How To Invest in Post Office Scheme Which Will Give You Huge Returns

Post Office's Gram Sumangal Rural Postal Life Insurance Scheme is a scheme where people can invest money to get good returns. This is for the rural population. Under this scheme, you can get returns or insurance cover. This plan can benefit you in various ways.

The Rural Postal Life Insurance Scheme started in 1995. Under this, there is one particular scheme through which you can get a return of Rs 14 lakh. If you invest Rs. 95 every day, by the end of the term, you can expect to get back Rs. 14 lakh. The ‘Rural Postal Life Insurance Scheme’ is the name and under this, we have the ‘Gram Sumangal Rural Postal Life Insurance Scheme’ which offers the above benefits.

Gram Sumangal Rural Postal Life Scheme

This is a scheme that can help you in a good way. Under this scheme, a person can get a sum of Rs. 10 lakh. The person can also get a money-back. At the time of maturity of the policy, if the person is alive, he/she can get the money-back benefit.

The money will not go away in case the holder dies. In case of the death of the holder, the money will then go to the nominee. The nominee will get the total amount and also some extra amount. There is a certain rule as to who is eligible for the policy.

Eligible Persons

There are different rules and conditions for a person to take this policy. Depending on the type you go for, you will have to follow certain rules. There are two options available. One is - 15 years and the other is - 20 years.

Age is the factor depending on which policy you go for.

• If you want to take the 15-year policy, then the age limit for it is 45 years. People beyond this age group cannot apply for the policy.

• If you are going for the 20-year policy, then the maximum age limit is 40 years. People above 40 years will not get the policy.

As the maximum age is 40 and 45 depending on the term you are going for, the minimum age should be at least 19 years.

Different Premiums

Depending on the way you will be paying, the premium will differ. It is quarterly, half-yearly and annual premium. You will need to pay Rs.95 per day if the policy is for 20 years and with a total sum of Rs. 7 lakh. The total premium per month will be Rs 2,853 per month.

(Rs 95 per day) – Premiums depending on the Term:

• Rs 2,853 for Per Month Premium

• Rs 8,449 for Quarterly Premium

• Rs 16,715 for Half-Yearly Premium

• Rs 32,735 for Annual Premium

How Does Money-Back Work

As a particular period of time keeps ending, you will be getting the money in gaps. If it is a 15-year policy, then at the end of 6 years, 9 years and 12 years, you will get 20-20 per cent of the money back. When the policy matures, the rest of the 40 per cent will be given.

For 15-Year Policy: When the policy is of 15 years, the money-back will be 20-20 per cent. At the end of 6 years, 9 years and 12 years, you will get 20-20 per cent. When the policy matures, the rest of the 40 per cent will be given with a bonus.

For 20-Year Policy: For the 20-year policy also the aspects are similar. It will be 20-20 per cent of the money back. The period of time will differ. For this policy, it will be at the end of 8 years, 12 years and 16 years. The 40 per cent will be at the time of maturity plus a bonus.

At the maturity time of the policy, you will get almost Rs. 14 lakh including the entire bonus and the sum received at every term. You can get a total of Rs 13.72 lakh in the end. Some amount will be received through money-back and the rest, at the time of maturity.