Post Office Savings Scheme: The India Post often comes up with schemes targetted at the rural population. Several savings schemes offered by the India Post are some of the most popular risk-free savings schemes in the country. For the average middle class citizen in India, investing in good schemes with fixed and good rates of interest remains among the topmost priorities. The post office, which is backed by the government, aims to cater to those needs of the people. For this, the India Post has come up with the Gram Suraksha Scheme under its Rural Postal Life Insurance schemes programme.
The rural postal life insurance policy was launched back in 1995 for the rural population of India. “The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population,” says a note on the India Post website.
Under the Gram Suraksha Yojana, or Gram Suraksha Scheme, of the post office, an investor can get up to Rs 35 lakh return if he or she deposits a sum of Rs 1,500 monthly in this policy. This scheme can act as a benefitting investing option for teenagers. The eligibility of the Gram Suraksha Scheme is at 19 years of age, according to the post office. The upper limit of eligibility for this scheme is 55 years, the website of India post says. Any Indian citizen between these ages can sign up for the scheme.
While the minimum sum assured under this plan is Rs 10,000, buyers can opt for any amount up to Rs 10 lakh under the Gram Suraksha Scheme. The assured amount with bonus is payable either on attaining the age of 80 or to their legal heir/ nominee in the event of death, whichever occurs earlier.
The investor gets the flexibility to pay the premium for the Gram Suraksha Scheme. One has the option to pay monthly, quarterly, half-yearly or annually in premium. A grace of 30 days is given for the customer to pay the premiums. In the event of a lapse during the policy tenure, the customer can pay up the pending premiums to restart the policy.
If one investor invests in the the Gram Suraksha policy of 10 lakh sum at the age of 19, then the monthly premium for 55 years will be Rs 1,515, for 58 years Rs 1,463 and for 60 years Rs 1,411. The policy buyer will get a maturity benefit Rs 31.60 lakhs for 55 years, 33.40 lakhs for 58 years. For 60 years the maturity benefit will be Rs 34.60 lakhs.
The customer can also choose to surrender the policy after 3 years, however, in that case, you won’t get any benefits offered under the Gram Suraksha Scheme.
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