There are many such life insurance plans in the Post Office, one of these schemes is the Gram Sumangal Rural Postal Life Insurance Scheme.
New Delhi: There are many such life insurance plans in the Post Office, one of these schemes is the Gram Sumangal Rural Postal Life Insurance Scheme. This is an endowment scheme, which provides money back as well as insurance cover to the 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, then you can get Rs 14 lakh by the end of the scheme. Rural Postal Life Insurance Scheme was started in 1995. Post office offers 6 different insurance schemes under this scheme. One of these is village Sumangal.
What is Village Sumangal Scheme
This policy is very beneficial for those who need money from time to time. Money Sum Insurance Policy Gram Sumangal Yojana offers a maximum assured of 10 lakh rupees. If the person does not die during the policy period after taking the policy, then he also gets the benefit of moneyback. On the death of a person, the nominee is also given bonus along with the sum assured.
Who can take the policy
The policy Sumangal Scheme is available for two periods. These include 15 years and 20 years. The minimum age for this policy should be 19 years. Maximum 45 years person can take this scheme for a period of 15 years. This policy can be taken only for a maximum of 40 years for 20 years.
Money back rule
In 15 years policy, after completing 6 years, 9 years and 12 years, 20-20 percent money back is available. At the same time, the remaining 40 percent of the money will be given including the bonus on maturity. Similarly, in 20-year policy, 20-20 percent money is available for 8 years, 12 years and 16 years. The remaining 40% of the money will be given at maturity with a bonus.
Just Rs 95 a day premium
If you take a premium, then if a 25-year-old person takes this policy for 20 years with a sum assured of Rs 7 lakh, he will have a premium of Rs 2853 per month, that is, about Rs 95 per day. Quarterly premium will be Rs 8449, half yearly premium will be Rs 16715 and annual premium will be Rs 32735.
You will get 14 lakh rupees this way
In the policy, Rs 1.4-1.4 lakh will be paid according to 20-20 percent in the 8th, 12th and 16th year. Finally, in the 20th year, 2.8 lakh rupees will also be available in the form of sum assured. When the annual bonus per thousand is Rs 48, the annual bonus is Rs 33600 on the sum assured of Rs 7 lakh. That is, the bonus for the entire policy period i.e. 20 years was 6.72 lakh rupees. In 20 years, there will be a total profit of Rs 13.72 lakh. Out of this, Rs 4.2 lakh will be given as money back in advance and Rs 9.52 lakh will be given simultaneously at maturity.
