In today’s economic environment, where inflation is increasing rapidly, safe and profitable investment has become everyone’s first priority. Even though returns can be higher in the stock market or mutual funds, the financial risk there also remains in the same proportion. In such a situation, many people want to invest in a place where the money is completely safe. Understanding this need, the Indian Post Office has introduced many wonderful schemes. One of these schemes is ‘Gram Priya Scheme’. This is a money-back policy under Rural Postal Life Insurance (RPLI), which not only protects the investment but also gives excellent returns with guaranteed bonus after a fixed period of time.
How to get Rs 7.25 lakh?
The total duration of Gram Priya Scheme has been fixed only for 10 years. If you deposit a premium of Rs 5,042 every month in this scheme, then on completion of 10 years you will get a handsome fund of Rs 7.25 lakh as maturity amount.
As per the rules, the minimum sum assured in this plan is Rs 10,000 and maximum Rs 5 lakh. Under this scheme, the post office gives a bonus of Rs 45 every year on the sum assured of Rs 1,000. If we understand mathematically, the annual bonus on sum assured of Rs 5 lakh comes to Rs 22,500. This bonus adds up to Rs 2,25,000 in 10 years. Including this bonus and your sum assured of Rs 5 lakh (a part of which is given as money-back), the total benefit is Rs 7.25 lakh. With the installments received from time to time, even small and big financial needs of the house are easily fulfilled.
The family will get support in case of any untoward incident.
Gram Priya is not just an investment plan, but it is also a complete life insurance. The main objective of this scheme, launched on the basis of the recommendations of the Malhotra Committee, was to improve the status of insurance coverage in rural India. There was a time when only 22 percent of the country’s population had life insurance, but today this scheme has brought millions of rural families under the ambit of financial security.
The biggest strength of this scheme is its death benefit. If the policyholder unfortunately passes away during the policy term, the entire sum assured is immediately paid to the nominee. In this situation, the family neither has to worry about paying the remaining premium nor wait for the completion of 10 years.
Understand these rules before starting to invest
Understanding the terms and conditions of any financial scheme before investing money is a sign of a conscious investor. This scheme is completely operated under the Government of India, hence market fluctuations have no effect on it. However, it is important to note that this is a 10 year commitment. You have to deposit your premium amount regularly. If there is a default in paying the premium, the policy may lapse and you may be deprived of its full benefits. Additionally, the options for withdrawing money before maturity (pre-mature withdrawal) in this scheme are quite limited. Therefore, start your investment only by considering this scheme as a disciplined and fixed savings plan.