Gram Sumangal Yojana is a money back policy, which can be better for those who want to take returns from time to time. Under Gram Sumangal Yojana, bonus benefits are paid to the insurer from time to time.
It is safest to invest in post office. It has several savings schemes, which give guaranteed returns. You get higher returns by investing a certain amount in post office savings schemes. One such scheme is Sumangal Gramin Postal Life Insurance Scheme. In which you get more returns along with safety. Let us know about this scheme and its benefits.
Post Office Gram Sumangal Gramin Dak Life Insurance Scheme is an endowment scheme, which provides money back as well as insurance cover to the people living in rural areas. Under this scheme, there are two types of schemes- Postal Life Insurance and Rural Postal Life Insurance (RPLI).
Rural postal life insurance
This scheme has been brought keeping in mind the people living in the village, it was started in 1995. Talking about the objective of this scheme, it gives insurance cover to the people of the village in general. Along with this, this scheme is more beneficial for those who are weaker sections of rural areas or women workers. This scheme also works to spread insurance awareness among the people of the village.
Money back policy
Gram Sumangal Yojana is a money back policy, which can be better for those who want to take returns from time to time. Under Gram Sumangal Yojana, bonus benefits are paid to the insurer from time to time. Bonus is not paid if the insurer dies unexpectedly. In the event of the death of the investor, the entire amount is paid to the nominee.
Special features of Post Office Village Sumangal Rural Postal Life Insurance Scheme
- Policy Term: 15 years and 20 years
- Minimum age 19 years
- The maximum age at the time of entry for taking 20 years term policy is 40 years.
- The maximum age for taking a 15 year term policy is 45 years.
This is how the survival benefit is paid
- 15 Year Policy – 20% payout on completion of 6 years, 9 years and 12 years and 40% with accrued bonus on maturity.
- 20 Year Policy – 20% each on completion of 8 years, 12 years and 16 years and 40% payout with accrued bonus on maturity.
95 Premium
If a 25 year old person takes this policy for 20 years with a sum insured of Rs 7 lakh, then he will have to pay a premium of Rs 2853 per month i.e. around Rs 95 per day. Whose quarterly premium will be Rs 8449, half yearly premium will be Rs 16715 and annual premium will be Rs 32735.
How to get 14 lakh rupees
1.4- 1.4 lakh will be paid on every day investment of Rs 95 @ 20 per cent in 8th, 12th and 16th year of this policy. In the 20th year, Rs 2.8 lakh will also be available as Sum Assured Money. The bonus calculation for the entire policy term i.e. 20 years is Rs 6.72 lakh. In this way, if we calculate for 20 years, then there will be a profit of Rs 13.72 lakh. Out of this, Rs 4.2 lakh will be given as advance money back and Rs 9.52 lakh together on maturity.
