The Gram Suraksha Yojana assures an amount along with bonus which is received either after reaching the age of 80 years or in the event of death (whichever is earlier) to their legal heir/nominee.
Investing is important keeping the future in mind, but many people get confused by the variety of investment options. Many schemes promise great returns, but they also involve a certain amount of risk. Due to which people are forced to opt for government backed schemes even at the cost of low returns.
One such scheme is the Gram Suraksha Yojana which is offered by India Post. This can be a good insurance plan for those who are planning to save for retirement. The Gram Suraksha Yojana assures an amount along with bonus which is received either after reaching the age of 80 years or in the event of death (whichever is earlier) to their legal heir/nominee.
What is the features of this scheme
To invest in the insurance scheme, the age of an Indian citizen should be between 19 to 55 years. The minimum sum assured under this scheme is Rs 10,000 and can go up to Rs 10 lakh. Premium can be paid monthly, quarterly, half yearly or annually. There is a grace period of 30 days for the customers to pay the premium.
If there is any default during the policy term, the subscriber will have to pay the pending premiums to revive the policy. The insurance plan also has the facility of taking a loan, which can be availed after four years of policy purchase. Customers can also decide to discontinue the policy after 3 years, but this will not give them any benefit. The highlight of the policy is the bonus offered by India Post and the final declared bonus is Rs 65 per 1,000 per annum.
Understand the complete calculation of the policy
Let us break down the scheme so that one can easily understand how much they will get in return. If a customer buys a Gram Suraksha policy for Rs 10 lakh at the age of 19 years, the monthly premium will be Rs 1,515 for 55 years, Rs 1,463 for 58 years and Rs 1,411 for 60 years. After this, 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.
If you want to make some changes,
if you want to update the nominee’s name or other details like email id and mobile number, then the customer can visit the nearest post office for the same. If you want to know other queries, customers can contact to the given toll-free helpline 1800 180 5232/155232 or the official website i.e. http://www.postallifeinsurance.gov.in for solutions.
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