Post Office Gram Suraksha Yojana: Post office savings schemes are considered to be very good for getting more returns in less investment. India Post is an important financial resource for people living in rural areas of India. India Post comes up with several initiatives from time to time, which enable rural citizens to save money and secure their future. Especially to meet the needs of people living in underdeveloped areas of the country, India Post implements a number of risk-free savings schemes. Very good returns are available in these schemes.
Today we are going to tell you about one such initiative of Post Office, Post Office Village Security Scheme. This is a full life insurance policy, which can be converted into an endowment assurance policy after five years of coverage. The policy offers low premiums until age 55, 58, or 60, allowing policyholders to maximize their benefits.
Gram Suraksha Yojana has many essential features, benefits and eligibility criteria. The minimum entry age is 19 years, while the maximum entry age is 55 years. The minimum sum assured is Rs 10,000, and the maximum sum assured is Rs 10 lakh. Policyholders can avail loan facility after four years of coverage. However, if the scheme is exited before five years, it is not eligible for the bonus.
The policyholder can convert his policy into an Endowment Assurance policy till the age of 59 years, provided the date of conversion does not fall within one year of the premium cessation or maturity date. If the policy is surrendered, proportionate bonus is provided on the reduced Sum Assured. The most recently announced bonus is Rs 60 per Rs 1000 cash assured per year.
Under the Gram Suraksha Yojana, policyholders can earn returns of up to Rs 35 lakh by depositing just Rs 50 per day. By investing Rs 1515 in the policy every month, which is approximately Rs 50 per day, a policyholder can get a return of Rs 34.60 lakhs after the policy maturity. The maturity benefit is Rs 3160000 for a term of 55 years, Rs 3340000 for a term of 58 years and Rs 34.60 lakh for a term of 60 years.