Gram Sumangal Rural Postal Life Insurance Scheme: The post office has several insurance policies, one of which is the Gram Sumangal Rural Postal Life Insurance Scheme. This is an endowment scheme, which also provides insurance cover with money back 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 in it for just Rs 95 per day, you can get Rs 14 lakh by the end of the 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.
Gram Sumangal Rural Postal Life Insurance Scheme
This policy is very beneficial for those who need money from time to time. Money-back insurance policy Gram Sumangal scheme has a maximum sum assured of Rs. 10 lakhs. If a person does not die during the policy period after taking the policy, he also gets the benefit of moneyback. The nominee is also given a bonus amount along with a Sum Assured on the death of the person.
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 of this scheme for a period of 15 years. This policy can be taken by a person of a maximum of 40 years for 20 years.
The 15-year policy offers 20-20% money back after completion of 6 years, 9 years, and 12 years. At the same time, the remaining 40 percent will be paid on maturity, including bonus. Similarly, a 20-year policy earns 20-20 percent over a period of 8 years, 12 years, and 16 years. The remaining 40 percent will be paid on maturity with a bonus.
Speaking of premium, if a 25-year-old person takes this policy with a sum assured of Rs 7 lakh for 20 years, he will get a premium of Rs 2,853 per month, which is about Rs 95 per day. The quarterly premium will be Rs 8449, the half-yearly premium will be Rs 16715 and the annual premium will be Rs 32735.
In the 8th, 12th and 16th year of the policy, payment of Rs. 1.4-1.4 lakh will be made at the rate of 20-20%. Finally, in the 20th year, Rs 2.8 lakh will also be received in the form of Sum Assured. While the annual bonus per thousand is Rs 48, the annual bonus on Sum Assured is Rs 33600 from Rs 7 lakh. That is, the entire policy period i.e. bonus in 20 years was Rs 6.72 lakh. The total benefit will be Rs 13.72 lakh in 20 years. Out of this, Rs 4.2 lakh will be given as money back and Rs 9.52 lakh will be given at maturity.