Gram Sumangal Scheme: Do you want to get good returns by investing small amount. In such a situation, a plan of India Post can be very useful for you. ‘Gram Sumangal Gramin Dak Life Insurance Scheme’ gives you returns of up to Rs 14 lakh by investing just Rs 95 per day.
What is Gram Sumangal Yojana?
Gram Sumangal Gramin Dak Life Insurance Scheme is an endowment scheme, which can be taken by any person having a bank account in the post office. After a specified period, it also offers a fixed amount, money back and insurance cover to the customers after maturity. Also Read: Govt. Pension Scheme: Big Change In Family Pension Rules; Details Here
The benefit of Gram Sumangal Yojana is available to those who need money from time to time, as the scheme offers three chances of refund before maturity. The maximum amount that can be given to the customers is Rs 10 lakh. It is one of the five rural postal life insurance schemes launched by the government in 1995 for post offices. Also Read: ITR File: Who should file ITR for FY 2020-21?
What is the term of the plan?
Gram Sumangal Yojana is available for two terms of 15 years and 20 years. The minimum age to take advantage of these schemes is 19 years. The maximum age for taking a 15-year policy is 45 years and the maximum age for taking a 20-year policy is 40 years.
When will you get the money back?
On the 15 year policy of Gram Sumangal Yojana, customers get 20 percent money back of the total sum assured every time on completion of 6 years, 9 years and 12 years. The remaining 40 per cent, which includes bonus, is available after the maturity of the policy. At the same time, on 20 years policy, customers get 20 percent on the completion of 8 years, 12 years and 16 years and the remaining 40 percent on the maturity of the policy with bonus.
How to calculate policy?
Suppose a person is 25 years old and has taken a sum insured for 20 years for a total of Rs 7 lakh. In such a situation, they will have to pay a premium of Rs 2,853 per month i.e. about Rs 95 per day. According to the rules of Gram Sumangal Yojana, the customer will get Rs 1.4 lakh in 8th, 12th and 16th year and Rs 2.8 lakh as money back on completion of 20 years.
Apart from this, a bonus of Rs 48 is given every year in this scheme. Accordingly, the annual bonus on Rs 7 lakh has become 33,600, which will be Rs 6.72 lakh for 20 years. With this bonus, the customer gets a return of Rs 13.72 lakh on this 20-year scheme.
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