New Delhi: Post Office plans offers a few ensured return plans – – 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 a blessing plan, which gives cash back just as protection cover to individuals living in country regions. There are two sorts of plans under this plan – – Postal Life Insurance and Rural Postal Life Insurance (RPLI).
Rustic Postal Life Insurance was presented in 1995 for country individuals of India. The excellent goal of the plan is to give protection cover to the rustic public overall and to help more vulnerable segments and ladies laborers of provincial regions specifically and furthermore to spread protection mindfulness among the country populace.
Expected Endowment Assurance Gram Sumangal is a Money Back Policy, the most appropriate to the people who need periodical returns. Endurance benefits are paid to the insurant occasionally. Such installments won’t be thought about in case of startling passing of the insurant. In such cases, 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
Expecting, a 25-year-old individual takes this scheme for a very long time with an sum assured of Rs 7 lakh, he/she should pay a premium of Rs 2853 every month, i.e., about Rs 95 every day. Quarterly premium will be Rs 8449, half yearly premium will be Rs 16715 and yearly premium will be Rs 32735.
Here is the calculation on Rs 14 lakh on maturity
In the eighth, twelfth and sixteenth year of the strategy, an installment of Rs 1.4-1.4 lakh will be made @20 percent. In the twentieth year, Rs 2.8 lakh will likewise be accessible as aggregate guaranteed cash. With a yearly reward for every thousand @ Rs 48, the yearly reward is determined to be Rs 3,3600 on the total guaranteed of Rs 7 lakh.
Thus, the reward for the whole arrangement time frame for example 20 years is determined at Rs 6.72 lakh. In 20 years, the an absolute advantage is determined @ Rs 13.72 lakh. Out of this, Rs 4.2 lakh will be given as cash back ahead of time and Rs 9.52 lakh will be given all the while at maturity.
