The market is flooded with many investment options and the promised returns on many of these schemes are very attractive, with some degree of risk involved. Therefore, many risk-averse investors prefer to go for government-backed schemes even at the cost of lower returns. And if you also have a low risk appetite, then this village security scheme There may be an option offered by India Post that you would like to explore. This insurance plan is a good option for investors looking to save for retirement years.
Under the Gram Suraksha Yojana, the sum assured along with bonus is payable either on attaining the age of 80 years or in the event of death to his legal heir/nominee, whichever is earlier.
Any Indian citizen between the age of 19 to 55 years can get this insurance scheme. While the minimum sum assured under this plan is Rs 10,000, buyers can choose any amount up to Rs 10 lakh. The premium payment of this plan is very flexible, and you have the option to pay monthly, quarterly, half-yearly or annually. The customer is given a grace period of 30 days to pay the premium. In case of default during the policy term, the subscriber can pay the pending premium to revive the policy.
The insurance plan comes with a loan facility that can be availed after four years of policy purchase.
The customer can also choose to surrender the policy after 3 years, however, in that case, you will not get any benefit along with it. The biggest highlight of the policy is the bonus offered by India Post and the last announced bonus was Rs 65 per annum assured Rs 1,000.
If one buys a Gram Suraksha policy for 10 lakhs at the age of 19 years, the monthly premium will be Rs 1,515 for 55 years, Rs 1,463 for 58 years and Rs 1,411 for 60 years. The policy buyer will get a maturity benefit of Rs 31.60 lakh for 55 years, Rs 33.40 lakh for 58 years. The maturity benefit for 60 years will be Rs 34.60 lakh.
In case of any update in the nominee’s name or other details like email id and mobile number, the customer can approach the nearest post office for the same. For other queries, customers can contact to the given toll-free helpline 1800 180 5232/155232 or for resolution on the official website i.e. www.postallifeinsurance.gov.in.
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