Endowment Assurance Policy : Post Office Scheme Offers Rs 35 Lakh at Maturity if You Invest Rs 50 Daily

Endowment Assurance Policy : Post Office Scheme Offers Rs 35 Lakh at Maturity if You Invest Rs 50 Daily

The Post Office Gram Suraksha Yojana is a whole life assurance policy with the added feature of an option to convert to Endowment Assurance Policy
Endowment Assurance Policy

Post Office Gram Suraksha Yojana: The India Post acts as an important way in which people in the rural areas of India can save their money, as the government-backed entity offers several schemes for these citizens. To meet the needs of the people of the underdeveloped areas of the country, the India Post has in place several savings schemes that are risk-free and offer good returns, thus securing their future. Under the Rural Postal Life Insurance Schemes Program, the post office has launched multiple plans, of which the Gram Suraksha Yojna is a favourite among many.

The Post Office Gram Suraksha Yojana is a whole life assurance policy with the added feature of an option to convert to Endowment Assurance Policy at the end of five years of taking policy. Under this, a policyholder can get maximum benefits by paying lower premiums till the ages of 55, 58 or 60 years.

Post Office Gram Suraksha Yojana: Eligibility, Features and Benefits

Lets take a look at the key features, benefits and the eligibility of the Post Office Gram Suraksha Yojana  launched by the India Post:

  • Minimum and Maximum age at entry are fixed at 19 to 55 years

  • Minimum Sum Assured Rs 10,000; Maximum Rs 10 lakh

  • Loan facility after four years

  • The policyholder can surrender after three years

  • The scheme is not eligible for bonus if surrendered before 5 years

  • Can be converted into Endowment Assurance Policy upto 59 years of age of the insurant provided the date of conversion does not fall within one year of the date of cessation of premium payment or date of maturity.

  • Premium paying age can be opted for as 55, 58 or 60 years

  • Proportionate bonus on reduced sum assured is paid if policy is surrendered

  • Last declared Bonus- Rs 60 per Rs 1000 sum assured per year

​​​Post Office Gram Suraksha Scheme: Pay Rs 50 Each Month, Get Rs 35 Lakh Return

Under the Gram Suraksha Yojana, a policyholder can get up to Rs 35 lakh returns by depositing a sum of just Rs 50 every month. If the person invests Rs 1,515 under the policy each month, which is Rs 50 every day roughly, then if the policy is worth Rs 10 lakh, the person will get a return of Rs 34.60 lakh after its maturity. . An investor will get a maturity benefit of Rs 31,60,000 for a term of 55 years, Rs 33,40,000 for 58 years and Rs 34.60 lakh for a term period of 60 years.

What is Rural Postal Life Insurance?

The Rural Postal Life Insurance (RPLI) was introduced in 1995 for the rural people of India. “The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population," as per the India Post website.

Source: https://www.news18.com/news/business/savings-and-investments/post-office-scheme-offers-rs-35-lakh-at-maturity-if-you-invest-rs-50-daily-know-details-5556079.html

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