance policy provides flexible term periods. You can choose a policy term period from 5 years to 41 years depending on your age of entry into the policy.
Sum Assured Amount
- Minimum amount – Rs. 10,000.
- Maximum amount – Rs. 10 Lakhs.
- The current bonus rate is Rs. 60 per Rs. 1,000 Sum Assured per year.
- The bonus rate is not fixed and it changes from time to time as announced by the Government.
If you survive till 80 years of your age, then you’ll receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus amount.
If die before 80 years of age, then the nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death.
To purchase this policy, whether you need to undergo a medical test or not is based on the sum assured amount and your age. If the sum assured amount is Rs. 25,000 or less and your age is 35 years or less, then you need not undergo any medical test.
If the sum assured amount is more than Rs. 25,000 or you are more than 35 years old, then the medical examination is compulsory to prove that you are healthy.
- You can convert this policy into Endowment Assurance (Gram Santosh) policy after completion of 1 year and up to 59 years of your age.
- The date of conversion should not fall within one year of the end date of the premium paying term or the maturity date.
Loan Facility in Gram Suraksha Policy
- Loan facility is available in this policy.
- You can apply for a loan after completion of 4 years. But, you will not get any bonus if you pledge your policy for a loan before completion of 5 years.
- The proportionate bonus on the reduced sum assured amount is accumulated if the policy is assigned for a loan after 5 years.
- You can surrender the policy after completion of 3 years. But, you will not get any bonus if you surrender your policy before completion of 5 years.
- The proportionate bonus on the reduced sum assured amount is paid if the policy is surrendered after 5 years.
FAQ About RPLI Gram Suraksha
What is the Entry Age for RPLI Gram Suraksha?
You can purchase this insurance policy between 19 years and 55 years of your age.
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