The India Post is a vital financial resource for people living in rural areas of India. As a government-backed entity, the India Post offers various initiatives that enable rural citizens to save money and secure their future. To meet the requirements of people living in undeveloped regions of the country, the India Post has implemented several risk-free savings plans that offer good returns.
One such initiative is the Post Office Gram Suraksha Yojana, which is a full life assurance policy that can be converted to an endowment assurance policy after five years of coverage. The policy offers reduced premiums until the age of 55, 58, or 60, enabling policyholders to maximize their benefits.
The Gram Suraksha Yojana has several essential features, advantages, and eligibility criteria. The minimum entrance age is 19, while the maximum entrance age is 55 years. The minimum sum assured is Rs 10,000, and the maximum sum assured is Rs 10 lakh. Policyholders can avail of the loan facility after four years of coverage. However, if the scheme is abandoned before five years, it is not eligible for a bonus.
Policyholders can change their policy into an Endowment Assurance Policy up to the age of 59, provided the date of conversion does not come within one year after the date of premium cessation or maturity. The age at which a premium is payable is either 55, 58, or 60. If the policy is surrendered, a proportionate bonus on the lower sum assured is provided. The most recently disclosed bonus is Rs 60 per Rs 1000 cash assured per year.
Under the Gram Suraksha Yojana, policyholders can earn up to Rs 35 lakh in returns by contributing just Rs 50 each day. By investing Rs 1,515 in the policy each month, which is approximately Rs 50 per day, a policyholder can receive a return of Rs 34.60 lakh after the policy matures. The maturity benefit for a 55-year term is Rs 31,60,000, for a 58-year term is Rs 33,40,000, and for a 60-year term is Rs 34.60 lakh.
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