Post Office Savings Scheme: Savings schemes from the government-backed post office has always remained popular among middle class and lower middle class citizens in India. The India Post often comes up with schemes targetted at the low income categories, especially the rural population. Post office savings policies mostly cater to those who want to put their money in a government-run scheme, which will guarantee fixed returns. For the average middle class citizen in India, investing in good schemes with fixed and good rates of interest remains among the topmost priorities. Therefore, the post office has come up with its policy — the Gram Sumangal Rural Postal Life Insurance Scheme.
According to a report by India.com, investors through this scheme can get up to Rs 14 lakh at the time of maturity if he or she invests Rs 95 daily to the Gram Sumangal Account. “It (Gram Sumangal Rural Postal Life Insurance Scheme) is a Money Back Policy with maximum sum assured of Rs 10 lacs, best suited to those who need periodical returns. Survival benefits are paid to the insurant periodically,” says the India Post on its website while describing the policy.
“Such payments will not be taken into consideration in the event of unexpected death of the insurant. In such cases, full sum assured with accrued bonus is payable to the assignee, nominee of legal heir,” adds the India Post in a note describing the scheme.
The Gram Sumangal scheme is a unique policy in its own way. Rather than getting the maturity amount all at once, beneficiaries who sign up for this scheme can get periodical returns. This means that the maturity amount is given in installments to the depositors instead of all at once. Also, as mentioned earlier, the nominee or legal heir gets the full amount in case of death of the insurer.
Key Features of Gram Sumangal Scheme
– The scheme has flexible policy terms of 15 years and 20 years, making it easier for the investor to choose.
– Any Indian citizen of minimum 19 years can sign up for this policy.
– The maximum age limit to sign up for the policy is 40 years for the 20 year term. In case of the 15 year term, the maximum age to sign up is increased to 45 years.
– The survival benefits for the 15 year term is paid periodically in this manner: 20 per cent each on completion of six years, nine years and 12 years and 40 per cent with accrued bonus on maturity.
– The survival benefits for the 15 year term is paid periodically in this manner: 20 per cent each on completion of eight years, 12 years and 16 years and 40 per cent with accrued bonus on maturity
– The policy, which is under three years, lapses if the premium is not paid for six months. For those which are over three years, the policy lapses if the premium is not paid for 12 months.
– According to a report by India.com, if an investor invests Rs 95 each day under this scheme, the annual premium will be Rs 32,735. For a 15-year policy, the amount, including benefits, will come out as Rs 13.72 lakh under the Post Office Gram Sumangal Scheme.
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