Morung Express News
Dimapur | June 18
The Postal Services department has finally introduced the Rural Postal Life Insurance (RPLI) in Nagaland for insuring the lives of the people residing in the rural areas with the highest bonus and at the lowest premium. The RPLI is a medium which covers the responsibility of the life and family of a person. It was started in 1995 and since then it has attained the climax of its success. Till the end of 2003-04, this circle has procured for the Rural Postal Life Insurance business over 15 crores.
The different insurance schemes under RPLI are Whole Life Assurance, Endowment Assurance, Convertible Whole Life Assurance, Anticipated Endowment Assurance 15/20 years (Money Back) and Ten years Rural Postal Life Insurance. Persons living in rural areas, between 10-55 years, are eligible for insurance and the maximum age limit for the 15 and 20 years Endowment Assurance is 40 years.
The minimum and maximum limit is Rs.10,000 and Rs.100,000 respectively. In non-medical cases, the age of the insurant should be within 35 (in multiples of Rs.5000). Mention may be made that low premium is allowed and a rebate of 0.5%, 1% and 2% respectively is given in case of advance deposit on quarter, half yearly and annual premiums. In case of a policy of Rs.20,000 and above, a rebate of Rs.1 per month per twenty thousand of sum assured is admissible.
Risk is covered from the date of acceptance of the proposal. Under income tax rebate, premiums paid are eligible for income tax rebate as per rules. It is learnt that facility for nomination and assignment are also available. A high bonus given under Postal Life Insurance, the bonus during 1997-98 on all kinds of RPLI is as under 1997-98 and under endowment, Rs.50 per thousand Whole Life Rs.60 per thousand. Under surrender/paid up policies, Endowment Assurance policies can be surrendered after three years and Whole Life policies after four years of payment of premia and made auto paid up. However, surrender of AEA policies is not permitted.
Reinstatement or revival of lapsed policies is encouraged. And policies on which premium for more than 3 years is paid will not lapse in the event on non-payment of further premia. Under Convertible Whole Life Insurance (CWL), low premia can be availed and the same can be converted to Endowment policy after 5 years. Loans are permissible as per rules (except AEA policies) after years for Endowment Assurance policies and 4 years for Whole Life policies.
Under benefit on Anticipated Endowment Assurance, 10 years – after 4 years or 7 years, 20% of assured sum, 15 years – after 6 years or 9 years or 12 years, 20% of assured sum, and 20 years – after 8 years or 12 years or 16 years, 20% of assured sum. At last, the rest amount will be paid with bonus. Payment of assured sum can be encashed from any post office. It may be mentioned that the main objective of the RPLI is to ensure property of the family on the death of the bread earner of the family on payment of the normal premium and to ensure the life of the villagers/rural people. The scheme is administrated and operated by the department of Posts.
