The Post Office has a variety of investment options that give high returns while ensuring the security of the principal. By investing Rs 95 daily in one of the Post Office’s plans, the Gram Sumangal Rural Postal Life Insurance Scheme, you can get over Rs 14 lakh at maturity.
The Gram Sumangal Rural Postal Life Insurance Scheme is excellent for investors who live in rural areas, as its name suggests. According to the Post Office’s website, the policy is a Money Back Policy with a maximum sum promised of Rs 10 lakhs. The strategy is appropriate for investors who require consistent profits, according to Post Office. Survival benefits are also paid to the insurant on a regular basis under the insurance. In the event of the insurant’s untimely death, the full sum insured plus accrued bonus is payable to the assignee, nominee, or legal heir.
Gram Sumangal Yojana has an age limit.
Gram Sumangal Yojana requires a minimum investment age of 19 years. In the Post Office programme, the maximum age at admission is 40 years for a 20-year term insurance and 45 years for a 15-year term policy.
Bonus if you are mature.
The investor in the Gram Sumangal Yojana receives money return benefits that are offered three times. In the 15-year policy, a 20% money back guarantee is given after six, nine, and twelve years have passed. The remaining 40% of the money, including the bonus, is returned to the investor at the end of the term.
How can you get Rs 14 lakh by investing Rs 95 per day?
If a 25-year-old investor invests for 20 years in a policy with a sum insured of Rs 7 lakh, the monthly instalment will be Rs 2853, or around Rs 95 per day. In this situation, the annual premium will be Rs 32,735.
In the eighth, 12th, and 16th years, investors would receive Rs 1.4 lakh. The benefit of the total insured of Rs 2.8 lakh, plus an annual bonus of Rs 48 per thousand, will be provided in the 20th year.Over the course of 20 years, the total bonus will be Rs 6.72 lakh. When all of the instalments and bonuses are added together, investors will receive a total of around Rs 13.72 lakh at maturity.