Post Office Scheme: A maximum sum assured of Rs 10 lakh is available in the money back insurance policy Gram Sumangal Yojana.
Post Office Scheme: The schemes of the Post Office are giving bumper returns to the investors and there is no risk of any kind of money in it. The biggest feature of these schemes is that the government has a hand on them. One of these is Village Sumangal Rural Postal Life Insurance. This is an endowment scheme, which provides money back as well as insurance cover to the people living in rural areas. Through this you can easily create a fund of Rs 14 lakh. So let’s know about this scheme-Also Read: Finance Minister launches Rs 6 lakh crore National Monetization Pipeline Program, know details
What is Gram Sumangal Scheme
This policy is very beneficial for those people who keep needing money from time to time. Money Back Insurance Policy Gram Sumangal Yojana offers a maximum sum assured of Rs 10 lakh. After taking the policy, if the person does not die during the policy term, then he also gets the benefit of moneyback. On the death of the person, the nominee is given the sum assured as well as the bonus amount.Also Read: eBikeGo: This electric scooter will run 5 times cheaper than petrol, cost 20 paise per km, know when it will be launched
Who can take advantage of this scheme
>> The term of this policy is 15 years and 20 years
>> Minimum policy age is 19 years
>> Maximum policy age is 45 years
>> Maximum entry age for 20 years policy is 40 years
>> > Any Indian citizen can take advantage of this scheme
>> In this, the maximum sum assured is available up to Rs 10 lakh
Benefits of the policy-
1. 15 Years Policy- 20% on completion of 6 years, 9 years and 12 years and 40 with accrued bonus on maturity.
2. 20 Year Policy- 20% on completion of 8 years, 12 years and 16 years and 40% with accrued bonus on maturity.
Only Rs.95 per day premium
In terms of premium, if a 25-year-old person takes this policy for 20 years with a sum assured of Rs 7 lakh, he will have to pay a premium of Rs 2853 every month, that is, about Rs 95 on a daily basis. Quarterly premium will be Rs 8449, half yearly premium will be Rs 16715 and annual premium will be Rs 32735.Also Read: Post Offers Assured Returns; Check Interest Rate, Other Details
How to get 14 lakh rupees?
1.4-1.4 lakh will be paid in the policy in the 8th, 12th and 16th year at the rate of 20-20%. Finally, in the 20th year, Rs 2.8 lakh will also be available as Sum Assured. When the annual bonus per thousand is Rs 48, the annual bonus on the sum assured of Rs 7 lakh is Rs 33600. That is, for the entire policy term i.e. 20 years, the bonus was Rs 6.72 lakh. There will be a total profit of Rs 13.72 lakh in 20 years. Out of this, Rs 4.2 lakh will already be available as money back and Rs 9.52 lakh will be given together on maturity.
