The minimum entry age for this post office scheme is 19 years and the maximum entry age is 55 years. The minimum sum assured is 10 thousand rupees and the maximum sum assured is 10 lakh rupees.
The policyholder also gets the benefit of bumper bonus.
Today we are going to tell you about such a post office insurance policy which covers your whole life. Before knowing about this policy, let us tell you that postal life insurance does not come under the purview of IRDAI and in this the policyholder also gets the benefit of bumper bonus.
The name of the post office scheme we are going to talk about is Gram Suraksha or Post Office Whole Life Assurance. Talking about the eligibility, the minimum entry age is 19 years and the maximum entry age is 55 years. The minimum sum assured is 10 thousand rupees and the maximum sum assured is 10 lakh rupees. Loan facility is available after four years. This policy can be surrendered after three years. As per the information available on the India Postal Life Insurance mobile app, the bonus is Rs 60 per thousand sum assured. Meaning the one year bonus on the sum assured of one lakh is Rs 6000.
Premium to be paid till the age of 60
For Post Office Gram Suraksha, premium has to be deposited till the age of 60 years. The maturity age is 50, 55, 58 and 60 years. The special feature of this policy is that on the death of the insured, the nominee gets the benefit of maturity or on the completion of 80 years of the life assured, he gets the benefit of maturity.
What will be the maturity amount?
In such a situation, suppose A buys a sum assured of 1 lakh in this scheme at the age of 25, then his monthly premium for 50 years of maturity is Rs 199, for 55 years the monthly premium is Rs 183, for 58 years Rs 178 and The premium for 60 years will be Rs 172. Talking about maturity, the maturity will be Rs 2.5 lakh for 50 years, Rs 2.8 lakh for 55 years, Rs 2.98 lakh for 58 years and Rs 3.10 lakh for 60 years.
How much premium will be collected?
If A pays premium for 50 years, then the total amount of premium will be Rs.59700. The premium deposited for 55 years will be Rs 71640, for 58 years Rs 78804 and for 60 years the premium amount will be Rs 83580.
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