The post office has started the Rural Postal Life Insurance Plan keeping in mind the rural areas.
The person investing in its whole life insurance plan gets insurance cover till the age of 80 years.
If the person dies by the age of 80, then his nominee gets the sum assured.
New Delhi. Apart from the postal services, the post office also provides many facilities. Post office insurance policies are considered to be very reliable. There is no risk to your money by investing in the post office. This is a good option to invest for long term. In this your money is safe and guaranteed returns are also available.
The trend of buying or investing in an insurance policy is much less in rural areas of the country as compared to the cities. Keeping this in mind, the Rural Postal Life Insurance Plan was started by the Post Office. This scheme was started with the objective of connecting the people of rural areas to the insurance policy.
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Benefits of this post office scheme
Rural Postal Life Insurance Scheme was launched by the Post Office on 24 March 1995. At that time 6 plans were launched under it. The person investing in its whole life insurance plan gets insurance cover till the age of 80 years. It is also known as village security. If the person dies by this age, then his nominee gets the amount of insurance. On the other hand, if the person taking the insurance lives more than this age, then he gets the benefit of maturity.
What are the investment limits?
In Post Office Rural Postal Life Insurance Plan, the minimum limit of the sum assured is Rs 10 thousand and the maximum limit is Rs 10 lakh. You can take a loan under it after 4 years of starting investment in it. You can withdraw the investment even before the maturity of this plan. You can surrender the policy after about three years of taking it. But if you surrender the policy before 5 years, you do not get the bonus benefits. Your minimum age should be 19 years and maximum 55 years to invest in this post office plan.
How much premium has to be paid?
If you can start investing in this post office plan from 19 years. If you choose a plan with maturity of 50 years, then you will have to pay Rs 1666 + GST as premium every month. On the other hand, for 55 years, Rs 1515 per month, for 58 years Rs 1436 and for 60 years maturity plan you will have to pay a premium of Rs 1388, while for 60 years maturity you have to pay a premium of Rs 1388 every month .
60 rupees bonus will be available on 1 thousand
Recently, the post office is offering a bonus of Rs 60 per 1000 Sum Assured as an annual bonus on this plan. According to this, you will get 60 thousand as annual bonus on the sum assured of 10 lakhs. If you choose this 60-year maturity plan at the age of 20, then you will get a bonus of Rs.60 thousand per annum till 40 years. Which is around 24 lakh rupees. In such a situation, at the time of maturity, you will get a total of 34 lakh rupees including 24 lakh bonus and 10 lakh sum assured.
Tags: India post, Insurance Policy, Life Insurance, Post Office
FIRST PUBLISHED : November 06, 2022, 07:30 IST