This page provides all the details you need to know about the 10 Years RPLI (Gram Priya) policy.
Before you read this page, please check RPLI Overview to learn about the basics of RPLI.
Table of Contents
What is 10 Years RPLI?
10 Years RPLI is a short term money back policy. It is also known as Gram Priya.
As the name implies, this policy is for 10 years. This policy is for rural population only. This policy is not available under PLI (Postal Life Insurance) category.
It is an investment cum life insurance policy.
It is a money back insurance policy in which you will get the benefits at periodic intervals. This policy is suitable for those who need benefits and returns at periodic intervals.
In case of your unexpected death during the policy term, the entire sum assured amount and any bonus accumulated till the day of your death will be paid to your nominees or legal heirs.
How does 10 Years RPLI Policy work?
Decide the Sum Assured amount and purchase the policy at a Post Office
This policy is for 10 years. No other terms available
The monthly premium amount will be decided based on your age and sum assured amount
You need to pay the premium amount every month for 10 years
The bonus amount will be accumulated every year as per the bonus rate during the policy term of 10 years
You will receive periodic benefits at the end of 4th year, 7th year and 10th year
If you die during the policy term of 10 years, then your nominees or legal heirs will receive the entire sum assured amount and any bonus accumulated till the day of your death
You can purchase this insurance policy between 19 years and 45 years of your age.
This policy is for 10 years. No other terms available.
Sum Assured Amount
Minimum amount - Rs. 10,000
Maximum amount - Rs. 10 Lakhs
The current bonus rate is Rs. 45 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.
Money Back Benefit Details
This policy will run for 10 years. In this policy, you will get your money back as per the following schedule.
20% of the Sum Assured amount at the end of 4th year
20% of the Sum Assured amount at the end of 7th year
60% of the Sum Assured amount and the accumulated bonus at the end of 10th year
In case of your unexpected death during the policy term, your nominees or legal heirs will receive the entire sum assured amount and any bonus amount accumulated till the day of your death.
Any returns you received, as a part of the periodic money back schedule, will not be taken into consideration to calculate the final payment in case of your unexpected 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.
Generally, in PLI and RPLI policies, if your policy gets lapsed or inactive, then you can pay penalty and make it active.
But, in this policy, you need not pay any penalty for up to one year in case of natural calamities such as earthquake, flood, drought, cyclone, etc.
There is no loan facility in this policy.
There is no surrender facility in this policy.