The market is flooded with several investment options and while the promised return on many of these schemes is very lucrative, there’s also a certain degree of risk involved. So, many risk-averse investors prefer going for government-backed schemes even at the cost of lesser returns. And if you too have a low appetite for risks, then this Gram Suraksha scheme offered by India Post might be an option you would like to explore. This insurance scheme is a good option for investors looking to save up for retirement years.
Post Office Gram Suraksha Yojana: Know details
Indian Post offers Gram Suraksha Yojana in which good returns can be achieved with low risk. In this Post Office Gram Suraksha Yojana, the sum assured along with the bonus goes to the legal heir/nominee either at the age of 80 years or in the event of death.
What are the Terms and Conditions?
Any Indian citizen between the age of 19 to 55 years can take the Gram Suraksha Yojana. Under this scheme, you can invest at least Rs 10,000 to Rs 10 lakh. The premium payment of the plan can be made monthly, quarterly, half-yearly, or annually. The customer is given a grace period of 30 days to pay the premium. In case of default during the policy term, the customer can pay the pending premium to revive the policy.
Post Office Gram Suraksha Yojana: Benefits on maturity
If one individual buys Post Office Gram Suraksha Yojana for 10 lakhs at the age of 19 years, then the monthly premium for 55 years will be Rs 1,515, for 58 years Rs 1,463 and for 60 years Rs 1,411. The policy buyer will get a maturity benefit of Rs 31.60 lakh for 55 years, Rs 33.40 lakh for 58 years. The maturity benefit for 60 years will be Rs 34.60 lakh.
In case of any doubt in the nominee’s name or other details such as email id and mobile number, the customer can contact the nearest post office. Customers can also contact the given toll-free helpline 1800 180 5232/155232 or the official website www.postallifeinsurance.gov.in for addressing queries.
