Any Indian citizen between 19 years to 45 years of age can take advantage of this scheme.
Financial investments are always a great way of securing your future as well as being prepared for a rainy day but many people refrain from them for multiple reasons. One of the reasons may be a high premium to be paid. Many such schemes are not feasible for the rural population but a small savings scheme called the Sumangal Rural Postal Life Insurance Scheme has all your concerns covered.
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Any Indian citizen between 19 years to 45 years of age can take advantage of this scheme. A sum insured of Rs. 10 lakh is included, and in the event of the policyholder’s unfortunate passing, his family will receive the bonus amount.
This scheme has 2 maturity periods. The account holder can choose between a maturity period of 15 and 20 years. Under a 15-year policy, 20-20 percent of the sum assured is available as money-back on completion of 6, 9, and 12 years. On the other hand, money-back is available on completion of 8, 12 and 16 years in the 20-year policy. The remaining 40 percent is available with a bonus on maturity.
If a 25-year-old person takes a 20-year policy with a sum assured of Rs 7 lakh, then he will have to pay a premium of Rs 95 every day. This amounts to Rs2850 in a month and Rs 17,100 in 6 months. You will get your money back but on maturity, this amount will increase to Rs 14 lakh. In this scheme, apart from the money back, you also get paid from time to time.
In a 20-year policy with an assured sum of Rs 7 lakhs, you get 20 per cent of the assured sum in the eighth, twelfth and 16th year as said above. 20 per cent of Rs 7 lakhs amounts to Rs 1.4 lakh and hence getting paid thrice will make the amount Rs 4.2 lakhs. After this, in the 20th year, you will get Rs 2.8 lakh, which will complete the sum assured amount. After this, you will get an annual bonus of Rs 48 per thousand rupees. In 20 years, this amount will become Rs 6.72 lakh. That is, on maturity, you will get a total of Rs 9.52 lakh. The money back and the amount received on maturity together will be Rs 13.72 lakh.
This scheme is best suited for people who need a steady inflow of cash every few years, instead of having to wait for the maturity period to get over.
