Suppose a 30 year old person has bought a Santosh policy of Sum Assured for Rs 10 lakh. They have fixed the maturity age of the policy at 50 years. For this, a premium of Rs 4000 will have to be paid every month till the age of 50, ie for the next 20 years.
In today’s time life insurance has become essential for everyone. High returns at low premiums and the facility of lump sum money to the nominee make life insurance very attractive in case something untoward happens. Government and private companies run various types of life insurance policies in the country. Among them are the names of LIC to Post Office. If we look at the low premium and high returns, then postal life insurance can be considered the best because its money gets protection from the government.
Today we are talking about Postal Life Insurance Policy. This policy gives high returns with low premium and the government also guarantees its maturity protection. This is a scheme of the Government of India, which is run through the post office. This scheme is running in the country since 1884. Under Postal Life Insurance, the post office runs 6 types of policies. This includes policy names Suraksha, Santosh, Suvidha, Sumangal, Couple Suraksha and Child Life Insurance. Earlier only people with government jobs could buy this policy, but now its scope has been extended to private sector employees and professionals.
Post office security policy
Here let’s talk about Whole Life Assurance Policy i.e. protection. This policy matures in 80 years. That is, when the age of the policyholder is 80 years, then this policy will mature. Its premium can be paid till the age of 55, 58 and 60 years. This policy can be taken from the age of 19 years to the age of 55 years. In this, the minimum sum assured is Rs 20,000 and the maximum is Rs 50 lakh. Loan facility is available after 4 years from the date of commencement of the policy. If you want after 3 years, you can surrender this policy. Bonus is available in this policy, which is given at the rate of Rs 76 per 1000 rupees.
29 lakhs will be available on maturity
Let us understand this with an example. Suppose 30 years Ramesh buys a Suraksha policy and he has selected an amount of 10 lakhs as Sum Assured. He has opted to pay the premium till 55 years. If the age is 30 years now, then the premium will have to be paid for the next 25 years. For this, he will have to pay Rs 2200 every month. The maturity of this policy will be at 80 years. At that time Ramesh will get Rs 29 lakh as maturity. That is, 29 lakh rupees will come in hand on a policy of 10 lakhs. This amount will be completely tax free.
This is Santosh Policy
After this let’s talk about Santosh Policy. Individuals from 19 years to 55 years can buy this plan. In this, the maturity period of the policy is 35, 40, 50, 58 and 60 years. That is, this policy can mature in these years. In this, the minimum sum assured is Rs 20,000 and the maximum is Rs 50 lakh. You can take a loan against the policy after 3 years. If you want, you can surrender this policy after 3 years. In this, a bonus of 52 rupees is available for every 1000 rupees.
Will get 20 lakhs in the end
Suppose a 30 year old person has bought a Santosh policy of Sum Assured for Rs 10 lakh. They have fixed the maturity age of the policy at 50 years. For this, a premium of Rs 4000 will have to be paid every month till the age of 50, ie for the next 20 years. This policy will mature after 20 years and then an amount of Rs 20,40,000 will be available. This amount will be completely tax free. If the holder dies during the policy, then whatever death benefit will be made, it is added to the nominee.
