Gram Sumangal Scheme: In this scheme of post office, you can get a return of up to Rs 14 lakh by investing only Rs 95 per day.
Gram Sumangal Scheme: Do you want to get good returns by investing small amount. In such a situation, a plan of India Post can be very useful for you. ‘Gram Sumangal Gramin Dak Life Insurance Scheme’ gives you returns up to Rs.14 lakhs by investing just Rs.95 per day.
What is the policy
Gram Sumangal Rural Postal Life Insurance Scheme is an endowment plan, which can be taken by any person having a bank account in the post office. After a specified period, it also provides fixed amount, money back and insurance cover to the customers after maturity.
The benefit of Gram Sumangal Scheme is available to those people who are always in need of money from time to time, because in this scheme there are three money back opportunities before maturity. The maximum amount offered to the customers is Rs 10 lakh. It is one of the five rural postal life insurance schemes launched by the Government of India in 1995 for post offices.
What is the policy term
Gram Sumangal Scheme is available for two tenures of 15 years and 20 years. The minimum age to take advantage of these schemes is 19 years. The maximum age to avail 15 years policy is 45 years and to avail 20 years policy the maximum age is 40 years.
When do you get money back
On the 15-year policy of Gram Sumangal Yojana, customers get 20 percent of the total sum assured as money back every time on completion of 6 years, 9 years and 12 years. The remaining 40 per cent, which includes bonus, is available after the maturity of the policy. On the other hand, on the policy of 20 years, customers get 20 percent on the completion of 8 years, 12 years and 16 years and the remaining 40 percent amount with bonus on the maturity of the policy.
What is policy calculation
Suppose a person is 25 years old, and he has taken insurance for 20 years for a total amount of Rs 7 lakh. In such a situation, he will have to pay a premium of Rs 2,853 per month, that is, about Rs 95 per day. According to the rules of Gram Sumangal Scheme, the customer will get Rs 1.4 lakh as money back in 8th, 12th and 16th year and Rs 2.8 lakh on completion of 20 years.
Apart from this, in this scheme, every year Rs 48 bonus is given for every thousand. Accordingly, the annual bonus on Rs 7 lakh has become 33,600, which will be Rs 6.72 lakh for 20 years. With this bonus, the customer gets a return of Rs 13.72 lakh on this scheme of 20 years.
