Rashmi Rekha Das

Post Office is known for launching a slew of flagship programmes for its customers and Gram Sumangal Rural Postal Life Insurance Scheme is the latest one. 

It is a money-back scheme that offers life insurance cover with survival benefits. Introduced as an anticipated endowment assurance policy, a participant can receive around Rs 14 lakh at maturity in this scheme by making merely a deposit of Rs 95 daily.

It is evident from the name of the plan that it was launched for investors who reside in rural pockets. It is suitable for those looking for periodical returns. The survival benefits shall cease on the death of the policyholder, in which case the entire sum assured amount is offered to the claimants.

If this scheme investor gets the additional benefit that it is a money-back policy means you will start receiving money from this scheme even before maturity. Let’s understand more about the scheme. 

To avail of the policy, an investor’s age should be between 19 and 45. And the more interesting part of the policy is that investors will also receive a bonus when their insurance matures. It is available for purchase for 15 and 20 years. This scheme was introduced in 1995. If the investor dies, his nominee gets the entire sum assured along with the bonus.

A person at least can invest in it for 19 years. In this, the investor will also receive money back after a certain number of years. For instance, if your policy lasts for 15 years, the insured amount will be made accessible after six, nine, and twelve years, based on a 20–20 per cent formula. 

When you reach maturity, you will receive the bonus and the remaining 40% of the original amount. Similarly to this, if you purchase insurance for 20 years, you will receive money back in the amount of 20% every eight, twelve, and sixteen years. On maturity, the bonus and the remaining 40% of the sum will be distributed. 

For instance, if an individual invests at the age of 25, then he/she will have to invest in this plan for 20 years with a sum assured of Rs 7 lakh. In this situation, an instalment of Rs 2853 will have to be deposited every month i.e. around Rs 95 per day. If you look at the basis of three months, then for this you will have to deposit Rs 8,850, while for 6 months you will have to deposit Rs 17,100. After this, the investor will get around Rs 14 lakh on maturity.