Post Office: Post Office is considered a safe place to invest. If you invest in the Gram Suvidha Scheme run by the Post Office, you can earn lakhs of rupees.
New Delhi: All the schemes of post office are very cheap and highly profitable. If you are looking for a convertible insurance policy, then Rural Postal Life Insurance (RPLI) is offering you Gram Suvidha Scheme.
Only rural people will get the benefit of this scheme. Minimum age limit is 19 years and maximum 45 years. After five years it can be converted into an endowment plan. If this is not done then after the sixth year it will work like a whole life assurance scheme.
Opportunity to change plans midway
Endowment plans are a traditional way of investment along with insurance coverage. In this, when the policy matures, the policy holder gets the benefit of maturity.
During this period he also remains insured. If he dies during the policy term, the nominee gets the benefit. On the other hand, in Whole Life Assurance, the policy holder is insured for his entire life.
According to the information available on the website of India Post, when the policy holder dies, the nominee gets the full benefit of sum assured and bonus.
Its minimum sum assured can be up to Rs 10 thousand and maximum Rs 10 lakh. Loan facility is also available after four years.
The policy can be surrendered after three years. If you surrender before five years, you will not get the benefit of bonus. The policy term for this scheme can be up to 60 years.
Policy term between 50-60 years of age
According to the information available on India Postal Mobile App, suppose A is 20 years old and he enrolls in Whole Life Assurance under RPLI. He has purchased a sum assured of Rs 5 lakh.
According to the information available on the app, he can take a minimum policy term of 30 years which will mature at the age of 50 years. If he wants to mature at the age of retirement i.e. 60 years, then the policy term will be 40 years.
Annual bonus of Rs 60 on sum assured of Rs 1000
This year, an annual bonus of Rs 60 has been offered on every Rs 1000 sum assured. In such a situation, his annual bonus is Rs 30,000. Suppose A chooses a premium term of 40 years.
So based on the current rate the total bonus is Rs 12000 lakh. For this, the monthly premium will be Rs 725, which becomes Rs 732 net with tax. In this way, Rs 25 will have to be spent daily.
You will get 17 lakhs on maturity
Talking about maturity amount, the total amount of bonus is Rs 12 lakh and the sum assured amount is Rs 5 lakh. In this way the total amount becomes Rs 17 lakh.
The conclusion is that if an individual at the age of 20 years buys a sum assured of Rs 5 lakh in a convertible whole life assurance policy under the RPLI scheme of the post office whose maturity will be in 60 years, then its daily premium will be around Rs 25. Maturity benefit will be Rs 17 lakh.
