Post Office Scheme: At the age of 20, if you buy a sum assured of 10 lakhs in the Post Office’s Anticipated Endowment Assurance Scheme, then you will get a total benefit of Rs 19.6 lakhs. Know the complete details of this scheme.
Will learn about such a scheme of Post Office, in which if you deposit Rs 5000 every month, you will get moneyback of Rs 2-2 lakh three times. When this scheme matures, a total of Rs 13.6 lakh including bonus will be received. In this, only the bonus amount will be 9.6 lakhs. This is the Anticipated Endowment Assurance Scheme of the Post Office, which is also known as Sumangal Plan. This is a plan of post life insurance. It is also known as post office money back policy.
Maximum sum assured Rs 50 lakh
Talking about Post Office Sumangal Plan, the maximum sum assured for this can be Rs 50 lakh. It is for those investors who want periodic returns. If the insured individual survives the policy term, he will get the benefit of bonus on maturity in addition to money back. If the insured individual dies during the policy term, the nominee will get the benefit including bonus. The amount received as money back during this period will not be considered again. The nominee will be given the benefit of the entire sum assured.
Policy term is 15 and 20 years
The policy term for Anticipated Endowment Assurance is 15 and 20 years. It is necessary to be at least 19 years old to buy the policy. This policy can be purchased till the maximum age of 45 years. If you buy at the age of 40, then the policy term can be up to 20 years. If you buy the policy at the age of 45, then there will be only a policy term of 15 years.
How to avail Moneyback?
Talking about moneyback, for a policy term of 15 years, 20-20% moneyback of the sum assured will be available in 6th, 9th and 12th year. If the policy term is 20 years, then 20-20 percent of the sum assured will be available in 8th, 12th and 16th year. The remaining 40 percent of the sum assured is available along with the bonus on maturity. At present, a bonus of Rs 48 is being received every year on the sum assured of Rs 1000.
How to get 2-2-2 lakh money back and 13.6 lakh on maturity
According to the India Post calculator, if the age of the policy holder is 20 years and he buys a policy of 10 lakh sum assured for 20 years, then his monthly premium will be Rs 5000. With taxes, this premium becomes Rs 5,173. On a policy term of 20 years, he will get moneyback of Rs 2-2-2 lakhs in 8th, 12th and 16th year. The total amount of bonus in 20 years will be Rs 9.6 lakh. After 20 years, when the policy matures, the policy holder will get a total of Rs 13.6 lakhs including sum assured balance of Rs 4 lakhs and bonus Rs 9.6 lakhs.
