Want to earn a lump sum amount but don’t want to invest a big amount? Here is a Post Office scheme called Gram Sumangal Rural Postal Life Insurance wherein a consumer can earn as much as Rs 14 lakh after investing Rs 95 every day. It 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 i.e. Postal Life Insurance and Rural Postal Life Insurance (RPLI).
Rural Postal Life Insurance was introduced in 1995 for rural people of India. The prime objective of this Post Office 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. It is amongst the six Rural Postal Life Insurance Schemes that assure good returns. Others are Whole Life Assurance or Gram Suraksha, Endowment Assurance or Gram Santosh, Convertible Whole Life Assurance or Gram Suvidha, 10 Year RPLI or Gram Priya, and Children Policy or Bal Jeevan Bima.
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.
Brief Details About The Scheme
Policy term: 15 years and 20 years
Minimum age 19 years.
The maximum age at entry is 40 years for taking 20 years term policy.
The maximum age for taking 15 years term policy is 45 years.
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Other Benefits Paid Periodically
A 15-year policy yields 20-20 percent money back on completion of 6 years, 9 years, and 12 years. The remaining 40 percent of the money, including the bonus, will be paid on maturity. Similarly, a 20-year policy receives 20-20 percent of money over a period of 8 years, 12 years, and 16 years. The remaining 40 percent of the money will be given on maturity with a bonus.
How To Get Rs 14 Lakhs At Maturity After Investing Rs 95 Per Day
Suppose, a 25-year-old plan to buy the Gram Sumangal Policy of the Post Office for a 20-years tenure, he/she will be required to pay Rs 2,853 per month, which is basically Rs 95 per day to get an assured Rs 7 lakh.
The moneyback criteria of the Post Office’s Gram Sumangal Policy will fetch Rs 1.4-1.4 lakh in the 8th, 12th, and 16th years at 20-20 percent and lastly in the 20th year, Rs 2.8 lakh will also be given.
As per the rules, the annual bonus per thousand is Rs 48, which boils down to Rs 3,36,00, and for the entire policy period for 20 years, it will be Rs 6.72 lakh. Therefore, a total profit of Rs 13.72 lakh will be made in the entire 20 years.
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