Post Office Scheme: Gram Sumangal (*14*) Dak Jeevan Bima Yojana of the Post Office is an endowment scheme which gives a number of again and insurance coverage protection for folks dwelling in rural areas. There are two totally different schemes below this scheme.
The finest benefit of this scheme is that for those who invest Rs 95 per day, you may get Rs 14 lakh on maturity. The Rural Postal Life Insurance Scheme was launched in 1995. The post office gives six totally different insurance coverage schemes below this scheme. One of the schemes is Gram Sumangal (*14*) Dak Jeevan Bima Yojana.
What is Village Sumangal Scheme?
This coverage is very worthwhile for many who require cash from time to time. The Gram Sumangal Scheme gives a most sum assured of Rs 10 lakhs. If an individual is alive after the maturity of the coverage, he will get the sum assured and bonus quantity. In case of loss of life of an individual, the nominee may even get the sum assured advantages and a bonus.
What is the age restrict for taking the coverage?
Sumangal scheme is attainable for 2 intervals – 15 years and 20 years.
To avail this coverage, the minimal age needs to be 19 years. The most age of an individual making use of for a 15-year coverage needs to be 45 years, whereas for a 20-year coverage, the utmost age is 40 years.
The 15-year coverage offers 20-20 p.c of the cash again on the age of 6, 9 years and 12 years. The remaining 40 p.c of the cash, together with the bonus, can be paid at maturity. Similarly, a 20-year coverage pays 20-20 p.c of the cash on completion of 8 years, 12 years and 16 years. The post office will present the remaining 40 p.c with bonuses at maturity.
The premium quantity is simply Rs 95 per day
If a 25-year-old offers a plan to avail this coverage for 20 years with an quantity of seven years, he can have to pay a premium of Rs 2853 monthly, which is about Rs 95 per day. The quarterly fee can be Rs 8449, the half-year premium can be Rs 16715, and the annual quantity can have to be paid at Rs 32,735.
How will you get 14 lakh rupees?
The coverage pays Rs 1.4 -1.4 lakh after finishing 20-20 p.c of the eighth, twelfth and sixteenth grade. At 20 years maturity, you’ll get Rs 2.8 lakh as sum insured. The annual bonus is Rs 48 per thousand, the annual bonus is Rs 33600 on the sum assured of Rs 7 lakh. Bonus for the complete 20 years can be Rs 6.72 lakh [33600 × 20]. You will make a complete revenue of Rs 13.72 lakh in 20 years. Of this, Rs 4.2 lakh can be paid in the type of cash, and Rs 9.52 lakh can be paid on the time of maturity, together with the sum assured and bonuses.