Gram Sumangal Rural Postal Life Insurance Scheme is a mix of endowment and money-back plans.
The post office bank has come up with a scheme for all those who are looking for an opportunity to earn a big amount of money by investing a small part of their income.
Under the Post Office’s ‘Gram Sumangal Rural Postal Life Insurance Scheme’, a bank customer has to invest Rs 95 per day to get Rs 14 lakh in return over the period of time.
‘Gram Sumangal Rural Postal Life Insurance Scheme’ is an endowment plan that provides a fixed amount of money after the completion of the maturity period, money back as well as insurance cover to all those people having a bank account in the post office in rural areas.
This scheme is beneficial for all those people who need money from time to time. In this scheme, money back is available three times before maturity. Under this scheme, the maximum sum assured of Rs 10 lakh is offered to customers.
This scheme is one of the five rural postal life insurance schemes started by the Government of India in 1995.
The Gram Sumangal Scheme is available for two durations of 15 years and 20 years. The minimum age for availing of these policies is 19 years. The maximum age for availing of the 15-year-policy is 45 years, while for the 20-year-policy, the maximum age is 40 years.
In the 15-year policy, a bank customer gets 20 percent of the total sum assured as a money-back on completion of 6 years, 9 years, and 12 years. The remaining 40 percent of the money, including the bonus, will be paid to the customer on completion of maturity.
In the 20-year policy, the bank user receives 20 percent money on completion of 8 years, 12 years, and 16 years. The remaining 40 percent of the money will be given to the customers on maturity with a bonus.
If a 25-year-old bank customer takes this policy for 20 years with a sum assured of Rs 7 lakh, he will have a premium of Rs 2,853 per month, i.e. about Rs 95 per day.
The customer will get Rs 1.4-1.4 lakh in the 8th, 12th, and 16th years. At the end of the 20th year, he/she will get Rs 2.8 lakh as a sum assured.
Under this scheme, the annual bonus per thousand is Rs 48, and hence the annual bonus on the sum assured of Rs 7 lakh will be Rs 33600. The bonus for 20 years will be Rs 6.72 lakh. The customer will have a total return of Rs 13.72 lakh in 20 years. Out of this, Rs 4.2 lakh will already be received as money back and Rs 9.52 lakh will be given on maturity.
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