New Delhi, June 9 : Rural Postal Life Insurance (RPLI) bonus for the most popular scheme Endowment Assurance (E.A.) stands enhanced from Rs. 50 to Rs. 55 for every Rs. 1000 of sum assured, if the policy term exceeds ten years and from Rs. 50 to Rs. 52 for every Rs. 1000 of sum assured, if the policy term is up to ten years.
This was declared by Sunita Trivedi, Chief General Manager, RPLI here today.
The increase is going to benefit insurants majorly. As an insurant who is having an E.A. policy of Rs. one lakh, will now be vested with a bonus of Rs. 5500 a year (as against Rs. 5000 earlier), and if the policy term exceeds ten years, it will be vested of Rs. 5200 for other E.A policies.
This enhancement of bonus makes Rural PLI more attractive an option as compared to traditional insurers who cover the life risk of individual insurants under Endowment Assurance Scheme.
Whereas the traditional insurers give bonus in a range of Rs. 45 to Rs.50 for every Rs. 1000 of sum assured, the customers of Rural PLI get a better return.
The premium of Rural PLI is collected through the counters of the massive network of more than 1,55,000 Post Offices, thus keeping the operational cost of Rural PLI low as compared to other insurance companies.
Rural PLI passes on the benefits of low cost of operation to the customers in the form of higher bonus rates and lower premium rates.