Post Office Scheme: Invest Rs 1,411 per month to get Rs 35 lakh return on maturity

Post Office Scheme: Invest Rs 1,411 per month to get Rs 35 lakh return on maturity

Invest Rs 1,411 every month in the Post Office Scheme to get a return of Rs 35 lakh at maturity

Post Office Savings Scheme: India Post often introduces schemes targeting rural people.  Various savings plans offered by India Post are some of the most popular risk-free savings plans in the country.  For the average middle class citizen in India, investing in good schemes with good and fixed interest rates remains a top priority.  The post office, which is supported by the government, aims to meet the needs of the people.  For this, India Post has created the Gram Suraksha Scheme under its Rural Program of Postal Life Insurance plans.

Rural postal life insurance policy was launched in 1995 for the rural people of India.  “The main objective of the scheme is to provide insurance coverage to the rural public in general and to benefit the weakest sectors and working women in rural areas in particular, and also to spread insurance awareness among the rural population,” says one note in the India Post.  website.

Under the Post Office Gram Suraksha Yojana, or Gram Suraksha Scheme, an investor can get up to Rs 35 lakh return if he or she deposits a sum of Rs 1,500 monthly into this policy.  This scheme can act as a beneficial investment option for teenagers.  Gram Suraksha Scheme eligibility is at 19 years of age, according to the post office.  The upper limit of eligibility for this scheme is 55 years, says the India Post website.  Any Indian citizen between these ages can join the plan.

While the minimum sum insured under this scheme is Rs 10,000, buyers can opt for any amount up to Rs 10 lakh under the Gram Suraksha Scheme.  The insured amount with bonus is payable on your 80th birthday or to your heir/legal nominee upon death, whichever comes first.

The investor gets the flexibility to pay the Gram Suraksha Scheme premium.  You have the option of paying a monthly, quarterly, semi-annual or annual premium.  A grace of 30 days is granted for the client to pay the premiums.  In case of expiration during the validity of the policy, the client can pay the outstanding premiums to restart the policy.

If an investor invests in the 10 lakh sum Gram Suraksha policy at the age of 19, then the monthly premium for 55 years will be Rs 1515, for 58 years Rs 1463 and for 60 years Rs 1411.  The policy buyer will get a maturity benefit of Rs 31.60 lakhs for 55 years, Rs 33.40 lakhs for 58 years.  Over 60 years, the maturity benefit will be Rs 34.60 lakhs.

The client can also choose to cancel the policy after 3 years, however, in that case, he will not get any benefits offered by the Gram Suraksha Scheme.

Source: Business Desk, News 18

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