The name of this scheme of Post Office is Gram Priya, which has a duration of 10 years. The scheme offers periodic money back and maturity benefit on maturity which includes bonus.
Keeping rural India in mind, the post office runs many savings schemes. There is such a scheme in which you get money back from time to time. Maturity benefit is available on maturity as well as this insurance cover also provides you. This scheme is only for 10 years and nomination facility is also available in it. If something happens to the insured person, then the nominee gets its benefit.
The name of this scheme of post office is Gram Priya (Post Office Gram Priya Scheme). The minimum age limit for entry in this scheme is 20 years and the maximum age limit is 45 years. The minimum sum assured is Rs 10,000 and the maximum sum assured is Rs 10 lakh. Survival Benefit i.e. 20% of Sum Assured in the fourth year, 20% in the seventh year and the remaining 60% in the tenth year on the survival of the policyholder. Bonus is announced every year by the post office. In such a situation, on the maturity of the policy, the benefit of bonus is also available on the basis of sum assured.
Talking about benefits and premium, if a policyholder is 25 years old and he buys a sum assured of Rs 5 lakh, then he will get a total of Rs 7.25 lakh. If you buy this policy at the age of 25, the maturity will be in 35 years. For 5 lakh sum assured, the monthly premium will be Rs 5042. Accordingly, Rs 168 will have to be deposited on a daily basis. The premium will be Rs 15126 on quarterly basis. 30096 on half yearly basis and annual premium will be Rs 59670.
According to the plan, if investment is started in this scheme in 2021, then in the fourth year i.e. 2025, 20 percent of the sum assured i.e. Rs 1 lakh will be available. In the seventh year i.e. 2028 also you will get 1 lakh rupees. In 2031 i.e. on maturity of the policy, 60 percent of the sum assured i.e. Rs 3 lakh will be available and apart from this bonus will also be available.
At present, for this scheme from the post office, the bonus per thousand sum assured is Rs 45 per annum ie. Annual bonus on 1 lakh sum assured will be Rs 4500 and for 5 lakh this amount will be Rs 22500. The total bonus amount in ten years will be Rs 225000. In this way, when the policy is maturity in 2031, 60 percent of the outstanding sum assured along with Rs 2.25 lakh will also be available as bonus. In this way, a total of Rs 7.25 lakh will come in the hands of the policyholder.