The Rural Postal Life Insurance scheme was started in the year 1995 by the government after the Malhotra Committee made it known in 1994 that only 22% of the insurable population is insured. The government then took the initiative to popularise life insurance and also to increase insurance penetration. Thus, the Rural Postal Life Insurance scheme was created since it was believed that the Branch Postmasters hold a position of trust among the people and will hence be able to influence the rural public.
Any individual residing in the rural regions of the country can purchase policies under the Rural Postal Life Insurance scheme. They are easily accessible since they are available at nearby post-offices and does not require one to visit a branch office of an insurance company. A major chunk of the country purchases plans under the Rural Postal Life Insurance scheme to avail benefits and bonuses.
Listed below are the plans available under the Rural Postal Life Insurance scheme:
Here are the features and benefits offered under the scheme:
The details of the tax benefits available on Rural Postal Life Insurance policies are given below:
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