There are a large number of investment programs out there, but the Post Office programs are considered the best for investing in the market because they ensure safe and secure investment.
You can invest in the Gram Sumangal Rural Postal Life Insurance Plan for more benefits in the future. It is an endowment system, which provides reimbursement as well as insurance coverage to people living in rural areas.
Another thing about this program is that if you invest Rs 95 daily in it, you can get Rs 14 lakh at the end of the program. The Rural Post Life Insurance Scheme was launched in 1995. Under this scheme, the Post Office offers 6 different insurance schemes.
The policy benefits people who need the money from time to time. A maximum sum of Rs 10 lakh is guaranteed as return in the Gram Sumangal Yojana. In the event of the death of the policy holder, the candidate receives the sum insured as well as the amount of the bonus.
The policy can be availed for two tenures and it includes 15 years and 20 years. The minimum age for this policy should be 19.
In a 15 year policy, a 20-20% refund is available at the end of 6 years, 9 years and 12 years. At the same time, the remaining 40% of money will be paid, including a bonus at maturity. Likewise, in a 20 year policy, 20-20% of the money is available over terms of 8 years, 12 years and 16 years. The remaining 40% of the money will be returned at maturity with a bonus.
In terms of the policy premium, if a 25-year-old takes this policy for 20 years with an insured sum of Rs 7 lakh, he will have to pay a premium of Rs 2,853 each month, or around Rs 95 per day. The quarterly bonus will be Rs 8,449, the semi-annual bonus will be Rs 16,715 and the annual bonus will be Rs 32,735.
The policy allows payment of Rs 1.4 to 1.4 lakhs in the 8th, 12th and 16th years at the rate of 20-20%. Finally, a sum of Rs 2.8 lakh will also be available in the 20th year. When the annual bonus per thousand is Rs 48, the annual bonus on the sum insured of Rs 7 lakh is Rs 33,600. The total term of the policy offers a bonus of Rs 6.72 lakh. The policy offers a total sum insured of Rs 13.72 lakh over 20 years. Of this amount, Rs 4.2 lakh will already be available as a repayment and Rs 9.52 lakh will be given together at maturity.