This post office scheme can come in handy for you. This village protection scheme offered by Indian Post Indian Post is one such option in which you can get good returns with low risk. Under the Gram Suraksha Yojana, the sum assured along with bonus is given to the nominee on attaining the age of 80 years or in the event of death, his legal heir, whichever is earlier.
Any Indian citizen between the age of 19 to 55 years can take this insurance scheme. Whereas the minimum sum insured under this scheme can be invested from Rs 10,000 to Rs 10 lakh. The premium payment of this plan can be done monthly, quarterly, half yearly or annually.
Under this scheme, the customer is given a grace period of 30 days to pay the premium. In case of default during the policy term, the customer can pay the pending premium to revive the policy.
The best part is that this insurance plan comes with a loan facility which can be availed after four years of policy purchase. Also the customer can choose to surrender the policy after 3 years. However, in that case you will not get any benefit with it.
The biggest highlight of this policy is the bonus offered by India Post and the last announced bonus was assured of Rs 65 per 1,000 per annum.
If one buys a Gram Suraksha policy of 10 lakhs at the age of 19 years. So the monthly premium will be Rs 1,515 for 55 years, Rs 1,463 for 58 years and Rs 1,411 for 60 years. The policy buyer will get a maturity benefit of Rs 31.60 lakh for 55 years, Rs 33.40 lakh for 58 years. The maturity benefit for 60 years will be Rs 34.60 lakh.
