Gram Priya is a short-term life insurance policy in the RPLI scheme. it’s a quick saving plus life insurance plan. It provides 10 years of life coverage and maturity with a bonus rate of ₹45 per ₹1,000 sum assured per year.
This 10-Year Rural Postal Life Insurance (Gram Priya) is best for those who need quick returns within life protection.
Requirements for RPLI Gram Priya
- Eligibility:
- Minimum entry age: 20 years
- Maximum entry age: 45 years
- Sum Assured Limits:
- Minimum Sum Assured: ₹10,000
- Maximum Sum Assured: ₹10,00,000
- Premium Concession:
- No interest is charged for up to one year on premium arrears during natural calamities like floods, droughts, or cyclones.
Benefits of Gram Priya
- Maturity and Survival Benefits:
- Survival payouts:
- 20% of the Sum Assured after 4 years.
- 20% after 7 years.
- Final Payout:
- 60% of the Sum Assured along with accrued bonus after 10 years.
- Survival payouts:
- Death Benefit:
- In case of the policyholder’s death, the nominee receives the full Sum Assured along with the bonus, regardless of survival benefits already paid.
- Bonus Accumulation:
- Last declared bonus: ₹45 per ₹1,000 sum assured per year.
- Short-Term Commitment:
- Life coverage for a fixed term of only 10 years, making it a good option for those seeking shorter commitments.
- Premium Flexibility:
- Premiums can be paid monthly, quarterly, half-yearly, or annually, depending on the policyholder’s preference.
Conclusion
The 10-Year Rural PLI (Gram Priya) is an excellent choice for rural residents who are looking for short-term financial planning with periodic returns.
It ensures both life insurance coverage and timely payouts, offering a perfect balance of protection and savings.