This Post Office Scheme Will Give You Rs 14 Lakh; Check All Details Here

Good news for farmers living in rural areas: A post office scheme called Gram Sumangal Yojana would benefit them in more than one way. By investing an amount of just Rs 2,850 per month, they can now get Rs 14 lakh. Many new schemes have been formulated to benefit people in rural areas.

The Rural Postal Life Insurance (RPLI) had been established in the year 1995 with the aim of insuring the rural population. Today, it offers 6 different kinds of insurance policies. One of these is the Gram Sumangal scheme. The best thing about this scheme is that the policyholders can get money back even when they are alive. The beneficiaries of this scheme would also get a bonus upon maturity. This scheme is granted for two time periods, fifteen years and twenty years. The beneficiary must be between 19 to 45 years of age. The scheme is open to all Indian citizens.

Detailed Benefits of Gram Sumangal Yojana

Under the Gram Sumangal scheme, the beneficiaries get the money back option. They get a maximum of Rs 10 lakh in the insured sum. If a beneficiary remains alive till the time the policy matures, he gets money back. This happens thrice: on the sixth, ninth, and twelfth year of 15 years policy, the beneficiary gets 20% money back. On maturity, the beneficiary gets a bonus and the remaining 40% money.

The people who avail of the 20-year policy get 20% money back every eighth, twelfth, and sixteenth year. The remaining 40%, along with the bonus, is given at the time of maturity.

Apart from this, in case of the death of the beneficiary, the nominee gets the insured sum along with the bonus amount.

How Much Is the Premium Amount?

If a 25-year-old person gets an insurance of Rs 7 lakh for 20 years, he will have to pay a premium of Rs 2,853 every month. Thus, the yearly premium will be Rs 32,735.

For more details visit - https://www.indiapost.gov.in/vas/Pages/IndiaPostHome.aspx