Post Office Gram Priya Scheme: Nowadays, many individuals recognize the importance of saving money. Consequently, they choose to invest in various options that suit their requirements. If you’re looking to generate a significant income through investments, post office schemes could be an excellent choice. There is no associated risk, and returns are guaranteed. Thus, it is fair to say that post office investment schemes are a preferable option for those wishing to invest without facing any risks. One such scheme is the Post Office Gram Priya Scheme, which is a short-term money-back plan.
The Gram Priya scheme, an insurance offering from the Post Office, has a duration of 10 years. Investors can contribute Rs 5,068 each month to this scheme and will receive a total of Rs 7.25 lakh at maturity. This initiative was launched following the recommendations of the Malhotra Committee to enhance the insurance landscape in India. At that time, only 22% of the population had insurance coverage. Today, this scheme has reached numerous rural areas across India.
Benefits of Gram Priya Yojana
The Post Office Gram Priya scheme has been crafted with the needs of rural families in mind. It is perfect for those who prefer not to wait for long periods but also prioritize family security. This scheme offers insurance coverage for a complete 10 years. The periodic installments help meet daily expenses, ensuring that both minor and major household needs are addressed while securing the future. The minimum assured sum is Rs 10,000, while the maximum is Rs 5 lakh. Additionally, this scheme provides nomination options.
How much premium will have to be deposited?
Under this scheme , if you pay a monthly premium of Rs 5,042, you will receive a return of Rs 7.25 lakh upon maturity. The term of the scheme is 10 years. It falls under the Rural Postal Life Insurance Scheme. Under this scheme, an annual bonus of Rs 45,000 is paid per thousand sum assured.
Thus, on a sum assured of Rs 5 lakh, the bonus amount will be Rs 22,500. In 10 years, this amount will become Rs 2,25,000. Furthermore, if you calculate the sum assured amount three times, you will receive Rs 5 lakh as sum assured in 10 years. This means that if you add the remaining Rs 5 lakh sum assured and the Rs 2.25 lakh bonus, the total will be Rs 7.25 lakh.
This amount may seem small, but consider how this small calculation can strengthen your household budget. This plan also offers a nomination facility, meaning you can decide who receives the money. Yes, it’s covered under Rural Postal Life Insurance, so it’s also government-guaranteed. This means there’s no fear of losing a single penny.
The family will also receive insurance coverage.
This plan lasts for a total of 10 years, which means your family will be protected for that duration, and in case of an unexpected event, they will get immediate assistance. This plan was tailored specifically for rural communities, as many villagers tend to avoid long-term investments. Nowadays, this initiative has reached every village. In the past, only 22 percent of individuals had insurance, but now it is enhancing the lives of millions of families.
What happens if the policyholder passes away?
The primary benefit of this plan is that it offers insurance protection as well. If the policyholder sadly passes away during the policy period, their family will receive complete insurance coverage. This means the family gets the full sum assured that was selected. In this situation, there is no need to wait for the premiums paid or the maturity benefit. This plan effectively combines family protection with future savings.
With savings, insurance, and guaranteed returns, this scheme presents a well-rounded investment choice, particularly for those who prefer to avoid risky options like the stock market or have a low tolerance for risk. Additionally, it’s important to highlight that this scheme is entirely secure, as the post office operates under the Government of India, and the funds invested are not subject to any market risks.
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