The Post Office’s Gram Sumangal Rural Postal Life Insurance Scheme is an endowment scheme that gives a refund in addition to insurance coverage cowl to people dwelling within the rural areas. There are two kinds of plans below this scheme.
Another benefit is that in the event you put money into it at simply Rs. 95 per day, you will get Rs. 14 lakhs by the top of the scheme. The Rural Postal Life Insurance Scheme was launched in 1995. Under this scheme, the Post Office gives 6 completely different insurance coverage schemes. One of those is Gram Sumangal Rural Postal Life Insurance Scheme.
What is Gram Sumangal Scheme?
This policy may be very useful for people who want cash sometimes. The Gram Sumangal Yojana gives a most sum assured of Rs 10 lakh. If an individual is alive even after the maturity of the policy, he additionally will get the advantage of moneyback. In the case of the demise of an individual, the nominee is given the sum assured in addition to a bonus quantity.
Who can take the policy?
The Sumangal Scheme is accessible for 2 intervals — these embrace 15 years and 20 years. The minimal age for availing of this policy ought to be 19 years. An individual choosing the 15-year-policy ought to be a most of 45 years, while for the 20-year-policy, the individual ought to be a most of 40 years.
Money Back’s Rule
A 15-year policy yields 20-20 per cent a refund on completion of 6 years, 9 years and 12 years. The remaining 40 per cent of the cash, together with bonus, will be paid on maturity. Similarly, a 20-year policy receives 20-20 per cent of cash over a interval of 8 years, 12 years and 16 years. The remaining 40 per cent of the cash will be given on maturity with a bonus.
Premium of solely Rs 95 per day
If a 25-year-old takes this policy for 20 years with a sum assured of Rs 7 lakh, he will have a premium of Rs 2,853 monthly, i.e. about Rs 95 per day. The quarterly premium will be Rs 8,449, the half-yearly premium will be Rs 16,715 and the annual premium will be Rs 32,735.
Get Rs 14 lakh
The policy will pay Rs 1.4-1.4 lakh within the eighth, twelfth and sixteenth years at 20-20 per cent. Finally, within the twentieth 12 months, Rs 2.8 lakh will even be given as some assured. When the annual bonus per thousand is Rs 48, the annual bonus on some assured of Rs 7 lakh swelled to Rs 33600. That is, the bonus for your complete policy interval i.e. 20 years was Rs 6.72 lakh. A complete revenue of Rs 13.72 lakh will be made in 20 years. Out of this, Rs 4.2 lakh will already be obtained as a refund and Rs 9.52 lakh will be given concurrently on maturity.