Personal Finance
This scheme is that it grants the customer the option of a loan facility that can be availed after four years of the policy purchase
Updated : Sep 20, 2021, 10:18 PM IST | Edited by : Anupama Yadav
People want to invest their hard-earned money in financial instruments that yield them a guaranteed good amount post-retirement. There are plenty of instruments that the market is flooded with but one of the most reliable financial schemes seem to be the 'Gram Suraksha' scheme that is offered by the Post Office.
Under this scheme, the guaranteed amount comes with a bonus and is payable after attaining the age of 80 years or in case the receiver is dead, then their legal heir or nominee receive the amount.
Anyone between the age of 19 and 55 years can apply for this scheme. The minimum amount assured under the Gram Suraksha scheme is Rs 10,000 that can go up to Rs 10 lakhs. The good thing about this scheme is that an individual can opt to pay the premium according to their convenience. You have the option to pay monthly, quarterly, half-yearly or annually and grace of 30 days is granted to pay the premiums. In case of a lapse, the customer can all the pending premiums to restart the policy.
Another good thing about this scheme is that it grants the customer the option of a loan facility that can be availed after four years of the policy purchase. India Post recently declared a bonus of Rs 65 on every Rs 1,000 assured per year.
How can you earn Rs 35 lakhs?
If an individual buys a Gram Suraksha policy of Rs 10 lakhs 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. In the end, the customer will get a maturity benefit of 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.