Post Office Plan:Invest only Rs 95 per day in Rural Postal Life Insurance Scheme, get Rs 14 lakh on maturity

Post Office Plan:Invest only Rs 95 per day in Rural Postal Life Insurance Scheme, get Rs 14 lakh on maturity

The Post Office offers 6 different insurance plans under this scheme

The 5 year policy offers 20-20% money back after completion of 6 years, 9 years and 12 years

There are many life insurance schemes in the post office and one of them is Gram Sumangal Rural Postal Life Insurance Scheme. This is an endowment scheme, which also provides insurance cover along with moneyback to people living in rural areas. There are two types of plans under this scheme.

Another advantage of this scheme is that if you invest only Rs 95 per day in it, you can get Rs 14 lakh till the end of this scheme. The Rural Postal Life Insurance Scheme was started in 1995. The Post Office offers 6 different insurance plans under this scheme. One of them is Gram Sumangal.

What is Gram Sumangal Scheme?

This policy is beneficial for those who need money from time to time. Moneyback Insurance Policy Gram Sumangal Yojana offers a maximum sum assured of Rs. 10 lakhs. If a person does not die during the term of the policy after taking out the policy, he does not get the benefit of moneyback. In case of death of the person, the nominee is also given a bonus amount along with Sum Assured.

Who can take thep policy ?

The policy Sumangal scheme is available for two periods. It involves 15 years and 20 years. The minimum age for this policy should be 19 years. A maximum of 45 years of age can avail this scheme for a period of 15 years. This policy can only be taken by a 40 year old person for 20 years.

Rule of Moneyback 

15 year policy offers 20-20% money back after completion of 6 years, 9 years and 12 years. As well as the remaining 40 per cent will be paid including bonus on maturity. Similarly, a 20-year policy earns 20-20 per cent over a period of 8 years, 12 years and 16 years. The remaining 40 per cent will be paid on maturity along with the bonus.

If we talk about the daily premium premium of only Rs 95 , if a 25 year old person takes this policy with a sum assured of Rs 7 lakh for 20 years, he will have to pay a premium of Rs 2853 per month, which is about Rs 95 per day. The quarterly premium will be Rs 8449, the six monthly premium will be Rs 16715 and the annual premium will be Rs 32735.

Thus, Rs 14 lakh will be received. 

In the 8th, 12th and 16th year of the policy, Rs 1.4-1.4 lakh will be paid at the rate of 20-20 per cent. Finally, in the 20th year, Rs 2.8 lakh will also be received as Sum Assured. While the annual bonus is Rs 48 per thousand, the annual bonus on a sum assured of Rs 7 lakh will be Rs 33,600. This means that the bonus will be Rs 6.72 lakh over the entire policy term i.e. 20 years. The total benefit will be Rs 13.72 lakh in 20 years. It will already get Rs 4.2 lakh as money back and Rs 9.52 lakh at maturity.

Also Read: Bajaj Allianz General Insurance Launches New Policy To Cover Illnesses In Early Stages: Click Here

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