There is a sum assured of Rs 10 lakh in this scheme. That is, if the policy holder dies, then his family members will get a bonus amount along with ten lakh rupees.
Post office investment plans have always been popular for guaranteed and safe returns. Since post office schemes are not related to the stock market, a large number of people invest in them to build a safe and long-term fund. Nowadays many schemes have been launched under the Post Office Deposit Scheme, which can help in building big corpus with regular investment of small amount. One such scheme is Gram Sumangal Rural Postal Life Insurance Scheme. If you deposit Rs 95 daily under this scheme, you can get Rs 14 lakh on its maturity.
Bonus with Sum Assured of 10 Lakhs
Sumangal Rural Postal Life Insurance Scheme insurance scheme can prove to be very effective for your future financial plans. This is an endowment scheme. It provides money back policy to the people living in rural areas. In this, after some time your money is returned and insurance cover is also available. This Rural Postal Life Insurance Scheme was started in 1995. Six different insurance plans are offered under this scheme. This scheme is very good for those people who need money from time to time. Under this, there is a sum assured of Rs 10 lakh. That is, if the policy holder dies, then his family members will get a bonus amount along with ten lakh rupees.
Benefits of money back policy
This policy has a tenure of 15 and 20 years. The minimum age to take the policy should be 19 years. Under a 15-year policy, 20-20 percent of the sum assured will be available as money-back on completion of six, nine and 12 years. The remaining 40 percent amount will be available on maturity along with bonus. Similarly, under a 20-year policy, 20-20 percent of the amount will be available as money back at eight, 12 and 16 years. The remaining 40 percent amount will be available with bonus on maturity.
Full account of Rs 14 lakh
If a person of 25 years takes a policy for 20 years, in which the sum assured is Rs 7 lakh, then he will have to deposit a premium of Rs 2,583 every month. That is, 95 rupees per day. The quarterly premium will be Rs 8,449. The half yearly premium will be Rs 16,715 and the annual premium will be Rs 32,735. Under the policy, in the eighth, 12th and 16th years, money back will be available at the rate of 20-20 percent. In the 20th year, Rs 2.8 lakh will be available as moneyback. The annual bonus per thousand rupees makes up to Rs.48. Hence the full bonus on the sum assured of Rs 7 lakh will be Rs 33,600. The bonus for the entire policy will be Rs 6.72 lakh. This policy provides a sum assured of Rs 13.72 lakh in 20 years. Under this, you would have already got a moneyback of Rs 4.2 lakh. Whereas on maturity you get Rs 9.52 lakh.
