Invest Rs 95/day in THIS Post Office Scheme and get Rs 14 lakh on maturity

New Delhi: Post Office schemes offers several guaranteed return schemes --one such being Post Office scheme is the Post Office Gram Sumangal Rural Postal Life Insurance Scheme. 

The Post Office Gram Sumangal Rural Postal Life Insurance Scheme is an endowment scheme, which provides money back as well as insurance cover to the people living in rural areas. There are two types of plans under this scheme --Postal Life Insurance and Rural Postal Life Insurance (RPLI). (Also read:  Get Rs 4,950 assured monthly income in THIS Post office scheme)

Rural Postal Life Insurance was introduced in 1995 for rural people of India. The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population. 

Anticipated Endowment Assurance Gram Sumangal is a Money Back Policy, 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.

These are some prime details regarding the Post Office Gram Sumangal Rural Postal Life Insurance Scheme

Policy term: 15 years and 20 years
Minimum age 19 years.
Maximum age at entry is 40 years for taking 20 years’ term policy.
Maximum age for taking 15 years’ term policy is 45 years.

Survival benefits paid periodically under the following options:

15 years Policy- 20% each on completion of 6 years, 9 years & 12 years and 40% with accrued bonus on maturity
20 years Policy- 20% each on completion of 8 years, 12 years & 16 years and 40% with accrued bonus on maturity

Rs 95 per month premium

Assuming, a 25-year-old person takes this policy for 20 years with a sum assured of Rs 7 lakh, he/she will have to pay a premium of Rs 2853 per month, i.e., about Rs 95 per day. Quarterly premium will be Rs 8449, half yearly premium will be Rs 16715 and annual premium will be Rs 32735.

Here is the calculation on Rs 14 lakh on maturity

In the 8th, 12th and 16th year of the policy, a payment of Rs 1.4-1.4 lakh will be made @20 percent. In the 20th year, Rs 2.8 lakh will also be available as sum assured money. With an annual bonus per thousand @ Rs 48, the annual bonus is calculated to be Rs 3,3600 on the sum assured of Rs 7 lakh. Hence, the bonus for the entire policy period i.e. 20 years is calculated at Rs 6.72 lakh. In 20 years, the a total benefit is calculated @ Rs 13.72 lakh. Out of this, Rs 4.2 lakh will be given as money back in advance and Rs 9.52 lakh will be given simultaneously at maturity.