The Indian Post is a vital resource for those living in rural areas of India, as the government-backed organisation provides several programmes that help people there save money. India Post has established various risk-free savings programmes that give high returns, securing the future of the people living in the country's underdeveloped regions.
The Gram Suraksha Yojna is the most well-known of the several Rural Postal Life Insurance Schemes Program schemes that the post office has introduced. See the points below to learn more about the India Post Office's policies.
- The minimum and maximum enrollment ages are 19 and 55, respectively.
- The minimum and maximum amount promised are Rs 10,000 and Rs 10 lakh, respectively.
- The lending facility is available after four years. - - If the plan is terminated before five years, it is ineligible for a bonus.
- May be converted into an Endowment Assurance Policy until the age of 59, as long as the date of conversion is not within one year after the date of premium cessation or maturity.
- The premium-paying age might be 55, 58, or 60.
- If the insurance is relinquished, a proportional bonus is payable on the reduced sum insured.
- The most recent incentive revealed is Rs 60 every Rs 1000 cash promised each year.
In 1995, the Rural Postal Life Insurance (RPLI) programme was established to meet the needs of rural Indians. The fundamental purpose of the plan is to extend insurance cover to the rural public in general, to aid poorer sections and women employees in rural areas in particular, and to develop insurance awareness among the rural population, as stated on the India Post website.
Also, READ: Income Tax: Top tax-saving options besides section 80C, avail before FY23 ends
In India, the Gram Suraksha Yojana offers insurance policies with payouts of up to Rs 35 lakh for a monthly premium of only Rs 50. If the policy matures, the individual would earn Rs 34.60 lakh if they invested Rs 1,515 every month, or around Rs 50 per day. The maturity benefit for a period of 55 years is Rs 31,60,000, for 58 years it is Rs 33,40,000, and for 60 years it is Rs 34,60 lakh.
