People of minimum 19 years can take this policy. That is, this policy is not given to people below the age of 19 years. The maximum age limit is 55 years. This policy is not for people above 55 years of age.
Today we will talk about the postal insurance endowment plan whose name is Santosh. This is an endowment plan under which the sum assured along with the bonus is also available on maturity. Postal Insurance is a central government scheme which has nothing to do with IRDA. This policy is special for those people who wish to have a bigger maturity later with less money. With the maturity of the plan, if an accident occurs during the policy, then the nominee of the policyholder also gets the benefit of death benefit.
This policy is not for everyone but most people can take it. Government employees, semi government employees, CAs, management consultants, lawyers and bankers can take this policy. Those who are working in educational institutions recognized by the government can also take the Santosh policy. People working in companies listed on NSE or BSE can also take this policy.
Know about Santosh Policy
People of minimum 19 years can take this policy. That is, this policy is not given to people below the age of 19 years. The maximum age limit is 55 years. This policy is not for people above 55 years of age. While taking the policy, it has to be decided at what age to take maturity. If you want, you can take the maturity of the policy at the age of 35, 40, 45, 50, 55, 58 and 60 years. It is a regular premium policy in which the premium has to be paid for the number of years the policy is in place.
The minimum sum assured in this policy is Rs 20,000 and the maximum is Rs 50,00,000. That is, a person can take an insurance of Rs 20,000 to Rs 50 lakh under the Santosh policy. Under this policy, you can pay the premium every month, every three months, six months or once in a year. This policy can be understood with an example.
How much premium will have to be paid
Suppose 30 years Ramesh takes postal insurance plan Santosh. He has chosen Rs 5,00,000 as sum assured. Ramesh wants to get the maturity of the policy when he is 60 years old. Accordingly, the term of his policy will be 30 years because at the age of 30 he has bought a Santosh policy. Accordingly, Ramesh will have to pay premium for 30 years. If Ramesh opts for the monthly premium payment mode, then he will have to pay Rs 1332 in the first year. Due to lower GST in the second year, the premium amount will be Rs 1304. If Ramesh wants to pay the annual premium, then he will have to pay Rs 15,508.
13 lakhs will be available on maturity
Ramesh will pay a total premium of Rs 4,55,51 during the 30 years of his policy. When the 30 years of the policy are completed, Ramesh’s policy will be completed and he will get paid on maturity. As maturity, Ramesh will get Rs. 5,00,000 of Sum Assured and Rs. 7,80,000 of Bonus. In this way, they will get a total of Rs 12,80,000. The bonus amount gets added to this policy every year which is paid at the end of maturity. If Ramesh dies during the policy then his nominee will get the sum assured amount of Rs 5 lakh as death benefit. Also, according to the number of years the policy has run, the bonus will be added.
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