Post Office Scheme: Invest Rs 95 and earn Rs 14 lakh, here's how

The Post Office's Gram Sumangal Rural Postal Life Insurance Scheme is an endowment scheme that provides money back as well as insurance cover to people living in the rural areas. There are two types of plans under this scheme.

Another advantage is that if you invest in it at just Rs. 95 per day, you can get Rs. 14 lakhs by the end of the scheme. The Rural Postal Life Insurance Scheme was launched in 1995. Under this scheme, the Post Office offers 6 different insurance schemes. One of these is Gram Sumangal Rural Postal Life Insurance Scheme. 

What is Gram Sumangal Scheme?

This policy is very beneficial for people who need money from time to time. The Gram Sumangal Yojana offers a maximum sum assured of Rs 10 lakh. If a person is alive even after the maturity of the policy, he also gets the benefit of moneyback. In the case of the death of a person, the nominee is given the sum assured as well as a bonus amount. 

Who can take the policy?

The Sumangal Scheme is available for two periods -- these include 15 years and 20 years. The minimum age for availing of this policy should be 19 years. A person opting for the 15-year-policy should be a maximum of 45 years, while for the 20-year-policy, the person should be a maximum of 40 years. 

Moneyback rule 

A 15-year policy yields 20-20 per cent money back on completion of 6 years, 9 years and 12 years. The remaining 40 per cent of the money, including bonus, will be paid on maturity. Similarly, a 20-year policy receives 20-20 per cent of money over a period of 8 years, 12 years and 16 years. The remaining 40 per cent of the money will be given on maturity with a bonus. 

Premium of only Rs 95 per day

If a 25-year-old takes this policy for 20 years with a sum assured of Rs  7 lakh, he will have a premium of Rs 2,853 per month, i.e. about Rs 95 per day. The quarterly premium will be Rs 8,449, the half-yearly premium will be Rs 16,715 and the annual premium will be Rs 32,735.

Get Rs 14 lakh

The policy will pay Rs 1.4-1.4 lakh in the 8th, 12th and 16th years at 20-20 per cent. Finally, in the 20th year, Rs 2.8 lakh will also be given as some assured. When the annual bonus per thousand is Rs 48, the annual bonus on some assured of Rs 7 lakh swelled to Rs 33600. That is, the bonus for the entire policy period i.e. 20 years was Rs 6.72 lakh. A total profit of Rs 13.72 lakh will be made in 20 years. Out of this, Rs 4.2 lakh will already be received as money back and Rs 9.52 lakh will be given simultaneously on maturity.