Post Office Schemes: Under Gram Sumangal Yojana the investor can get periodic returns, unlike other schemes where the amount can be withdrawn only once, on maturity.
New Delhi: Post office schemes have always been a go-to for middle-class and low-middle-class Indians. They facilitate small savings and provide good returns. One such scheme is Gram Sumangal Rural Postal Life Insurance Scheme. Under this scheme, if you invest Rs 95 daily, you can get almost Rs 14 lakhs on maturity.
This policy is unique in its own way. Under the scheme, the depositor investor gets periodical returns. The maturity amount is given regularly instead of only once. Also, in case of the death of the insurant, the full amount is paid to the nominee or legal heir.
Gram Sumangal Yojana: Key Features
- The minimum sum assured under the scheme is Rs 10,000 and the maximum is Rs 5,00,000.
- The minimum age to enter the scheme is 19 years.
- The instalments have to be paid on a monthly basis.
- The maximum age of entry is 40 years for a 20-year term policy and 45 years for a 15-year term policy.
- If before three years, the premium is not paid for six months, the policy lapses.
- If after three years, the premium is not paid for 12 months, the policy lapses.
- In case of policy lapse, the policy can be revived only once. It cannot be revived again.
- In a fifteen-year policy, maturity and bonus amount are given four times. 20 per cent of the amount can be withdrawn three times, after 6 years; after 9 years and after 12 years. Rest 40 per cent can be withdrawn after 15 years.
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- According to zeenews.india.com, if an investor invests Rs 95 per day in this scheme, the annual premium comes out to be Rs 32,735. Now, if one enters the scheme at 25 years of age, at 40 years, they will get around Rs 13.72 lakh (including the bonus amount)
- However, this scheme has no surrender value.
