Post Office Scheme: Every investment is associated with risk, but it is wise to choose a scheme where the money is safe and the returns are also satisfactory. While the stock market may offer higher profits, the risk is equally high, which not every investor is comfortable taking. For such people, Post Office schemes emerge as a reliable option.
What is the Post Office Scheme?
The Post Office Gram Suraksha Scheme is a life insurance-based savings plan operated by India Post. This scheme is especially for investors who want to build a large fund over the long term with minimal risk. Through regular investments in this scheme, one can reap benefits worth millions of rupees in the future.
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It is worth noting that the special feature of this scheme is that the risk is negligible, and being government-backed, the investment is completely safe. If a person invests approximately Rs 1500 every month, a fund of Rs 31 lakh to Rs 35 lakh can be created upon maturity.
Who can invest?
Any Indian citizen between the ages of 19 and 55 can invest in the Gram Suraksha Scheme. Under this scheme, the minimum sum assured is Rs 10,000, while the maximum insurance cover can be up to Rs 10 lakh. The investor can choose the sum assured according to their convenience.
Premium Payment Options
This scheme also offers flexibility in premium payments. The investor can deposit the premium on a monthly, quarterly, half-yearly, or annual basis. A grace period of 30 days is also available for premium payments, so the policy does not lapse immediately if there is a slight delay in payment.
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Loan and Surrender Facility
After investing in the Gram Suraksha Scheme, the facility to take a loan against the policy is also available if needed. Additionally, if an investor wants to close this scheme after three years, they can surrender it. However, surrendering the policy after three years doesn’t offer significant benefits, so it’s considered more advantageous to hold it for the long term.
How much return will you get?
If a person starts investing in this plan at the age of 19 and takes out a policy worth Rs 10 lakh, they will have to pay different premiums depending on the maturity age. For a maturity age of 55 years, the monthly premium is approximately Rs 1515, at 58 years it is around Rs 1463, and at 60 years it is approximately Rs 1411. In return, the investor can receive a maturity benefit of approximately Rs 31.60 lakh at age 55, Rs 33.40 lakh at age 58, and around Rs 34.60 lakh at age 60.
