Post Office Scheme: Invest Rs 95 daily, get Rs 14 lakh on maturity; Check return calculator, other key details

New Delhi: The Postal Service offers a number of guaranteed return programmes. One of them is the Post Office Gram Sumangal Rural Postal Life Insurance Scheme. The Post Office Gram Sumangal Rural Postal Life Insurance Scheme is an endowment programme that offers a money back to rural residents as well as insurance coverage. Postal Life Insurance and Rural Postal Life Insurance are the two types of insurance offered by this programme (RPLI).

In 1995, India's rural residents were given access to Rural Postal Life Insurance. The scheme's main goals are to provide insurance coverage to rural residents in general, to help weaker groups and women who work in rural regions in particular, and to raise knowledge of insurance among rural residents. (Also Read: BUMPER RETURN! Invest Rs 1,000 per month in PPF, get Rs 26.32 lakh at the time of retirement; Deets inside)

Anticipated Assurance of endowment A money-back policy called Gram Sumangal is best suited for people who require recurring returns. Periodically, survival rewards are given to the insured. In the event of the insured's untimely death, such payments won't be taken into account. In certain situations, the assignee, who is the nominee of the legal heir, will get the whole sum insured plus accrued bonus. (Also Read: Restaurant share 'Miraculous' food bill of 1985; Check what happens NEXT)

Eligibility

Policy term: 15 years and 20 years

Minimum age: 19 years.

Maximum Entry age: 40 years (for 20 years term policy).

Maximum age: 45 years (for taking 15 years term policy).

Survival benefit

15 years Policy- 20 percent each on completion of 6 years, 9 years & 12 years, and 40 percent with accrued bonus on maturity

20 years Policy- 20 percent each on completion of 8 years, 12 years & 16 years, and 40 percent with accrued bonus on maturity.

Return calculator

Suppose, a 25-year-old person takes this policy for 20 years with a sum assured of Rs 7 lakh, he/she will have to pay a premium of Rs 2,853 per month, i.e., about Rs 95 per day. The quarterly premium will be Rs 8449, the half-yearly premium will be Rs 16,715 and the annual premium will be Rs 32,735.

In the 8th, 12th, and 16th year of the policy, a payment of Rs 1.4-1.4 lakh will be made at the rate of 20 percent. In the 20th year, Rs 2.8 lakh will also be available as sum assured money. With an annual bonus per thousand at the rate of Rs 48, the annual bonus is calculated to be Rs 3,3600 on the sum assured of Rs 7 lakh.

Hence, the bonus for the entire policy period i.e. 20 years is calculated at Rs 6.72 lakh. In 20 years, the total benefit is calculated at the rate of Rs 13.72 lakh. Out of this, Rs 4.2 lakh will be given as money back in advance and Rs 9.52 lakh will be given simultaneously at maturity.