Post Office devises a number of programmes for its customers. Gram Sumangal Rural Postal Life Insurance Scheme is one of these programmes. By making merely a deposit of Rs 95 daily, a participant can receive around Rs 14 lakh at maturity in this scheme. It is evident from the name of the plan that it was created for investors who reside in rural areas. If this scheme investor gets the additional benefit that it is a money-back policy means you will start receiving money from this scheme even before maturity. Let’s understand more about the scheme.
The investor's age must fall within the range of at least 19 and 45 years old in order to purchase a Gram Sumangal Yojana policy. Let us inform you that in this programme, the policyholder will also receive a bonus when their insurance matures. It is available for purchase for 15 and 20 years. This scheme was started in 1995. If the investor dies, his nominee gets the entire sum assured along with the bonus. (Also Read: PM Jan Dhan Yojana: Government plans to give Rs 10,000 to account holders, apply soon)
The policy period of the Gram Sumangal Yojana is of 15 and 20 years. A person of at least 19 years can invest in it. In this, the investor will also receive money back after a certain number of years; for example, if your policy lasts for 15 years, the insured amount will be made accessible after six, nine, and twelve years, based on a 20–20 per cent formula. When you reach maturity, you'll also receive the bonus and the remaining 40% of the original amount. Similarly to this, if you purchase insurance for 20 years, you will receive money back in the amount of 20% every eight, twelve, and sixteen years. On maturity, the bonus and the remaining 40% of the sum will be distributed.
For instance, if an individual invests at the age of 25, then he/she will have to invest in this plan for 20 years with a sum assured of Rs 7 lakh. In this situation, an instalment of Rs 2853 will have to be deposited every month i.e. around Rs 95 per day. If you look at the basis of three months, then for this you will have to deposit Rs 8,850, while for 6 months you will have to deposit Rs 17,100. After this, the investor will get around Rs 14 lakh on maturity.
