RPLI MCQs for IPO Exam/Postman Exam/PA Exam/ Group B Exam/MTS Exam will help you understand the examination point of view in posing questions and also answering them.
What is RPLI?
Rural Postal Life Insurance (RPLI) is life insurance offered to the rural populace of India with a ”Low premium and High bonus” and extends insurance cover to people living in rural areas with special emphasis on weaker sections and women workers.
Rural Postal Life Insurance(RPLI) has been introduced in the year 24-03-1995 for the benefit of the rural populace.
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RPLI-Maximum Sum Assured has been enhanced from Rs 3 Lakhs to Rs 10 Lakhs w.e.f. 13-05-2017. Earlier, the maximum sum assured used to be Rs 3 Lakhs w.e.f 01-03-2007 to 12-05-2017.
PLI-Maximum Sum Assured has been enhanced from Rs 20 Lakhs to Rs 50 Lakhs w.e.f. 10-09-2015.
Types of RPLI Policies
RPLI offers the following Six (6) types of policies:
(i) Whole Life Assurance (Gram Suraksha)
(ii) Endowment Assurance (Gram Santosh)
(iii) Convertible Whole Life Assurance (Gram Suvidha)
(iv) Anticipated Endowment Assurance (Gram Sumangal)
(v) 10 Year RPLI (Gram Priya/Dasa Varsha)
(vi) Children Policy (Bal Jeevan Bima)
Details of Rural Postal Life Insurance (RPLI) Plans
| SLNO | RPLI Policy | Other Name | Bonus Rate per ₹1,000 Sum Assured as of 01-04-2020 to now |
| 1. |
Whole Life Assurance (WLA)Age: 19-55 years Min=₹10,000; Max=₹ 10Lakhs Loan: after 4 years Surrender: 3 years |
Gram Suraksha |
₹ 65 |
| 2. |
Endowment Assurance (EA)Age: 19-55 years Min=₹10,000; Max=₹ 10Lakhs Loan: after 3 years Surrender: 3 years |
Gram Santosh |
₹50 |
| 3. |
Children PolicyParent Age: 19-45 Child Age: 5-20 years Min=₹10,000; Max=₹ 1 Lakh or equal to the sum assured of the parent, whichever is less. Loan: No Loan
|
Bal Jeevan Bima Policy |
₹50 (EA Bonus will be given as ONLY Endowment policy can be taken here) |
| 4. |
Convertible Whole Life Assurance(CWLA) Age:19-50 years Min=₹10,000; Max=₹ 10 Lakh
|
Gram Suvidha | ₹ 65 if not converted to EA or ₹50 if converted to EA |
| 5. | Anticipated Endowment Assurance (AEA)Age:19-45 for 15 yrs Term Policy
19-40 for 20yrs-Term Policy Min=₹10,000; Max=₹ 10Lakhs Loan: No Loan Surrender: No Surrender possible |
Gram Sumangal |
₹47 |
| 6. | 10 Year RPLI Policy(Dasa Varsha or
Grameena Dak Jeevan Bima Yojana)Age: 19-45 years Min=₹10,000; Max=₹ 10Lakhs Loan: No Loan Surrender: No Surrender possible |
Gram Priya RPLIMoney Back Policy with periodicity: 4 years=20% of SA 7 years=20% of SA 10 years=60% of SA+ Bonus accrued for 10 years |
₹47 |
RPLI Benefits
RPLI Benefits are many folds.
1. RPLI Premium is exempt from Income Tax under section 80(C) to an overall ceiling of 1.50 Lakhs per annum including other schemes. In other words, Deduction under Section 80C for the premiums paid as per the Income Tax Act, 1961 with the maximum limit of deduction under section 80C is Rs 1.50 lakh.
2. Provides for Insurance with Low -premium and High Bonus.
3. You can pay RPLI Premium at any nearby Post office. Also, you can pay the RPLI policy premium through any post office across India.
