Post Office Scheme: The post office comes up with many good programs for its customers and the latest one is the Gram Sumangal Gramin Dak Jeevan Bima Yojana. It is a money-back plan that provides life insurance cover with survival benefits. Introduced as an Anticipated Endowment Assurance policy, a participant can get around Rs 14 lakh on maturity in this scheme by depositing only Rs 95 per day.
It is clear from the name of the scheme that it was launched for investors living in rural areas. It is suitable for those looking for periodic returns. Survival benefits will cease on the death of the policyholder, in which case the full sum assured is offered to the claimants.
If the investor of this scheme gets the additional benefit that it is a money-back policy, then you will start getting money from this scheme even before maturity. Let us understand more about the scheme.
You can invest at this age
To avail the benefits of the policy, an investor must be between 19 to 45 years of age. And the more interesting part of the policy is that the investors will also get a bonus on maturity of the policy. It is available to buy for 15 and 20 years. This scheme was started in 1995. In case of death of the investor, his nominee gets the entire sum assured along with the bonus.
A person can invest in it for a minimum period of 19 years. In this, the investor will also get the money back after a certain number of years. For example, if your policy runs for 15 years, the sum assured will be made accessible after six, nine and twelve years based on a 20-20 per cent formula.
When you reach maturity, you will receive the bonus and the remaining 40% of the principal amount. Similarly, if you buy insurance for 20 years, you will get 20% of the amount back every eight, twelve and sixteen years. On maturity, the bonus and balance 40% amount will be distributed.
understand the example
For example, if a person invests at the age of 25, he/she needs to invest in this scheme for 20 years with a sum assured of Rs 7 lakh. In this case, an installment of Rs 2853 i.e. about Rs 95 per day will have to be deposited every month.
If you look at the basis of three months, then for this you will have to deposit Rs 8,850, while for 6 months you will have to deposit Rs 17,100. After this, the investor will get around Rs 14 lakh on maturity.
