Sumangal Yojana (Gram Sumangal Gramin Yojna) is available for two terms 15 years and 20 years.
Have you heard about the post office Gram Sumangal Gramin Postal Life Insurance Scheme or POGSRPLIS? Chances are high that you haven’t heard. The insurance plan launched in the year 1995 is an endowment plan, which gives excellent returns.
For an insurance cover of Rs 7 lakh in 20 years, a monthly premium of Rs 2,853 has to be paid per month. That means a premium of Rs 95 will have to be paid per day. Sumangal Yojana (Gram Sumangal Gramin Yojna) is available for two terms 15 years and 20 years.
One has to attain the minimum age of 19 years to buy the policy. If one wants to buy a policy of 15 years, then his maximum age should be 45 years. If one wants to buy the policy for 20 years, then his age should be 40 years.
Provides 20% cashback in 6th, 9th and 12th year under policy with 15 year term. If one takes the policy for a term of 20 years, then cashback is available at the end of 8, 12 and 16 years.
If one buys a cover of Rs 7 lakh for 20 years, he will get a cashback of Rs 1.4- 1.4 lakh on completion of 8, 12 and 16 years. In the 20th year, out of Rs 7 lakh, 4.2 lakh will be deducted, Rs 2.8 lakh will be available and Rs 6.74 lakh will be received as bonus. At the end of the 20th year, the policyholder will be paid Rs 9.54 lakh. (Bonus is invested at the rate of Rs.48 per thousand.)
For example, if one buys a cover of Rs 7 lakh for 15 years, he will get a cashback of Rs 1.4 lakh on completion of 6, 9 and 12 years. In the 15th year out of Rs 7 lakh, Rs 4.2 lakh will be reduced to Rs 2.8 lakh and bonus will be Rs 5.04 lakh. In the 15th year, the total amount paid to the policy holder will be Rs 7.84 lakh.