4. There is a 100% security offered by the Government of India.
5. Rebate: 1% rebate is offered for payment of 6 months’ premiums in advance.
6. Rebate: 2% rebate is offered for payment of 12 months’ premiums in advance.
7. Rebate: Rebate of Re1- per every Rs20,000 Sum Assured of RPLI policy is allowed.
8. The insurance policy can be easily transferred to any place in India.
RPLI-Important Points to remember:
1. The maximum limit of sum assured with Non-Standard proof of age in RPLI shall be Rs One lakh.
2. The 5% extra premium will be loaded and policies with a sum assured of more than Rs 25,000/- should be subject to a usual medical examination.
3. Also, anyone taking policies worth or more than Rs 25,000/- (sum assured) with non-standard proof of age shall not be beyond 45 years of age.
4. The maximum limit in respect of the non-medical scheme, taking the total sum assured together under all RPLI plans shall not exceed Rs 25,000.
Amendments in certain POLI Rules on 19-No. 25-1/2011-LI (Part-II) dated 19-09-2019.
Amendments to “Post Office Life Insurance Rules-2011” published on 28th April 2011 in the Gazette of India No. 85 (Part-I Section-I Extraordinary) are as follows:
POLI Rules 2011: Rule 13(A) Medical Scheme:
“In every case where a proposal for Postal Life Insurance or Rural Postal Life Insurance is submitted, the proposer must undergo a medical examination by the prescribed medical authority (except where the proposal is up to sum assured of Rs. 5,00,000/- (Rs Five lakh) in PLI or Rs. 1,00,000 /- (Rs. One lakh)* in RPLI together with any other Non-Medical Policy/Policies which the proposer may hold or proposes to hold under the Non-Medical Scheme and age of proposer is not exceeding 40 years (in PLI) and 35 Years (in RPLI) on next birthday), and must be declared fit for such insurance by the said authority. Further, a PLI policy up to Rs. 2,00,000/- (Rs. Two lakh) of sum assured will be a non -medical policy irrespective of age limit”.
Rule 14: Non -Medical Scheme (PLI)
Non-Medical Scheme (PLI) –Any person, whose age on next birthday does not exceed 40 years, and who is eligible for a Postal Life Insurance under Post Office Life Insurance Rules, 2011 and anyone who had applied for a Life Assurance Policy either under Non-Medical or Medical Scheme and had not been turned down by any insurance company operating in India, may apply for a Non-Medical Policy in PLI in multiples of Rs. 10,000/- (Rupees Ten thousand), for such sum assured which shall not exceed Rs. 5,00,000/- (Rupees Five Lakh) together with any other Non-Medical policy/policies which the proposer may hold or proposes to hold under the said Non-Medical Scheme.
Further, the total sum assured shall not exceed Rs. 50,00,000/- (Rupees fifty Lakhs) together with any Non-Medical or/and Medical policy/policies which the proposer may hold or proposes to hold. The medical history of the proponent should not reveal any adverse features, and the proponent is medically fit at the time of proposal and had not suffered from any chronic disease, and was hospitalized during the two years before the date of proposal.
Further, ‘Rs. 25,000/- (Rs. Twenty-five thousand)’ appearing in Rule 15 is amended to read as ‘Rs.100,000/- (Rs. One lakh)’*.
*Note: ‘Maximum aggregated sum assured limit
of non-medical RPLI policy/policies with non-standard age proof will remain Rs. 25,000/- (Rupees twenty-five thousand only).’
READ (Rule 18): “For PLI policies: when a person wishes to purchase a Whole Life Assurance, Convertible Whole Life Assurance, Endowment assurance including Anticipated Endowment Assurance, Joint Life Assurance and Children policy under PLI, he will be required to answer, the question in the prescribed form of the proposal which can be obtained at the nearest post office and to sign the form or impress his/her left-hand thumb impression, if illiterate, in token of having accepted the terms and conditions thereof and having furnished correct and factual information in the proposal form. The proposal form shall be signed or impressed with thumb by the proponent in the presence of Marketing Staff i.e. Development Officer, Field Officer, Direct Agent, etc., or the presence of counter assistant of Post Office, as the case may be, who will have to give a certificate in this regard.
