Post Office Scheme: Gram Sumangal Gramin Dak Jeevan Bima Yojana of the Post Office is an endowment scheme which provides multiple back and insurance coverage for people living in rural areas. There are two different schemes under this scheme.
The best advantage of this scheme is that if you invest Rs 95 per day, you can get Rs 14 lakh on maturity. The Rural Postal Life Insurance Scheme was launched in 1995. The post office offers six different insurance schemes under this scheme. One of the schemes is Gram Sumangal Gramin Dak Jeevan Bima Yojana.
What is Village Sumangal Scheme?
This policy is highly profitable for those who require money from time to time. The Gram Sumangal Scheme provides a maximum sum assured of Rs 10 lakhs. If a person is alive after the maturity of the policy, he gets the sum assured and bonus amount. In case of death of a person, the nominee will also get the sum assured benefits and a bonus.
What is the age limit for taking the policy?
Sumangal scheme is attainable for two periods – 15 years and 20 years.
To avail this policy, the minimum age should be 19 years. The maximum age of a person applying for a 15-year policy should be 45 years, while for a 20-year policy, the maximum age is 40 years.
The 15-year policy gives 20-20 percent of the money back at the age of 6, 9 years and 12 years. The remaining 40 percent of the money, including the bonus, will be paid at maturity. Similarly, a 20-year policy pays 20-20 percent of the money on completion of 8 years, 12 years and 16 years. The post office will provide the remaining 40 percent with bonuses at maturity.
The premium amount is only Rs 95 per day
If a 25-year-old gives a plan to avail this policy for 20 years with an amount of 7 years, he will have to pay a premium of Rs 2853 per month, which is about Rs 95 per day. The quarterly payment will be Rs 8449, the half-year premium will be Rs 16715, and the annual amount will have to be paid at Rs 32,735.
How will you get 14 lakh rupees?
The policy pays Rs 1.4 -1.4 lakh after completing 20-20 percent of the 8th, 12th and 16th grade. At 20 years maturity, you will get Rs 2.8 lakh as sum insured. The annual bonus is Rs 48 per thousand, the annual bonus is Rs 33600 on the sum assured of Rs 7 lakh. Bonus for the entire 20 years will be Rs 6.72 lakh [33600 × 20]. You will make a total profit of Rs 13.72 lakh in 20 years. Of this, Rs 4.2 lakh will be paid in the form of money, and Rs 9.52 lakh will be paid at the time of maturity, including the sum assured and bonuses.
