Post Office Scheme: Invest as little as Rs 1,411 per month to get Rs 35 lakh on maturity

New Delhi: India Post frequently introduces programmes aimed at the rural populace. India Post's various savings plans are among the most popular risk-free savings plans in the country. One of the top priorities for the average Indian middle class resident is to invest in good schemes with set and good interest rates. The government-supported post office seeks to address the people's requirements. India Post has created the Gram Suraksha Yojana as part of its Grameen programme to help with this. Program for Postal Life Insurance.

In 1995, the Rural Postal Life Insurance Policy was created for India's rural people. "The major purpose of the scheme is to give insurance cover to the rural public in general, and the weaker sections and women employees of rural areas in particular, as well as to increase insurance knowledge among the rural people," according to an India Post notice.

An investor who deposits Rs 1,500 per month in the post office's Gram Suraksha Yojana or Gram Suraksha Yojana can obtain a return of up to Rs 35 lakh. For youngsters, this programme may be a rewarding investment opportunity. Gram Suraksha Yojana is open to everyone aged 19 and over, according to the post office. According to the India Post website, the top age limit for this scheme is 55 years. This scheme is open to any Indian citizen between the ages of 18 and 65.

While the Gram Suraksha Yojana offers a minimum value assured of Rs 10,000, customers can choose any amount up to Rs 10 lakh. The sum assured, plus the bonus, is payable when the person reaches the age of 80, or when his legal heir/nominee dies, whichever comes first.

The investor is given the option of paying the Gram Suraksha Yojana premium. Premiums can be paid on a monthly, quarterly, half-yearly, or annual basis. A 30-day grace period is granted to the customer to pay the premium. In the event of a default during the policy's term, the subscriber can reinstate the insurance by paying the outstanding premium.

If a 19-year-old deposits 10 lakhs in a Gram Suraksha policy, the monthly premium will be Rs 1,515 for 55 years, Rs 1,463 for 58 years, and Rs 1,411 for 60 years. The maturity benefit for a 55-year insurance is Rs 31.60 lakh, while for a 58-year policy, it is Rs 33.40 lakh. The 60-year maturity benefit will be Rs 34.60 lakh.

The subscriber can also choose to surrender the coverage after three years, but you will not be eligible for any Gram Suraksha Yojana benefits.