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Bonus up for Rural Postal Life Insurance policies

NEW DELHI: The Rural Postal Life Insurance (RPLI) under the Department of Posts has decided to increase bonuses under its various schemes that will benefit lakhs of people.

It has urged the Centre to jointly announce incentives for people employed under the National Rural Employment Guarantee Programme (NREGP) so that they could also get life cover under the RPLI.

“We have decided to increase from this fiscal the bonus for our most popular scheme [endowment assurance] from Rs. 50 to Rs. 55 for every Rs.1,000 assured if the policy term exceeds 10 years, and from Rs. 50 to Rs. 52 for every Rs. 1,000 if the policy term is up to 10 years,” RPLI Chief General Manager Sunita Trivedi said on Monday.

Addressing a press conference here, she said an insured person having an endowment assurance policy of Rs.1 lakh would be vested with a bonus of Rs. 5,500 a year (up from Rs. 5,000). If the term exceeded 10 years for other policies, it would be Rs. 5,200.

“We are planning to rope in self-help groups and non-governmental organisations in a big way to attract more villages to our schemes. Getting insurance cover to those employed in the NREGP would be a positive step in this direction and we have requested the Centre to share some burden of the premium with us so that rural folks could get life insurance cover.”

The RPLI premium is collected through a network of over 1.55 post offices.

Noting that there were more than 85 lakh policy holders now, Ms. Trivedi said efforts were being made to ensure a many fold increase in their number.

“Our schemes are very popular. We have been registering 40 per cent increase in our business every year. We are in the process of revising the premium making it more affordable and relaxing some criteria to attract more people.”

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