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India’s population of about 50% still resides in rural areas. The main source of their income is farming and livestock. The contribution to the economy is major, and it fulfills a major necessity called food. The government took a step to offer safeguard to farmers.
Rural postal life insurance is a step towards welfare for farmers and people living in rural areas. The motive is to secure their future. Farmers invest all savings & earnings in expenses. In case of loss, Insurance can be used for safety. The condition has lifted to 20 – 30%, and a ray of hope seems clear in their eyes. Insurance comes with cheaper premium rates and quicker claim service.
WHAT ARE THE TYPES & ADVANTAGES OF RURAL POSTAL LIFE INSURANCE?
Rural postal life insurance is a scheme for the rural population of India. It offers cheaper premium rates and quick claims for better and tension free retirement of farmers working in rural areas. There is a number of Insurance is offered under rural postal life insurance such as:
- hut insurance
- livestock insurance
- cycle rickshaw
- machinery insurance
These are some basic insurance offered to have coverage over the ongoing occupation. Let’s view the schemes offered for the future perspective to rural residents.
GRAMA SURAKSHA
The person who holds Insurance passes away, the nominee will get the amount as help in occupation to lead a happy life. People above 19 years old can have the Insurance, and it expires at 57 years, around retirement.
The Minimum assured monetary amount is rupees 10000 and a maximum of 5 lakhs. The loan option is available, and the premium is affordable concerning an individual income.
GRAMA SUVIDHA
The life insurance policy is the same as GRAMA SURAKSHA, one exception is the policy expires at 55 years and amounts to a minimum of rupees 10000 or a maximum of five lakhs.
GRAMA SANTOSH
If the insurance holder passes away, the nominee will offer the amount plus a bonus after attaining the legal age. The amount is a minimum of rupees 10000 or a maximum of 5 lakhs.
The insurance holder is eligible for a loan at low-interest rates.
GRAMA SUMANGAL
This rural postal life insurance is also called a money-back policy, which means if the insurance holder wants money in short intervals instead of the whole payment in one go.
The policy is divided into two parts, 15 years and 20 years. The ratio for 20 years is 8:12:16 and for 15 years is 6:9:12.
The nominee will get the payment in long or short term intervals as per convenience.
The amount will be minimum rupees 10000 and 5 lakhs maximum. Loan at a reasonable interest rate.
GRAMAPRIYA
The grama Priya policy is for ten years, and the amount will be rupees 10000 to a maximum of 5 lakhs. The loan is easily accessible at cheaper interest rates.
SCHEME FOR PHYSICALLY DISABLED CITIZENS
An extension into rural postal life insurance for physically challenged people for their secure future and life. A medical test is compulsory to prove the challenge and the payment, which depends on premium paid history and loan can be availed.
All rural postal life insurance is a step by the government for the safety of the rural population.
HOW CAN RURAL POSTAL LIFE INSURANCE POLICY STATUS BE CHECKED?
There are three ways to know the rural postal life insurance policy status check such as:-
REGISTERED EMAIL
When an individual applies for Insurance, they fill the form with all details, including email address. Drop a mail to the official address and revert the answer will have status.
RURAL LIFE INSURANCE APP
The specialized app is designed with a rural postal life insurance logo for recognition. Login with details and get quick access to status.
INDIAPOST WEBSITE
Visit the website, click on Insurance, choose the policy category, and fill in your details. There you’ll find the status.
CONCLUSION
In the above article, the basic concept of rural postal life insurance is covered along with the schemes, specialized applications and ways to check the policy status instantly. The rural postal life insurance plan is to build a welcoming and warm future for hard-working farmers.
Several schemes will also benefit the insurance holder and their family in many ways. The policyholder is eligible to apply for loans at low rates. The sole reason is to benefit the people, funded and regulated by the government.