The proposal form may be handed over to the concerned Marketing Staff or Counter Assistant by the proponent along with the advance premium in Cash or in Cheque for which a receipt will be given to the proponent by the concerned Marketing Staff or Counter assistant.
(Rule 19): (Deleted)
Rule 19: NOTE 1: -In the case of a temporary official the proposal should be accompanied by the certificate granted by a competent officer of the Department on the terms and conditions of appointment. A self-attested copy of the proposer’s school certificate or certificate of birth or any other proof of date of birth should also be attached to the proposal.”
58. (1) The Postmaster General/ Head of Division/ Postmaster/ Manager of Central Processing Centre (GPO/ Head Office), may in his discretion, on receiving an application in the prescribed proforma allow a policy, which has become void in terms of Rule 56(1), or has ceased to be active in terms of Rule 57(1) and has not been reinstated under the provisions of Rule 56 (3) or 57(3), to be revived provided that the said policy has not attained the date of maturity and a period of consecutive 5(five) years has not passed from the date of first unpaid premium and the life assured is insurable at the time of revival.
Such revival shall be subject to payment, within a date to be specified by the Postmaster General/ Head of Division/ Postmaster/ Manager of Central Processing Centre (GPO/ Head Office), of all arrears of premia with interest thereon at the rates prescribed by the Director-General of Posts and calculated from the date the first unpaid premium in respect of such policy had become due and certificate from an authorized medical attendant in the prescribed proforma certifying that the life assured is insurable having regard to the insurants health and habits and of evidence to show that there has been no adverse change in his/her personal or family history or his/her occupation.
58 (5). For the revival of RPLI policies, these rules shall apply mutatis mutandis.
NOTE: – The revival of a policy under Rule 58 shall be allowed on any number of occasions during the entire term of the policy including the relaxation given under Rules 56(3) and 57(3) for reinstatement. However, a period of consecutive 5(five) years should not have passed from the date of the first unpaid premium against such lapsed policy.
59. (3). The loan may be repaid at any time. It may also be paid in installments of an amount not less than Rs. 100/-. Interest will be charged @ 10% per annum compounding half-yearly from the date of disbursement of loan and should be paid on or before the dates specified in the loan bond and loan repayment receipt book. Interest for the half-year will be charged on the amount outstanding on the first day of the half-year, and any repayment made during that half-year will be taken into account for the calculation of interest only for the next half year.
In the case of final repayment, interest will not be charged beyond the last date of the month in which the final repayment is made provided that interest had already been charged on the loan for at least six months. The responsibility for payment of interest rests solely on the insurant. A notice regarding the amount to be paid as half-yearly interest will be issued to the insurant only when there is a change in the amount payable as interest as a result of payment of a part of the principal.
But the plea of non-receipt of such a notice cannot in any circumstances be accepted for nonpayment of interest. If the interest is not paid on the due date, it will be added to the outstanding amount of the loan and the usual interest charged thereon.
In the event of defaults in the payment of half-yearly interest or defaults in repayment of the loan, the Postmaster/Manager of Central Processing Centre(GPO/Head Office), will send 1 st reminder/intimation to insurant when loan capitalization(including due interest) reaches 90% of the surrender value and 2nd intimation/reminder when loan capitalization (including due interest) reaches 95% of the surrender value and final notice to pay off the outstanding loan amount and due interest when loan capitalization reaches 100% of the surrender value.
If the due amount is unpaid within 30 days from the date of issue of 3rd intimation/reminder, the policy shall be forcibly surrendered and the balance, if any of such surrender value will be paid to policyholder thereto.
However, the forced/auto surrender shall not be applied in the following cases:
(i) Where policy becomes a claim
(ii) the Maturity date of the policy is within the next yearThe outstanding balance of the loan with interest will be recovered from the value of the policy at the time of settlement of the claim. Interest on a loan will accrue up to the last date of the month in which the policy becomes a claim either by maturity or by surrender, provided that interest for at least six months had been charged on the loan.”
