Business
India Post Expands RPLI Eligibility to Customers of All Scheduled Banks
Savings account holders of all scheduled banks can now opt for Rural Postal Life Insurance, with the move aimed at helping policyholders maintain coverage even when they migrate from rural areas to cities.
The Department of Posts has expanded eligibility for Rural Postal Life Insurance (RPLI) by allowing savings account holders of all scheduled banks to opt for the insurance scheme.
Minister of State for Communications Pemmasani Chandra Sekhar announced the change on Friday, saying the new provision will make it easier for policyholders to continue their insurance coverage when they move from rural areas to urban locations.
Under the revised eligibility criteria, an operative savings bank account maintained with the Post Office Savings Bank (POSB) or any scheduled bank can now be used for RPLI.
The minister said the move would support migrants from rural to urban areas by allowing them to pay their RPLI premiums through a savings account held with any scheduled bank.
The new provision has taken effect immediately. By broadening the acceptable banking relationship, the Department of Posts aims to provide greater flexibility to RPLI policyholders and reduce difficulties associated with continuing premium payments after relocation.
