Post Office scheme: Now, you can earn Rs 10 lakh with these schemes, here's how

Post Office is offering six policies under its Rural Postal Life Insurance (RPLI) scheme to help common people save money as well as get sum assured. These six Post Office schemes are Gram Suraksha, Gram Santosh, Gram Suvidha, Gram Sumangal, and Gram Priya, and Bal Jeevan Bima.

Rural Postal Life Insurance (RPLI) scheme was introduced in 1995 for the benefit of the rural populace to extend insurance cover to people living in rural areas with special emphasis on weaker sections and women workers.

1. Whole Life Assurance (Gram Suraksha)

Gram Suraksha is a scheme where the assured amount with accrued bonus is payable to the insured either on attaining the age of 80 years, or to his/her legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim.

Minimum and maximum age at entry: 19-55 years

Minimum sum assured - Rs 10,000, Maximum - Rs 10 lakh

Last declared bonus - Rs 65/- per Rs 1000 sum assured per year

Policyholders can avail loan facility after 4 years of buying the policy and have the option of surrendering the policy after 3 years.

2. Endowment Assurance (Gram Santosh)

Under the Gram Santosh scheme, the proponent is given an assurance to the extent of the sum assured and accrued bonus till he/she attains the pre-determined age of maturity i.e 35, 40, 45, 50, 55, 58 and 60 years of age.

In case of death of insurant, assignee, nominee or legal heir is paid full amount of sum assured with accrued bonus.

Minimum and maximum age at entry: 19-55 years

Minimum sum assured - Rs 10,000, Maximum - Rs 10 lakh

Last declared bonus- Rs 50/- per Rs 1000 sum assured per year.

Policyholders can avail the loan facility after 3 years and have the option to surrender after 3 years.

3.  Convertible Whole Life Assurance (Gram Suvidha)

Gram Suvidha is whole life assurance policy with the added feature of an option to convert to Endowment Assurance Policy at the end of five years of taking policy.

Policyholders are given assurance to the extent of sum assured with accrued bonus till attainment of maturity age.

In case of death, the assignee, nominee or legal heir is paid full amount of sum assured with accrued bonus.

Minimum age and maximum age at entry: 19-45 years

Minimum sum assured - Rs 10,000, maximum - Rs 10 lakh

Last declared bonus- Rs 65/- per Rs 1000 per year (for WLA policy if not converted to Endowment Assurance)

Policyholders can avail the loan facility after 4 years and can surrender the policy after 3 years.

4. Anticipated Endowment Assurance (Gram Sumangal)

Gram Sumangal is a Money Back Policy with maximum sum assured of Rs 10 lakh, best suited to those who need periodical returns.

Survival benefits are paid to the insurant periodically. Such payments will not be taken into consideration in the event of unexpected death of the insurant. In such cases, full sum assured with accrued bonus is payable to the assignee, nominee of legal heir.

Policy term: 15 years and 20 years

Minimum age is 19 years, while maximum age at entry is 40 years for 20 years' term policy and 45 years for 15 years' term policy.

Survival benefits paid periodically as under-

15 years policy - 20% each on completion of 6 years, 9 years and 12 years and 40% with accrued bonus on maturity.

20 years policy - 20% each on completion of 8 years, 12 years and 16 years and 40% with accrued bonus on maturity.

Last declared Bonus- Rs 47/- per Rs 1000 sum assured per year.

5. 10 Years Rural PLI (Gram Priya)

Gram Priya is a short-term money-back scheme for the Rural populace only. Insurant is given life cover to the extent of Sum Assured for 10 years.

Survival benefits are paid after 4 years - 20%, after 7 years - 20%, and after 10 years - 60% with accrued bonus.

Minimum and maximum age at entry is 20 - 45 years.

Minimum sum assured - Rs 10,000, maximum -  Rs 10 lakh

No interest is charged upto one year as arrears of premia in case of natural calamities like flood, drought, earthquake, cyclone etc.

Last declared bonus Rs 47/- per Rs 1000/- sum assured per year.

6. Children Policy (Bal Jeevan Bima)

The salient features of this scheme are as under:

1. The scheme provides life insurance cover to children of policyholders
2. Maximum two children of policyholder (parent) are eligible.
3. Children between 5- 20 years of age are eligible.
4. Maximum sum assured Rs 3 lakh or equal to the sum assured of the parent, whichever is less.
5. Policyholder (parent) should not be over 45 years of age.
6. No premium to be paid on the Children Policy, on the death of policyholder (parent). Full sum assured and bonus accrued shall be paid on completion of term.
7. Policyholder (parent) shall be responsible for payment of Children policy.
8. No loan admissible.
9. Has facility for making it paid up, provided premiums are paid continuously for 5 years.
10. Surrender facility is not available.
11. No medical examination of child necessary. However, child should be healthy and risk shall start from day of acceptance of proposal.
12. Attract the rate of bonus applicable for Endowment policy (Santosh) i.e. last bonus rate is Rs 50/- per Rs 1000 sum assured per year.