Post Office Savings Schemes:The Rural Postal Life Insurance Scheme was launched in 1995. Under this scheme, the Post Office offers 6 different insurance schemes.
Other post Office best Scheme and new Saving Account Details
Post Office Savings Account(SB)
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Gram Sumangal Rural Postal life Insurance Scheme: Post Office Scheme: Invest Rs 95 and earn Rs 14 lakh, here’s how
Gram Sumanagal Rural Postal life Insurance Scheme is an endowment scheme that provides people living in rural areas to receive cashback on a daily basis alongside insurance cover. There are two sorts of plans under this scheme.
The Gram Sumangal Rural Postal life Insurance Scheme, also mentioned because the Anticipated Endowment Insurance may be a money-back scheme. The policy is right for people who have periodic requirements of money for his or her short-term financial liabilities. This scheme is targeted to supply insurance cover to the people belonging to rural areas. There are two sorts of plans under this scheme – 15 years term and 20 years term.
You can earn Rs 14 lakh by investing Rs 95 per day as a premium through a post office scheme Gram Sumangal Rural Postal life Insurance.
The key benefit of this post office scheme is that folks living in rural areas can avail of a refund and an insurance cover by buying this scheme. Gram Sumangal is one of the six Rural Postal life assurance Schemes which were launched in 1995. Others are Whole life insurance or Gram Suraksha, Endowment Assurance or Gram Santosh, Convertible Whole life insurance or Gram Suvidha, 10 Year RPLI or Gram Priya, and youngsters Policy or Bal Jeevan Bima.
There are two sorts of plans under this scheme.
What is Gram Sumangal Scheme?
This policy is extremely beneficial for people that need money from time to time. The Gram Sumangal Yojana offers a maximum sum assured of Rs 10 lakh.
Eligibility Conditions for Post Office Savings Schemes
The Sumangal Scheme is out there for 2 periods — these include 15 years and 20 years. The minimum age for availing of this policy should be 19 years. an individual choosing 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.
A 15-year policy yields 20-20 per cent a refund on completion of 6 years, 9 years and 12 years. The remaining 40 per cent of the cash , including bonus, are going to be paid on maturity. Similarly, a 20-year policy receives 20-20 per cent of cash over a period of 8 years, 12 years and 16 years. The remaining 40 per cent of the cash are going to be given on maturity with a bonus.
A premium of only Rs 95 per day for Post Office Savings Schemes
Who can avail Gram Sumangal Policy of Post Office?
The post office’s Gram Sumangal Policy are often taken for 2 tenures. One is 15 years and another 20 years.
The minimum age for availing the Post Office’s Gram Sumangal Policy is nineteen years.
The maximum age for availing the 15-year tenure is 45 years and therefore the 20-year policy is 40 years.
Gram Sumangal Policy criteria
If you’re buying a 15-year-old tenure Gram Sumangal Policy, you’ll get 20-20 percent moneyback on 6 years, 9 years, and 12 years. The remaining 40 percent of the cash, which can include a bonus, are going to be paid to the policyholder on the maturity.
If you’re buying a 20-year Gram Sumangal policy, you’ll receive 20-20 per cent of moneyback over completion of 8 years, 12 years and 16 years. The remaining 40 per cent are going to be paid on maturity with a bonus.
How to Get Rs 14 lakh by paying Rs 95 premium,
Also,read post : Post Office New Saving Scheme 2020 Deposit 200 and obtain Rs 21 Lakh Know intimately
So, if a 25-year-old buys the Gram Sumangal Policy of Post Office for 20-year tenure.
For a sum assured of Rs 7 lakh, he or she must pay a premium of Rs 2,853 per month, effectively around Rs 95 per day.
As per the moneyback criteria of the Post Office’s Gram Sumangal Policy, he or she is going to get Rs 1.4-1.4 lakh within the 8th, 12th and 16th years at 20-20 percent.
Finally, within the 20th year, Rs 2.8 lakh also will tend as some assured.
As per the policy terms and rules, the annual bonus per thousand is Rs 48, which suggests the annual bonus on sum assured of Rs 7 lakh is going to be Rs 3,36,00. The bonus for the whole policy period for 20 years are going to be Rs 6.72 lakh.