In this article, we know about a post office scheme that a person gets insured for whole life after purchasing. The name of this insurance policy is Whole Life Assurance (Gram Suraksha). It is a Rural Postal Life Insurance (RPLI) scheme that was started in 1995. Especially it has been prepared for the poor people of rural India.
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 insured person gets the benefit of maturity. The minimum entry age in Whole Life Assurance (Gram Suraksha) is 19 years and the maximum is 55 years. The minimum amount of the sum assured is 10 thousand and the maximum amount is 10 lakh rupees. A loan facility is available on completion of four years of the policy. The policy surrender facility is available after 3 years. If the policy is surrendered before five years, the bonus benefit will not be available.
Bonus Rs 60 per thousand annually
The age limit for depositing premium under this policy can be up to 50, 55, 58 and 60 years. According to the information available on the India Post mobile application, if a person of 30 years of age buys this policy now, then he will get 60 rupees per thousand sum assured as a bonus.
What will be the premium amount?
Talking about the premium amount, one buys ‘A’ Whole Life Assurance policy under the RPLI scheme. He is 30 years old, he decided to deposit the premium for 60 years, then the premium paying term (60-30) became 30 years. Its sum assured is 5 lakh rupees, in this case, the premium amount for every month will be 1045 rupees. As a bonus, he will get a total of 900,000 rupees. In this way, his maturity amount became 14 lakhs (9 lakhs bonus and 5 lakhs sum assured).
How does the bonus calculation
It is quite easy to calculate the bonus. This is 60 rupees per thousand sum assured. Accordingly, the bonus on the sum assured of one lakh became 6000 rupees. The annual bonus on the sum assured of 5 lakhs is 30 thousand rupees. The premium paying term for A is 30 years. In this case, the total amount of bonus was 30000 * 30 = 900000 rupees.
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