Post Office is selling such a scheme, in which insurance benefit of sum assured of 50 lakhs is available. You will get Rs 2 crore on maturity. In this scheme, you remain insured till the age of 80 years. Know the complete details of the scheme.
Apart from Post Office Schemes, Post Office also sells insurance products. According to the information available on India Post’s website, more than 50 lakh policies (Post Office Insurance) have been sold so far from the post office. It is one of the oldest insurance companies in the country. Post office sells different products in two categories – Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI). In this article, we are going to tell you about such an insurance product, in which a sum assured of 50 lakhs is available. If the policy holder survives, he gets Rs 2 crore on maturity.
Maturity benefit is available in 80 years
The name of this post office scheme is Whole Life Assurance. It is also known as security. Under this insurance, the policy holder remains insured till the age of 80 years. If he dies during this time, then the nominee gets the benefit of maturity. If the policy holder survives then after 80 years he gets the benefit of maturity. It includes bonus in addition to the sum assured.
How much will be the premium?
According to the postal life insurance calculator, if a policy holder buys a whole life assurance policy of Rs 50 lakh at the age of 20 years, then he will have to deposit around Rs 8100 every month. The benefit of maturity will be available in 80 years. If the policy holder decides to deposit the premium for 55 years, then the premium paying term will be 35 years and the monthly net premium will be Rs.8099. On depositing premium for 58 years, Rs 8099 will have to be deposited every month and the premium paying term will be 38 years. On depositing the premium for 60 years, Rs 7054 will have to be deposited every month. The premium paying term will be 40 years.
How to get 2 crores on maturity
Talking about the maturity benefit, a sum assured of 1000 will get a bonus of Rs 76 every year. On a bonus of 50 lakhs, a bonus of Rs 3.8 lakhs will be given every year. If he deposits the premium for 35 years, then the bonus will be 1.33 crores and the net return will be 1.83 crores. On depositing premium for 38 years, the bonus will be 1.44 crores and the net return will be 1.94 crores. If he deposits the premium for 40 years, then the amount of bonus will be Rs 1.52 crore and the net return will be Rs 2 crore two lakh. Net return is the maturity benefit that the policy holder will get on attaining the age of 80 years. If he dies in between, then the nominee will get the benefit of maturity.
8 Important Features of Whole Life Assurance Scheme
- This insurance product can be purchased at a minimum of 19 years and a maximum of 55 years.
- Minimum sum assured is 20 thousand and maximum sum assured is 50 lakh rupees.
- Loan facility is also available on the policy after 4 years.
- After 3 years the policy can also be surrendered.
- Bonus will not be available if surrendered before 5 years.
- This insurance can be converted into an endowment assurance policy till the age of 59 years.
- Premium paying age 55,58 and 60 years can be selected.
- On the sum assured of Rs. 1000, now a bonus of Rs. 76 is being received annually.
