Rural postal life insurance is becoming a well-known subject among rural communities. If you don’t have any knowledge about rural postal life insurance under 80C, then you can follow the discussion.
The government of India established a better policy for the employees of the central and state public sectors. The policy was named postal life insurance (PLI). It was a very profitable scheme for the postal service employees.
But most people living in villages and rural areas don’t have any awareness of life insurance policies. They are being cheated by various fraud people or companies. They are losing their hard-earned savings.
That’s why the government has prompted a new scheme for the rural area people to assure their savings for the future with a high profit. The scheme is called rural postal life insurance.
Journey of rural postal life insurance (RPLI)
Rural postal life insurance was formulated not many days ago for rural people on March 24, 1995. However, in 1993, the Malhotra committee noticed that only 22% of people in the country bought policies to insure them. Others were lacking in the proper information about life insurance policies.
Then the Malhotra committee recommended that the government should cover the postal life insurance for the rural communities. The government accepted the proposal. And with the approval of the government, the journey of rural postal life insurance (RPLI) has started.
This link contains more information for your consideration.
Advantages of rural postal life insurance
Rural postal life insurance is designed for the people of rural areas. This type of life insurance offers rural people high profitable life coverage returns of insurance premium. Some other advantages of the (RPLI) are:
- The government of the country guarantees the safety of the policy.
- A loan against your policy is an option.
- You can transfer the insurance policy anywhere you want at no charge.
- You have to pay a lower premium, but your bonus offer is very high.
- Passbook facilities and nomination facilities are available in the policy.
- If you lose your policy agreement, you can get a duplicate copy from the company.
There is some additional information about RPLI. Hope you can get help from the data.
Best rural postal life insurance (RPLI) plans
I hope you have already confirmed that you are going to buy rural postal life insurance. Then which plan would be the best choice for your future? You can select a reasonable kind of rural postal life insurance by reading the description of the best plans.
Rural postal life insurance is available in six different forms (RPLI). Such as :
- Whole life insurance (Gram Suraksha): If your age limit is 19 to 55 years, then you can buy this policy. You can assure 1,000 to 10 lac of money and the bonus you will get per year is 60 /- per 1,000 /-. But you will not get the bonus if you surrender the policy before 5 years.
- Convertible whole life insurance (Gram Suvidha): In this policy, the age limitation is (19 to 50), and the assured amount limitation is (1,000 to 10 lac). You can enjoy a loan facility after 4 years of the policy.
- Endowment assurance (Gram Santosh): The endowment assurance policy’s age limitation is (19 to 55). And the bonus you can get is 48/- per 1,000/- every single year.
- 10 years of rural PLI (Gram Priya): 10 years of rural PLI is a special featured money-back scheme with a short-term time limit. It assures your money for 10 years. You can get benefits after 4 years of buying the policy. And the benefit number is 20% after 4 years, 20% after 7 years and 60% after 10 years with the assured amount.
- Anticipated endowment ( Gram mangal): Anticipated endowment is a periodical money-back policy. This policy term is valid for 15 years and 20 years. And the age limit must be between 19 to 40 years. It gives a bonus of 47/- per 1,000 sums assured per year.
- Children policy (Bal Jeevan bima): This type of policy provides financial services and security to those children who live in rural areas. It specifically offers to the weaker nations of the community.
Children between the ages of 5 and 20 are eligible for the policy. Parents should not be older than 45 years of the policyholder. It offers 50/- per 1,000/- every year.
For more information, click the link.
RPLI income tax benefits under 80c
Do you know aboutrural postal life insurance under 80c?There are some benefits to( RPLI) under 80c. Let us know about those.
The income tax benefits are offered under the 80c section, 1961, like ULIP, PPE, ELSS, EPF, LIC, etc.
A 20% tax deduction on the section under 80c will be available to policyholders who issued the policy before March 31, 2012.
The amount must come from income and be chargeable to tax. You can also apply for the premium deductions under section 80c.
You can learn more about section 80c by opening this link.
Rural postal life insurance is a special feature life insurance policy for the people of rural areas. Indian citizens, men or women, can buy the policy. In a family, more than one person can get the policy, but the condition is that the amount assured will be limited to 10 lac.
Generally, this policy was granted by the government of India to empower the neglected people of the countryside. Additionally, they have the chance to protect themselves and lead stress-free lives.
That’s why rural postal life insurance (RPLI) under 80coffers a wide range of benefits to rural communities.