Marketing RPLI/PLI
Additional Reading (NOT FOR EXAMs)
Customer Relationship Management (CRM) is about acquiring the right customer, instituting the best processes, motivating employees. CRM Technology can help in designing direct marketing efforts, developing new pricing models, processing transactions faster.
A customer database is an organized collection of detailed information about individual customers or prospects that is accessible, actionable, and current for marketing purposes such as lead generation and others.
”Customer Behavior” is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.
The process to manage information about customers to maximize their loyalty is called Customer Relationship Management.
In the buyer decision process, the percentage of potential customers in a given target market is called Marketing Funnel.
The whole cluster of benefits when a company promises to deliver through its market offering is called a value proposition.
”One to One Selling” is an approach to selling goods and services in which a prospect explicitly agrees in advance to receive marketing information.
”Business Intelligence” is a broad category of applications and technologies for gathering, storing, analyzing, and providing access to data to help enterprise users make better business decisions.
Internal Marketing is a process of training and effectively motivating its customer-contact employees and all of the supporting service people to work as a team to provide customer satisfaction.
When an Organisation distributes its products through a channel structure that includes one or more resellers, this is known as Indirect marketing
Cross-selling means:
a) Selling new products
b) Cross country marketing
c) Selling other products to existing customers
d) Selling to friends
2. ”Value-added services” means:
a) Better value at a premium
b) Costlier services
c) Additional services
d) Better value at a discount
3. ”Customization” means_______
a) Tailor-made products for each customer
b) Customers selling goods
c) A selling process
d) None of these
4. A market survey is required for________
a) Deciding marketing strategies
b) Deciding product strategies
c) Deciding pricing strategies
d) All of these
5. Segmentation can be resorted to using
a) Segmenting by age
b) Segmenting by income
c) Segmenting geographically
d) All of these
6. Market information means_______
a) Knowledge of industries
b) Knowledge of household
c) Knowledge of customers tastes
d) All of these
7. Market segmentation means________
a) Segmenting the salesmen
b) Segmenting the employees
c) Segmenting the customers as per their needs
d) All of these
8. Upselling means sales technique where:
a) additional products or services are added to the original purchase
b) a new product or service is suggested to a customer
c) most products are sold in one transaction
d)Upselling is a sales technique where a seller invites the customer to purchase more expensive items, upgrades, or other add-ons to generate more revenue.
9. “USP” in marketing means________
a) Unique selling practices
b) Uniform selling practices
c) United salespersons
d) Unique Selling Proposition
10. Marketing strategy means________
a) Ideas for new employment
b) Old techniques of selling
c) Techniques for improving marketing activities
d) Techniques for increasing production
11.Innovation means
a) Product designing
b) New ideas
c) Motivation
d) Only (1) and (2)
12. Internet marketing means _______
a) Marketing to oneself
b) Marketing to the core group
c) Marketing to the employees
d) None of these
13. Market survey means_______
a) Market research
b) Market plan
c) Marketing strategies
d) All of these
14. Direct marketing means_____
a) Face to face marketing
b) Over the counter-marketing
c) Door to door marketing
d) All of these
15. A “prospect” means_____
a) Company’s prospectus
b) Company’s memorandum of association
c) A likely buyer
d) A likely seller
16. Market segmentation means dividing
__________
a) The market group into homogeneous groups
b) The market process into easy steps
c) The sales teams into small groups
d) All of these
a) Of the 4P’s of marketing, 3 are product, place, and promotion, which is the 4th P?
a) Price
b) Purpose
c) Pride
d) Pursuit
17. Customer database is_______
a) Useful for lead generation
b) Useful for cross-selling
c) Useful for CRM
d) All of these
18. Marketing is a_______
a) One-day effort
b) Team effort
c) One man effort
d) None of these