Table of Contents
- Blog Introduction
- What is Gram Santosh?
- How Does Gram Santosh Policy Work?
- Policy Term
- Sum Assured Amount
- Bonus Rate
- Maturity Benefit
- Death Benefit
- Medical Test
- Loan Facility in RPLI Gram Santosh
- Surrender Policy in RPLI Gram Santosh
- FAQ About RPLI Gram Santosh
- 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 Santosh . This will be a complete guide on RPLI Gram Santosh. Please read till end of the blog post to know the complete information about this RPLI Gram Santosh. Lets get started.
Before you read this blogpost, please check RPLI Overview to learn about the basics of RPLI.
What is Gram Santosh?
It is an investment cum life insurance policy. It is also known as Endowment 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 the pre-determined maturity date.
In case of death during the policy term, the sum assured amount and any bonus amount accumulated till the day of death will be paid to nominees or legal heirs.
How Does Gram Santosh Policy Work?
- Decide the Sum Assured amount and purchase the policy at a Post Office.
- Choose one of the policy terms available for your age.
- The monthly premium amount will be decided based on your age, sum assured amount and the policy term.
- You need to pay the premium amount every month until the end of the policy term.
- The bonus amount will be accumulated every year as per the bonus rate during the policy term.
- If you survive till the end of the policy term, then you’ll receive the maturity amount. The maturity amount is the total of the sum assured amount and the accumulated bonus.
- If die during the policy term, then nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of death
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. 48 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 the end of the policy term, then you’ll receive the maturity amount.
- The maturity amount is the total of the sum assured amount and the accumulated bonus.
If die during the policy term, then your 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.
Loan Facility in RPLI Gram Santosh
- Loan facility is available in this policy.
- You can apply for a loan after completion of 3 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.
Surrender Policy in RPLI Gram Santosh
- 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 Santosh
What is the Entry Age for RPLI Gram Santosh?
You can purchase this insurance policy between 19 years and 55 years of your age.
I am a NRI Can I invest in this RPLI Gram Santosh Insurance Policy ?
No. NRI cant invest in this policy. Please read RPLI Overview Blog post to know more about who are eligible to open this account.
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