Want to earn a lump sum amount but don’t want to invest a big amount? Here is a scheme called Gram Sumangal Rural Postal Life Insurance wherein a consumer can earn as much as Rs 14 lakh after investing Rs 95 every day.
This post office scheme benefits people living in rural areas as they can get the money back along with an insurance cover after buying this scheme.
Launched in 1995, Gram Sumangal is among the six Rural Postal Life Insurance Schemes that assure good returns.
This money back policy helps those who are looking for periodical returns and the survival benefits are paid to the policyholder periodically. But, the survival benefits are not given if there are unnatural deaths. In such cases, the full sum assured with accrued bonus is payable to the nominee of the legal policyholder.
Post office’s Gram Sumangal Policy can be availed for two tenures- 15 years and 20 years and the minimum age required is 19 years and maximum age can go up to 15-year tenure 45 years (15-years tenure) and 40 years(20-years) tenure.
The 15-year-old tenure Gram Sumangal Policy can fetch a 20-20 percent money back in 6, 9, and 12 years. The remaining 40 percent of the money, including the bonus, will be paid to the policyholder on maturity.
For a 20-year policy, a customer will get 20-20 percent of moneyback over the completion of 8, 12, and 16 years, while the remaining 40 percent will be paid on maturity with a bonus.
Now the question arises how can someone get Rs 14 lakh by paying a Rs 95 premium.
Suppose, a 25-year-old plan to buy the Gram Sumangal Policy of the Post Office for a 20-years tenure, he/she will be required to pay Rs 2,853 per month, which is basically Rs 95 per day to get an assured Rs 7 lakh.
The moneyback criteria of the Post Office’s Gram Sumangal Policy will fetch Rs 1.4-1.4 lakh in the 8th, 12th, and 16th years at 20-20 percent and lastly in the 20th year, Rs 2.8 lakh will also be given.
As per the rules, the annual bonus per thousand is Rs 48, which boils down to Rs 3,36,00, and for the entire policy period for 20 years, it will be Rs 6.72 lakh.
Therefore, a total profit of Rs 13.72 lakh will be made in the entire 20 years.