On completion of 20 years, this policy will mature and Rishabh will get the maturity money. Under this, Rishabh will get 10 lakh of sum assured, bonus of Rs 10.40 lakh i.e. a total of Rs 20,40,000. There is also a death benefit in this policy.
The post office runs a joint life endowment assurance plan. Its name is Couple Safety. In this, both husband and wife are insured together. Both husband and wife get life cover together with simple premium. In this, the minimum sum assured is Rs 20,000 and the maximum is Rs 50 lakh. Only persons up to 45 years of age can take advantage of this insurance. People older than this cannot buy this policy. The minimum age limit for this plan has been kept at 21 years.
Couples Suraksha policy also offers bonus with maturity. This policy is completely protected from the central government, so money is considered safe along with life. This policy is not for everyone, but most people can buy it. Those who work in the central government, state government or semi-government organization can take this policy. Doctors, Engineers, Management Consultants, CAs, Lawyers and people working in banks can take this policy. Apart from this, people who work in a recognized educational institution can also take this policy.
Yugal Suraksha Yugal suraksha policy has to be taken for at least 5 years. The maximum policy term of this policy is 20 years. That is, you can buy this plan for a minimum of 5 years and a maximum of 20 years. For the number of years the policy is in place, the premium will have to be paid for that number of years. This plan can be taken for Rs 20,000 to Rs 50,00,000. The premium can be paid every month, every three months, half yearly or annually if the customer wants. For this, at the time of taking the policy, one has to decide how to pay the premium.
Understand in simple language
Understand it in simple language. Suppose Rishabh whose age is 32 years and his wife’s age is 30 years, take a couple protection policy. For this, Rishabh has taken a policy of Sum Assured of Rs 10 lakh. Rishabh has kept the policy term at 20 years. So they have to pay premium for the policy for 20 years. If Rishabh opts for monthly premium, then he will have to pay a premium of Rs 4,392 in the first year and Rs 4,297 in the second year. If Rishabh wants to pay the annual premium, then he will have to pay Rs 52,706 in the first year and Rs 51,571 in the second year. The premium for the first year comes slightly higher due to GST. During the entire policy term, Rishabh will have to deposit a total of Rs 10,32,558 as premium.
How much return
On completion of 20 years, this policy will mature and Rishabh will get the maturity money. Under this, Rishabh will get 10 lakh of sum assured, bonus of Rs 10.40 lakh i.e. a total of Rs 20,40,000. There is also a death benefit in this policy. If either of Rishabh or his wife leaves the world immediately after taking the policy, after 2 years, after 5 years or after 15 years, then the other spouse will get the benefit of death benefit. In this, the benefit of sum assured and bonus is available. Suppose after 5 years Rishabh or one of his wife does not live in this world then 10 lakhs as sum assured and Rs 2.60 lakhs as bonus (5 years bonus) i.e. total Rs 12,60,000 . The longer the policy lasts, the higher will be the bonus paid.
Many more benefits
If both husband and wife die during the policy, the sum assured is paid to the nominee. You can also surrender the policy after 3 years of running it. Loan facility is also available on this policy. Loan facility is available after paying the premium for 3 years. If the policy is closed midway due to any reason, then it can also be revived. If the premium is not paid for 6 months, the policy lapses and has to be revived.