Post Office Gram Sumangal Scheme: The Post Office offers many beneficial schemes for its customers, and one of them is the Gram Sumangal Gramin Dak Jeevan Bima Yojana. This is a money-back scheme that provides both life insurance coverage and periodic returns. It is available as an ASHA Karmi Endowment Assurance Policy. By investing Rs 95 per day, a participant can receive around Rs 14 lakh on maturity.
The Gram Sumangal Gramin Dak Jeevan Bima Yojana is designed for rural investors and has gained popularity for those seeking periodic returns. This money-back scheme provides life insurance coverage and pays back money even before maturity. Upon the policyholder’s death, the full sum assured, along with any bonuses, is paid to the nominee.
Eligibility for Investment
To invest in this scheme, the investor must be between 19 and 45 years old. Investors will also receive a bonus on maturity, and the policy is available for 15 or 20 years. Launched in 1995, this policy ensures that the nominee receives the full sum assured along with the bonus in case of the investor’s death.
Investment and Return Details
- The policy allows investors to receive money at different stages before maturity.
- For a 15-year policy: The investor will receive 20% of the sum assured after the 6th, 9th, and 12th years. The remaining amount and the bonus are paid at maturity.
- For a 20-year policy: The investor will receive 20% of the sum assured after the 8th, 12th, and 16th years. After maturity, the bonus and the remaining 40% of the sum assured are paid out.
Example to Understand the Scheme
For instance, if a person starts investing at the age of 25, with a sum assured of Rs 7 lakh over a 20-year period, the monthly instalment will be Rs 2,853 or approximately Rs 95 per day.
Here’s how the payments would look:
- For 3 months: The total investment would be Rs 8,850.
- For 6 months: The total investment would be Rs 17,100.
- After 20 years, the investor will receive approximately Rs 14 lakh as the claim amount.
This scheme ensures both safe investment and regular returns, making it a beneficial option for rural investors.