New Delhi: While there is a host of investment options available in the market with promised good returns, not everyone all investors are game because of the risks involved and prefer to play it safe with government-backed themes.
Some old-timers still think post offices investments are the best bet.
Gram Suraksha scheme offered by India Post is one such option for retirement years.
Under this 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.
Any Indian citizen between the age of 19 and 55 can get this insurance scheme. While the minimum sum assured under this plan is Rs 10,000, buyers can opt for any amount up to Rs 10 lakh. The premium payment of this scheme is very flexible, and you have the option to pay monthly, quarterly, half-yearly or annually. 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.
The insurance scheme comes with a loan facility that can be availed after four years of the policy purchase.
The customer can also choose to surrender the policy after 3 years, however, in that case, you won’t get any benefits offered with it. The biggest highlight of the policy is the bonus offered by India Post and the last declared bonus was Rs 65 per Rs 1,000 assured per year.
If one buys 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.
In case of any update in the nominee’s names or other details such as the email id and mobile number, the customer can approach the nearest post office for the same. For other queries, customers can reach out for a solution on the given toll-free helpline 1800 180 5232/155232 or the official website i.e. www.postallifeinsurance.gov.in.
