Just pay Rs 50 to get Rs 35 lakh return under Gram Suraksha Yojna; Check details

One of the numerous financial pillars of this nation, the India Post frequently offers schemes for the country’s rural residents. The needs of those living in underdeveloped regions of the nation are frequently unmet, thus the India Post develops some of its well-known risk-free saving schemes under the Rural Postal Life Insurance Schemes Program, the most recent of which is the “Gram Suraksha Yojna.”

The Rural Postal Life Insurance policy was launched in the year 1995 first for the rural population of India. The note on India Post’s website reads “The prime motive of this scheme is to provide insurance cover to the rural public in general and to benefit the weaker sections and women workers of rural areas in particular and also spread insurance awareness among the rural population”.

Under the ‘Gram Suraksha Yojna’ or the ‘Gram Surakhsha Scheme’ an investor can get up to Rs 35 Lakh in return if he or she deposits a sum of Rs 50 monthly in this policy. This scheme can act as an investing option for the youth. The eligible age group for enrolling in this scheme is from 19 years to 55 years. Any citizen between these ages can sign up. Although the ‘Gram Suraksha Scheme’ allows customers to choose any amount up to Rs 10 lakh, the minimum payment covered under this plan is Rs 10,000 and you as an investor can go for monthly, quarterly or a yearly plan.

According to the Gram Suraksha Yojna, if a person invests Rs 1,515 per month under the scheme every day and which means Rs 50 per day, he will get Rs 35 lakh in return. If you start investing in this scheme at the age of 18, you will have to pay a premium of Rs 1,515 till 55 years. A grace of 30 days is given for the customer to pay the premiums. If there is a lapse during the insurance’s term, the customer can restart the coverage by paying the outstanding payments.

If an individual invests in the Gram Suraksha Yojna when he is 19 years old, the monthly premium for an insurance with a Rs 10 lakh investment will be Rs 1,515 for 55 years, Rs. 1,463 for 58 years, and Rs 1,411 for 60 years.

If you are investing in the Gram Suraksha Yojna till the age of 58 year, you have to pay Rs 1463 monthly and Rs 1411 per month if you invest till 60 years of age. It you fail to make the payment, you can pay it in the next 30 days. An individual will get a maturity benefit of Rs 31,60,000 for 55 years, Rs 33,40,000 for 58 years and Rs 34.60 lakh over a 60-year period. The investors will get their maturity only after attaining the age of 80. If he/she dies, the nominee will get the benefit directly.

An investor can choose to surrender the investment after 3 years, however, he or she won’t receive any benefits under the Gram Suraksha Yojna.

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