Rural Postal Life Insurance (RPLI) offers policyholders a revival option if their policy lapses. If you miss a premium payment within the grace period, your policy will lapse, and you won’t be able to pay the premium normally.
However, you can revive your RPLI policy. Simply visit your nearest post office, submit the required documents, and complete the revival form. As a postal department employee in this article, I will explain how to apply for revival, which documents you need, and who can revive the policy.
Grace Period in PLI & RPLI
India Post provides a grace period for RPLI policyholders who miss premium payments. The grace period depends on the policy’s age:
- If the policy is less than 3 years old, the grace period is 6 months. After this period, the policy will lapse.
- If the policy is more than 3 years old, the grace period is extended to 12 months. To avoid policy lapse, payment must be made within this period.
Required Documents for Revival
To revive your RPLI or PLI policy, you will need the following documents:
- Revival form
- Medical certificate
- PLI or RPLI passbook
- ID proof (e.g., PAN card, Aadhaar card, voter ID)
- Address proof (e.g., Aadhaar card, voter ID)
Once you have all the documents, submit them to your nearest post office or send them to the divisional post office. The divisional office has the authority to approve the policy revival.
How to calculate the revival amount in the lapsed pli – rpli policy?
To calculate the revival amount you have the following details or you can visit our RPLI revival amount calculator page.
- Determine the number of missed premiums.
- Add 4.5% GST on each premium.
- Include a 12% annual default fee on the net premium (excluding GST).
- An additional 18% GST is applied to the default fee. This 18% GST on default fee in recently added by the government of India.
Example Calculation:
- Monthly premium: ₹500
- Number of missed premiums: 5 months
- The default fee applies for 4 months.
Calculation:
- Total Premiums (₹500 × 5) = ₹2500
- GST on Premiums (4.5%) = ₹112.50
- Default Fee (12% annual, 4 months) = ₹102
- GST on Default Fee (18%) = ₹18.36
- Final Total = ₹2732.86
Final Note
Don’t take too much stress if you miss a premium payment. You can still revive your PLI or RPLI policy. Follow the steps, fill out the forms, and submit the required documents. If you need more help, contact your nearest post office.
People want to know
which option is used to calculate quote of revival amount in lapsed pli-rpli policy in rict device
Ans: There is no option to calculate the lapsed RPLI/PLI revival amount in RICT devices. Send the policy to the divisional office for revival. They will provide the total premium you need to pay, and after the divisional office’s approval, you can pay the premium.
Can I pay rpli revival premium online?
Ans: No, you cannot pay the revival premium online. You must visit your nearest post office to pay the premium.
what is the validity period of medical certificate in pli rpli
Ans: In the case of a policy revival, you must submit the medical certificate within one month. For a new policy approval, you have 60 days to submit the application.