Post Office News: Invest Rs 94 in this scheme and get Rs 14 lakhs in return - Details inside

There is a huge pool of schemes out there for investments but Post Office schemes are considered as the best to invest in the market since they guarantee safe and secure investment. 

You can invest in the Gram Sumangal Rural Postal Life Insurance Scheme for greater benefits in the future. This is an endowment scheme, which provides money back as well as insurance cover to the people living in rural areas. 

Another thing about this scheme is that if you invest Rs 95 in it daily, then you can get Rs 14 lakh by the end of the scheme. The Rural Postal Life Insurance Scheme was started in 1995. Under this scheme, the post office offers 6 different insurance plans. 

The policy benefits people who need money from time to time. A maximum sum of Rs 10 lakh is assured as a return in the Gram Sumangal Yojana. In case the person who owns the policy dies, the nominee is given the sum assured as well as the bonus amount.

The policy can be availed for two tenures and it includes 15 years and 20 years. The minimum age for this policy should be 19 years. 

In a 15-year policy, 20-20% money-back is available on completion of 6 years, 9 years and 12 years. At the same time, the remaining 40% money will be given including a bonus on maturity. Similarly, in a 20-year policy, 20-20 percent of the money is available on the terms of 8 years, 12 years and 16 years. The remaining 40% money will be given on maturity along with a bonus.

In terms of the premium of the policy, if a 25-year-old person takes this policy for 20 years with a sum assured of Rs 7 lakh, he will have to pay a premium of Rs 2,853 every month, that is, about Rs 95 on a daily basis. The quarterly premium will be Rs 8,449, the half-yearly premium will be Rs 16,715 and the annual premium will be Rs 32,735.

The policy allows payment of Rs 1.4-1.4 lakhs in the 8th, 12th and 16th year at the rate of 20-20%. Finally, a sum of Rs 2.8 lakh will also be available in the 20th year. When the annual bonus per thousand is Rs 48, the annual bonus on the sum assured of Rs 7 lakh is Rs 33,600. The entire policy term offers a bonus of Rs 6.72 lakh. The policy offers a total sum assured of Rs 13.72 lakh in 20 years. Out of this, Rs 4.2 lakh will already be available as money back and Rs 9.52 lakh will be given together on maturity.