New Delhi: Post Office offers a slew of safe and secure investment schemes for Indian investors planning for their future. In one such endowment scheme known as Gram Sumangal Rural Postal Life Insurance Scheme, Post Office offers bumper returns along with several other benefits.
The scheme was introduced by Post Office in 1995. Investors get to select from six different insurance plans. In one such option, investors can get Rs 14 lakh at the time of maturity by investing just Rs 95 daily.
Investors of the scheme also get a maximum sum assured of Rs 10 lakh. In case, the investor lives till the time of maturity, Post Office also provides a moneyback facility. In case of the death of the investor, the nominee is given the sum assured along with the bonus.
Policy Sumangal scheme is available for two tenures of 15 years and 20 years. The minimum age for investing in the policy is 19 years while the maximum age is 45 years.
In a 15-year policy, 20-20% money-back is available on completion of 6 years, 9 years and 12 years. The remaining 40% money is provided to the investor as a bonus on maturity.
Similarly, in a 20-year policy, 20-20 per cent of the invested sum is available on the terms of 8 years, 12 years and 16 years. The remaining 40% sum is provided along with maturity as a bonus.
How to get Rs 14 lakh?
If a 25-year-old person starts investing in the policy for 20 years with a sum assured of Rs 7 lakh, he or she will have to pay a premium of Rs 2853 every month. The premium comes around Rs 95 on a daily basis.
Investors will receive Rs 1.4 each in the 8th, 12th and 16th years at the rate of 20-20%. Finally, in the 20th year, Rs 2.8 lakh will also be available as a sum assured under the scheme.
The scheme offers a Rs 48 bonus per Rs 1000 invested. This means that the bonus on Rs 7 lakh would be Rs 33,600. For the entire 20 years, the annual bonus will stand at Rs 6.72 lakh. Also Read: YES Bank reduces home loan rates to 6.7%. Check where it stands compared to other banks
So, including Rs 7 lakh sum assured and Rs 6.72 lakh bonus, investors will receive about Rs 13.71 in 20 years. Out of the total corpus, Rs 4.2 lakh will already be available as money back and Rs 9.52 lakh will be given together on maturity. Also Read: Piyush Goyal clears the air around Air India sale, says Centre has not taken any decision so far
