Post Office Schemes: In this story, we will know about one such scheme of the post office which is a moneyback plan. The name of this policy is Gram Sumangal which is also known as Anticipated Endowment Assurance Plan. It comes under RPLI i.e.
Rural Postal Life Insurance category. The maximum sum assured for the Gram Sumangal scheme is Rs 10 lakh. This plan is more beneficial for those who want to earn returns from time to time. Under this scheme, the insured individual gets the benefit of money back as survival benefit. When the insured individual dies, the nominee will get the benefit of sum assured and bonus.
Minimum Entry 19 Years
Talking about the features of this plan, the minimum entry age limit is 19 years and the maximum age limit is 40 years. The policy term of this plan is 15 years and 20 years. If the policyholder survives and pays premium for 15 years, then he gets 20-20 percent of the sum assured in the 6th, 9th and 12th years. On maturity of the policy, 40 percent of the Sum Assured and the Total Bonus are available together.
How to get the benefit of money back?
If an individual has opted for a policy term for 20 years, he will get 20-20 per cent of the sum assured in the 8th, 12th and 16th years. On completion of 20 years, 40 percent of the sum assured will be available along with the total bonus. The policy term and premium paying term are same for this scheme. At present, under this scheme, an annual bonus of Rs 45 per thousand sum assured is issued by India Post. Accordingly, the annual bonus on the sum assured of 1 lakh will be Rs 4500.
Premium for 20 years Rs 5121 Let us try to understand the Gram Sumangal scheme with an example. Suppose the age of “A” is 25 years. He buys a sum assured of 10 lakhs for himself. If he keeps the policy term for 15 years then the Net Monthly Premium will be Rs.6793. If the policy term is kept for 20 years then the monthly premium will be Rs 5121.
19 lakh on maturity
Talking about the bonus benefit, the bonus amount for the premium term of 15 years will be Rs 15X4500X10 = 6.75 lakhs. If the premium term is 20 years, then the bonus amount will be 20X4500X10 = Rs.9 lakh. Since the sum assured is Rs 10 lakh, the total benefit after 15 years will be Rs 16.75 lakh. After 20 years, the total maturity amount will be Rs 19 lakh.