India Post offers a wonderful, government sponsored scheme for residents of rural parts of India. It is known as the Gram Suraksha Scheme and offers life insurance to residents of rural India at very affordable premiums with amazing benefits.
Additionally, the Gram Suraksha Yojana is also open to certain other categories of persons that’re not residents or rural areas.
If you’re residing in a rural area and would like to avail of one of the best insurance policies that offers excellent benefits at very low premiums, continue reading. Because in this article, I will be discussing about the Gram Suraksha Rural Postal Life Insurance Scheme.
Understanding the Gram Suraksha Rural Postal Life Insurance Scheme
As the name suggests, the Gram Suraksha Yojana, also known as the India Post Gram Suraksha Rural Postal Life Insurance Scheme is all about life insurance. It is a whole-life assurance plan. The maximum sum that is assured by the Government of India as well as India Post for subscribers of this scheme is Rs.100,000.
The premiums for Gram Suraksha Yojana life insurance scheme is very low.
There’re different kinds of schemes available under the Gram Surakha Yojana.
Schemes Available Under Gram Suraksha Postal Life Insurance Yojana
Here’s a table of schemes available currently under the India Post Gram Suraksha Rural Postal Life Insurance Scheme. If you need further details, you could contact your nearest post office or their officials that handle insurance policies.
Name of the plan | Type of plan | Salient features |
Suraksha | Whole life plan | Coverage up to 80 years The plan earns bonus Sum assured and bonus are paid either on maturity after attaining 80 years of age or on earlier death |
Santosh | Endowment plan | The loan can be availed after 3 yearsThe plan earns bonus |
Suvidha | Convertible whole life plan | The plan is a whole life plan which can be converted to endowment after five policy yearsBonus is added to the plan |
Sumangal | Money-back plan | Policy term can be 15 or 20 years20% of the sum assured is paid as money back benefit periodically |
Yigal Suraksha | Joint life endowment plan | Both husband and wife can be covered under a single planThe death benefit is paid if either of the spouses dies |
Bal Jeevan Bima | Child plan | The policy covers minor childrenPremiums are waived if the parent diesThe plan continues until maturity even after the parent’s death and pays the maturity benefit |
Name of the plan | Type of plan | Salient features |
Gram Suraksha | Whole life plan | Coverage up to 80 years of ageOn maturity the sum assured and bonus is paidOn death before 80 years, the sum assured and accrued bonus are paid |
Gram Santosh | Endowment plan | Sum assured of up to INR 10 lakhs can be availedBonus is added under the plan |
Gram Suvidha | Convertible whole life plan | The plan can be converted to endowment after five years of buying the policyBonus is added to the plan’s benefits |
Gram Sumangal | Money-back plan | Money-back benefits pay a part of the sum assured at periodic intervalsIn case of death, the full sum assured with bonus is paid irrespective of money back benefits already paid |
Gram Priya | Money-back plan | The policy has a fixed tenure of 10 years20% of the sum assured is paid at the end of the 4th and 7th policy yearsBonus is also added to the plan |
Bal Jeevan Bima | Child plan | Up to two children can be covered under the planIf the parent dies the premiums are waived off but the coverage continues |
Eligibility for Gram Suraksha Rural Postal Life Insurance Scheme
Here’re the eligibility criteria for the India Post Gram Surakhsha Rural Insurance Scheme
- Residents of rural parts of India or residents of urban centers having a permanent residence and Aadhar card of permanent address proof in rural India.
- Employees of Central and state governments, Union Territory administrations and municipal corporations
- Personnel working for Indian Armed Forces
- Personnel working for paramilitary forces
- Employees of Public Sector Banks including their sponsored Regional Rural Banks
- Employees of Reserve Bank of India
- Employees of India Post
How to Apply for Gram Suraksha Yojana
The Indian government has made it mandator for all subscriptions to the to apply only through any of the 150,000 post offices in the country. The post office may appoint agents who aren’t entitled to take commissions from you.
To subscribe to the India Post Rural Postal Life Insurance Scheme you will require the following documents:
- Aadhar Card
- PAN card or declaration that you don’t hold a PAN card.
- Ration Card, if other proof of address is not available
- Birth certificate of the applicant or School Leaving Certificate.
- Driving license and passport are also acceptable as photo ID proof
Gram Suraksha Yojana Overview
| Scheme / Yojana Name | Gram Suraksha Yojana |
| Yojana Beneficiaries | Residents of rural parts of India. |
| Page Category | Sarkari Yojana |
| Scheme Objective | To provide life insurance to residents of rural India at very affordable premiums with amazing benefits. |
| Minimum Entry Age | 19 years |
| Maximum Entry Age | 45 years |
| Official Website | https://www.indiapost.gov.in/ |
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In Conclusion
All the investment and payouts from the India Post Rural Postal Life Insurance Scheme are exempted from Income Tax under Section 8-C and Section-88 of the Income Tax laws of India. You can also avail a small loan with a PLI insurance policy as your collateral.
If you don’t wish to have a health check, the maximum coverage you can get is Rs.25,000 only. However, this isn’t advisable. Therefore, if you’re interested in subscribing to the Gram Suraksha Yojana, visit your nearest post office now.