Post Office Sumangal Rural Postal Life Insurance Scheme: Any Indian citizen between the age of 19 years to 45 years can take advantage of this scheme. Insurance of Rs 10 lakh is also available in this
Post Office Sumangal Rural Postal Life Insurance Scheme: Financial investment is always a perfect way to secure your future as well as be prepared for bad times or emergencies. Even after this, many people avoid saving. The main reason behind avoiding savings is the high premium. Now there are many schemes in which the premium or investment is very low, in which even the rural population can invest money. For the people of rural areas, a small savings scheme named Sumangal Rural Postal Life Insurance Scheme will eliminate all your worries.
10 lakh rupees insurance
Any Indian citizen between the age of 19 years to 45 years can take advantage of this scheme. In this, insurance of Rs 10 lakh is available. If the policyholder dies, his family will get the money. This scheme has 2 maturity periods. The account holder can choose the maturity period of 15 years or 20 years. Under the 15-year policy, 20-20 percent of the sum assured will be available as money-back on completion of 6, 9 and 12 years. Whereas, in a 20-year policy, money-back is available on completion of 8, 12 and 16 years. The remaining 40 percent is available with bonus on maturity.
Will get 14 lakh rupees on maturity
If a 25-year-old person takes a 20-year policy with a sum assured of Rs 7 lakh, he will have to pay a premium of Rs 95 per day. This is Rs 2850 in one month and Rs 17,100 in 6 months. You will get your money back but on maturity this amount will increase to Rs 14 lakh. In this scheme, apart from returning the money, you also get money from time to time.
Get money in between
In a 20-year policy with a sum assured of Rs 7 lakh, you get 20 per cent of the sum assured in the 8th, 12th and 16th year as mentioned above. 20% of Rs 7 lakh is Rs 1.4 lakh and hence when paid three times, the amount becomes Rs 4.2 lakh. After this, in the 20th year, you will get Rs 2.8 lakh, which will cover the sum assured. After this, you will get a bonus of Rs 48 per thousand rupees annually. In 20 years, this amount will be Rs 6.72 lakh. That is, you will get a total of Rs 9.52 lakh on maturity. The amount received on money back and maturity together will be Rs 13.72 lakh.
Beneficial plan for these investors
This scheme is most beneficial for those people who cannot wait for the maturity period. Those who need money in a few years i.e. need to withdraw cash. This plan may work for them.
