Postal life insurance: This scheme provides refunds and insurance to people living in rural areas.
The Postal Service Postal Life Insurance Scheme is an endowment policy. This is a very useful project for people living in rural areas. It reimburses people living in rural areas as well as provides insurance.
With this life insurance plan you can invest Rs.95 per day as premium and earn Rs.14 lakh. Gram Sumangal is one of the six Grama Niladhari Life Insurance Schemes launched in 1995. Others are Full Life Insurance or Gram Suraksha, Endowment Assurance or Gram Santosh, Changeable Full Life Guarantee or Gram Suvidha, 10 year RPLI or Gram Priya and Children Policy or Dairy Life Insurance.
The importance of the project
Gram carrying policy or Expected Endowment Assurance is basically a refund policy. The maximum amount of this policy is Rs. 10 lakhs. Under the Post Office Village Carriage Policy, certain benefits are offered to the policyholder from time to time during his lifetime. However, in case of untimely death of the policyholder, such survival benefits’ payments will not be taken into account. In such cases, the full amount will be guaranteed along with the accumulated bonus to the candidate of the legal policyholder.
Who can take out the policy?
There are two types of projects. One is a 15-year policy. The other is a 20-year policy. The entry age for this policy is 19 years. The maximum age for availing a term limit of 15 years is 45 years and the maximum age for availing a policy with 20 years is 40 years.
Refund criteria
If you buy a 15 year old gram carrying policy, you will get 20-20% refund in 6 years, 9 years and 12 years. The remaining 40 percent, including bonuses, will be paid to the policyholder on maturity. If you buy a 20 year gram carrying policy, you will get 20-20% cash on completion of 8 years, 12 years and 16 years. The remaining 40 percent will mature with a bonus.
How to get Rs 14 lakh by paying a premium of Rs 95?
If a 25-year-old person buys a post office village carrying policy for 20 years, they have to pay a premium of Rs 2,853 per month, which is Rs 95 per day, to ensure Rs 7 lakh. According to the post office’s village burden policy refund criteria, he will get Rs 1.4-1.4 lakh in 20-20 per cent in 8, 12 and 16 years. Finally, in the 20th year, some guarantees of Rs 2.8 lakh will be given.
As per the policy terms and conditions, Rs. The annual bonus for 1000 is Rs. That means an annual bonus of Rs 3,36,00 for some who are guaranteed Rs 7 lakh. The bonus for the entire 20-year policy term will be Rs 6.72 lakh.
Thus, a total of Rs. 13.72 lakh profit will be earned. In total, Rs 4.2 lakh will be withdrawn. The remaining Rs 9.52 lakh will be paid at maturity.
Bonus for nominee
If the person does not die during the policy period after taking out the policy, he also gets the money pack benefit. If the policyholder dies, a bonus will be paid to his nominee.
