Post Office Scheme: Apart from getting a lump sum amount, bonus is also available in the Post Office’s Village Sumangal Rural Postal Life Insurance Scheme. In this, money is given to the nominee on the death of the account holders.
Post Office Scheme: Post Office runs a variety of schemes for its customers. One of these is Gram Sumangal Rural Postal Life Insurance Scheme. In this, by investing Rs 95 every day, you can get around Rs 14 lakh at the time of maturity.
As the name suggests, Gram Sumangal Rural Postal Life Insurance Scheme is meant for investors living in rural areas. According to the post office website, this scheme is a money back policy.
The objective of this scheme is to provide the benefit of insurance cover to the people in the rural areas of the country.
Insurance facility can be provided to the weaker sections of the society and women. Keeping all these things in mind, this scheme has been started. The government believes that such a scheme will increase the awareness of insurance among the villagers.
Post Office Grama Sumangal Yojana is a money back policy. Under which the person taking the insurance is given some money in the middle of the duration of the scheme. This is an endowment scheme. It was started in the year 1995. Under this plan, the insured gets periodic payments for the necessary expenses.
If the life assured unfortunately dies during the term of the policy, the money back amount will not be added to the maturity amount. It means to say that money back money will not be included in the maturity amount. In case of death of the insured, his nominee will get the entire amount of sum assured along with the bonus.
Advantages
This policy is of 15 and 20 years duration. Must be at least 19 years of age to take the policy. Under the 15-year policy, 20-20 percent of the sum assured will be given as money-back on completion of six, nine and 12 years. The remaining 40 percent amount will be received on maturity along with the bonus.
Similarly, under the 20-year policy, 20-20 percent amount will be received as money back on eight, 12 and 16 years. The remaining 40 percent amount will be received with bonus on maturity.
How to get 14 lakh rupees by investing 95 rupees everyday
If a person starts investing in a policy at the age of 25 with a sum assured of Rs 7 lakh for 20 years. In such a situation, the installment of every month will be Rs 2853 or about Rs 95 per day. On paying installments for three months, you will have to pay Rs 8,850 and on 6 months you will have to pay Rs 17,100. After this, about 14 lakh rupees will be available on maturity.
