These are schemes that earn large sums of money at a low premium. The scheme includes the central government guaranteed amount, an attractive bonus, facility to pay premium at any post office in India, income tax exemption, quick settlement of claims, loan facility on policy and nomination facility. Also, if you pay six months premium in advance, you will get one percent discount and if you pay one year premium, you will get two percent discount.
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Gram Santosh is an endowment insurance scheme that ends at the age of 30, 40, 45, 50, 55, 58 and 60 years. Village Security is a government-guaranteed lifetime insurance plan. Premiums can be paid up to the ages of 55, 58 and 60 years. Gram Suvidha is a variable life insurance plan. Gram Sumangal Gramin Dak Jeevan Bima Yojana is a money back insurance scheme with a duration of 15 to 20 years. It is an endowment plan that combines cash and insurance coverage.
Gram Sumangal Rural Postal Life Insurance Scheme
Village Sumangal is a very useful project for those who require funds from time to time. The project provides a maximum of Rs 10 lakhs. If the account holder is still alive after maturity, he will get full benefit of the scheme. After the death of the policyholder, the nominee receives the sum assured and bonus amount. Sumangal Project 15 and 20 is available in two phases. The minimum age for joining the policy is 19 years.
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Payment will be made before maturity
The person opting for a policy with a term of 15 years can be a maximum of 45 years. The age limit for joining a policy of 20 years is 40 years. If you complete a 15-year policy in 6 years, 9 years or 12 years, you will get 20-20 percent refund. The remaining 40 percent will be available only after maturity along with bonus. Similarly, after completing 20 years policy of 8 years, 12 years or 16 years, 20-20 per cent will have to be paid. The remaining 40 percent will be paid as a bonus at maturity.
Premium is only Rs.
By paying a premium of Rs 95 per day, you will be able to earn Rs 14 lakh at the end of the period. That is, a 25-year-old person who invests in this policy for 20 years will definitely get Rs 7 lakh at the end of the maturity period. He has to pay a premium of Rs 2,853 every month. In that case, it is enough to pay 95 rupees per day. The three-month premium is Rs 8,449, the half-year premium is Rs 16,715 and the annual premium is Rs 32,735.
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The policy pays Rs 1.4 lakh for 8, 12 and 16 years at the rate of 20 per cent. 2.8 lakhs for the twentieth year. When the annual bonus is Rs 48 per thousand, then the annual bonus of Rs 7 lakh will be Rs 33,600. That is, the bonus amount for the entire policy term is Rs 6.72 lakh for 20 years. This will generate a total profit of `13.72 lakh in 20 years. Of this, Rs 4.2 lakh has already been refunded and Rs 9.52 lakh will have to be paid at maturity.