The Post office schemes are considered the best investment scheme since they are safe and provide guaranteed returns.
We will discuss Gram Sumangal Rural Postal Life Insurance Scheme today, and you can invest for a huge profit in the future. People living in the country can withdraw money back and also receive insurance coverage through this endowment scheme.
Another great thing about this scheme is that if you invest Rs 95 in it daily, you can get Rs 14 lakh by the end of it. The Rural Postal Life Insurance Scheme was launched in 1996. Currently, six types of insurance are offered by the post office.
In this policy, the people benefit because they occasionally require funds. In Gram Sumangal Yojana, a maximum amount of Rs 10 lakh can be expected as a return. When the owner of the policy dies suddenly, the nominee receives the sum assured along with the bonus amount. The policy is available for two tenures and includes 15 years and 20 years. You must be at least 19 years old to purchase this policy.
In a 15 years policy, 20-20% money back is available on the completion of a 6 years, 9 years & 12 years. Similarly in the 20 year policy, 20-20% of money is available on the terms of 8 years, 12 years & 16 years. The remaining 40% money will be given on maturity accompanied with bonus.
At the same time, the remaining 40% money will be given including the bonus on a maturity.
As for the premiums of the policy, if a 25 year old takes this policy for 20 years with a sum assured of Rs 6 lakh, then the person will have to pay a monthly premium of Rs 2,853, which means about Rs 95 per day. The quarterly premium will be Rs 8,449, the half-yearly premium will be Rs 16,715 & the annual premium will be Rs 32,735.
The policy allows payments of Rs 1.4-1.4 lakhs in the 8th, 12th, and 16th year at a rate of 20-22%. In the 20th year, a sum of Rs 2.8 lakh will be available. Taking the annual bonus per thousand as Rs 48, the annual bonus on a 7 lakh sum assured is Rs 33,600.