Post Office Scheme: Nowadays, everyone is concerned about saving, especially rural residents who have to borrow money for small expenses. But if you save a small amount every month, you can have a substantial sum in 10 years, all with the full protection of insurance. Now, you might be wondering what kind of scheme is this that offers you so much benefit at once and no risk.
We’re talking about the Post Office’s Gram Priya scheme. This is a guaranteed scheme that will easily provide you with a substantial sum of money upon maturity. First, understand that Gram Priya is a short-term money-back insurance scheme offered by the Post Office. This means your money will be safe and you’ll receive a small refund every now and then.
The family will also get insurance cover
The total duration of this plan is 10 years, meaning your family will receive insurance coverage for that many years, and in the event of an unforeseen event, they will receive immediate support. This plan was specifically designed for rural areas, as most villagers shy away from long-term investments. Today, this scheme has spread to every village. Previously, only 22 percent of people had insurance, but now it is improving the lives of millions of families.
How much money will have to be deposited every month?
The minimum sum assured is Rs 10,000, and the maximum is Rs 5 lakh. You must pay a monthly premium. For example, if you take out a Rs 5 lakh cover, you’ll need to deposit approximately Rs 5,042 per month. This amount may seem small, but consider how this small contribution can significantly strengthen your household budget. This plan also offers a nomination option, allowing you to decide who will receive the money. Since it’s run under Rural Postal Life Insurance, it’s also government-guaranteed, meaning there’s no risk of losing a single penny.
Now, at maturity, you’ll receive bumper returns after 10 years. For every thousand rupees of sum assured, you earn an annual bonus of Rs 45. So, for a cover of Rs 5 lakh, the annual bonus will be Rs 22,500. This total will be Rs 225,000 over 10 years. Furthermore, the plan offers three times the sum assured – i.e. Rs 5 lakh. Adding the two, you’ll get a total of Rs 725,000. By depositing just over Rs 5,000 a month, you’ll have Rs 7.25 lakh. You can also use this money for your son’s wedding or home renovations.
This scheme will continue to benefit you even after maturity. You can reinvest the proceeds in other post office schemes, such as recurring deposits or monthly income schemes. Interest rates there range from 6.5 to 7.5 percent, meaning you could earn an extra Rs 3,000 to Rs 4,000 per month. You won’t have to worry about taxes, as post office schemes offer numerous exemptions. If you’re looking for a safe investment, you can fill out this scheme form at your nearest post office. You can earn substantial profits by starting your premiums.