Money can be invested at the right place under Gram Sumangal Gramin Postal Life Insurance Scheme
Post office schemes are a safe investment. If you also want good profit then you can invest in Gram Sumangal Gramin Postal Life Insurance Scheme. It is an endowment scheme, which provides money back insurance policy to people living in rural areas. You get many facilities under this plan. Planning is another advantage of this scheme. If you invest only Rs 95 in it per day, then by the end of this scheme you can get Rs 14 lakh. Rural Postal Life Insurance Scheme was launched in 1995. Post Office offers 6 different insurance plans under this scheme. One of these is village Sumangal.
This policy is very beneficial for those who need money from time to time. Money back insurance policy Gram Sumangal Yojana has a maximum sum insured of Rs 10 lakh. If a person does not die during the term of the policy after taking the policy, he/she also gets the benefit of refund. On the death of the individual, the nominee is given the sum assured as well as the bonus amount.
Policy Sumangal plan is available for two terms. Which includes 15 years and 20 years. The minimum age for this policy should be 19 years. The maximum age of 45 years can take this scheme for a period of 15 years. The maximum age of 40 years can take this policy for 20 years. Refund rule 20-20% refund on completion of 6 years, 9 years and 12 years in a 15 year policy. At the same time, the remaining 40 percent including maturity bonus will be paid. Similarly, in a 20-year policy, 20-20 percent of the amount is available on terms of 8 years, 12 years and 16 years. The remaining 40 per cent will be paid on maturity along with bonus.
In terms of premium, if a 25 year old person takes this policy for 20 years with a sum insured of Rs 7 lakh, he will have to pay a premium of Rs 2853 per month i.e. around Rs 95. Quarterly premium will be Rs 8449, half yearly premium will be Rs 16715 and annual premium will be Rs 32735. 1.4-1.4 lakh will be paid in 8th, 12th and 16th policy year @ 20-20%. Ultimately in the 20th year, Rs 2.8 lakh will also be available as Sum Assured. While the annual bonus is Rs 48 per thousand, the annual bonus on the sum insured of Rs 7 lakh is Rs 33,600. That is, the bonus for the entire policy term i.e. 20 years will be 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 be given in advance and Rs 9.52 lakh will be given together on maturity.