TOP 10 Negatives & Positives of Gram Sumangal Policy Post Office

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If you are buying a 15-year-old tenure Gram Sumangal Policy, you will get 20-20 per cent moneyback on 6 years, 9 years, and 12 years. Remaining 40 per cent of the money, which will include bonus, will be paid to policyholder on the maturity.

If you are buying a 20-year Gram Sumangal policy, you will receive 20-20 per cent of moneyback over completion of 8 years, 12 years and 16 years. The remaining 40 per cent will be paid on maturity with a bonus.

You can earn Rs 14 lakh by investing Rs 95 per day as premium through a post office scheme Gram Sumangal Rural Postal Life Insurance. The key benefits of this post office scheme is that people living in rural areas can avail money back and an insurance cover by buying this scheme. Gram Sumangal is one of the six Rural Postal Life Insurance Schemes which were launched in 1995. Others are Whole Life Assurance or Gram Suraksha, Endowment Assurance or Gram Santosh, Convertible Whole Life Assurance or Gram Suvidha, 10 Year RPLI or Gram Priya, and Children Policy or Bal Jeevan Bima. Also Read - CBSE Board Exams 2021: CBSE Issues Fresh Clarification as Students Demand Cancellation of Board Exams

Gram Sumangal Policy Post Office – All You Need to Know
Gram Sumangal Policy or Anticipated Endowment Assurance is basically a money back policy. Also Read - Schools, Colleges in Himachal Shut Till April 21
The policy has a maximum sum assured of Rs 10 lakh. Also Read - IPL 2021, MI vs RCB Build up: Who Will Win Season Opener?
Post Office’s Gram Sumangal Policy is the best suited to those who need periodical returns.
Under the Post Office’s Gram Sumangal Policy, survival benefits are paid to the poliucyholder periodically.
However, such survival benefits’ payments will not be taken into consideration in the event of unexpected death of the policy holder. In such cases, full sum assured with accrued bonus is payable to the nominee of legal policyholder.

Who can avail Gram Sumangal Policy of Post Office?
Post office’s Gram Sumangal Policy can be taken for two tenures. One is 15 years and another 20 years.
The minimum age for availing the Post Office’s Gram Sumangal Policy is 19 years.
The maximum age for availing the 15-year tenure is 45 years and the 20-year policy is 40 years.

Gram Sumangal Policy of Post Office – moneyback criteria
If you are buying a 15-year-old tenure Gram Sumangal Policy, you will get 20-20 per cent moneyback on 6 years, 9 years, and 12 years. Remaining 40 per cent of the money, which will include bonus, will be paid to policyholder on the maturity.
If you are buying a 20-year Gram Sumangal policy, you will receive 20-20 per cent of moneyback over completion of 8 years, 12 years and 16 years. The remaining 40 per cent will be paid on maturity with a bonus.

How to Get Rs 14 lakh by paying Rs 95 premium
So, if a 25-year-old buys the Gram Sumangal Policy of Post Office for 20-year tenure.
For a sum assured of Rs 7 lakh, he or she needs to pay a premium of Rs 2,853 per month, effectively around Rs 95 per day.
As per the moneyback criteria of the Post Office’s Gram Sumangal Policy, he or she will get Rs 1.4-1.4 lakh in the 8th, 12th and 16th years at 20-20 per cent.
Finally, in the 20th year, Rs 2.8 lakh will also be given as some assured.
As per the policy terms and rules, the annual bonus per thousand is Rs 48, which means the annual bonus on some assured of Rs 7 lakh will be Rs 3,36,00. The bonus for the entire policy period for 20 years will be Rs 6.72 lakh.
Thus, a total profit of Rs 13.72 lakh will be made in total policy tenure of 20 years.

Final
Out of the total, Rs 4.2 lakh will be received as money back. The remaining Rs 9.52 lakh will be paid on maturity.

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