Are you looking for big returns after investing a small amount? This new post office scheme named ‘Gram Sumangal Gramin Dak Jeevan Bima Yojana’ assures great returns as a customer needs to invest Rs 95 per day to get a return of Rs 14 lakh over a period of time.
‘Gram Sumangal Gramin Dak Jeevan Bima Yojana’, is an endowment scheme which eventually gives a fixed amount, money back after completion of maturity period as well as insurance cover to all the people having bank account in post office in rural areas. .
The benefit of this scheme is available to those who need funds from time to time and with this scheme there are three money-back opportunities before maturity. Customers are offered a maximum sum insured of Rs 10 lakh.
This scheme is one of the five rural postal life insurance schemes launched by the Government of India in 1995.
Gram Sumangal Yojana launched by the Government of India in 1995 is available for two terms of 15 years and 20 years and the minimum age to avail these policies is 19 years and the maximum age to avail 15 years policy is 45 years, while the maximum age for a 20-year policy is 40 years.
The 15-year policy offers customers 20 percent of the total sum assured as money-back on completion of 6 years, 9 years and 12 years. The remaining 40 per cent money, which includes bonus, will be given to the customer after the maturity.
The 20-year policy gives 20 percent money to the users on completion of 8 years, 12 years and 16 years and the remaining 40 percent money will be given to the customers on maturity along with bonus.
If one is 25 years old and chooses to take this policy for 20 years with a sum assured of Rs 7 lakh, then he will have a premium of Rs 2,853 per month i.e. around Rs 95 per day.
Hence the customer will have Rs 1.4-1.4 lakh in 8th, 12th and 16th year. After 20th year, he will get Rs 2.8 lakh as Sum Assured.
The plan gives an annual bonus of Rs 48 per thousand, and the annual bonus on the sum insured of Rs 7 lakh would be Rs 33600. For 20 years, the bonus would be Rs 6.72 lakh and the total return to the customer would be Rs. 13.72 lakh in 20 years. Out of this, Rs 4.2 lakh will be given as money back in advance and Rs 9.52 lakh on maturity.
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