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Post Office Scheme: Invest Rs 95 and Earn Rs 14 lakh; Check Out How

Swati Sharma
Swati Sharma
Post Office
Post Office

The Post Office’s Gram Sumangal Rural Postal Life Insurance Scheme is an endowment scheme that provides many back and insurance coverage for the people living in rural areas. Two different plans come under this scheme. 

The best advantage of this scheme is that if you invest Rs 95 per day, you can get Rs 14 lakh at maturity. The Rural Postal Life Insurance Scheme was launched in 1995. The post office offers six different insurance schemes under this scheme. One of the schemes is Gram Sumangal Rural Postal Life Insurance Scheme. 

What is Gram Sumangal Scheme? 

This policy is highly beneficial who need money from time to time. The Gram Sumangal yojana provides a maximum sum assured of Rs 10 lakh. If a person is alive after the maturity of the policy, he receives the amount of sum assured and bonus. In case of, death of a person, the nominee will get the benefit of sum assured and a bonus as well. 

What is the age limit to take the policy? 

The Sumangal Scheme is obtainable for two periods – 15 years and 20 years. 

The minimum age to avail of this policy should be 19 years. A person applying for the 15-year policy should have a maximum age of 45 years, while for the 20 years policy, the maximum age allowed is 40 years. 

Money-back process 

A 15-year policy provides 20-20 percent of money back on 6 years, 9 years, and 12years. The remaining 40 percent of the funds, including the bonus, will be paid on maturity. Similarly, a 20-year policy gives 20-20 percent of the money on completion of 8 years, 12years, and 16 years. Post Office will provide the remaining 40 percent on maturity together with a bonus. 

Premium Amount is only Rs 95 per day 

If a 25-year-old individual plans to avail of this policy for 20 years with a sum assured of Rs 7 lakh, he will have to pay a premium of Rs 2853 per month, which is approximately Rs 95 per day. The quarterly payment will be Rs 8449, the half-yearly premium would be Rs 16715, and the annual amount will require paying Rs 32,735. 

How will you get Rs 14 lakh? 

The policy pays Rs 1.4 -1.4 lakh after completing the 8th, 12th, and 16th years at 20-20 percent. At the maturity of 20years, you will get Rs 2.8 lakh as a sum assured. The annual bonus per thousand is Rs 48, the annual bonus on the sum assured of Rs 7 lakh is Rs 33600. The bonus for the entire 20 years would be Rs 6.72 lakh [33600x20]. You will make a total profit of Rs 13.72 lakh in 20 years. Out of this, Rs 4.2 lakh will be paid as money back, and Rs 9.52 lakh will be given at the time of maturity, including sum, assured, and bonus. 

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