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Cashback of 20% of the sum assured payable in three installments during the tenure to the investor.
Pay only Rs 95 and you will get almost Rs 14 lakh after the maturity. Yes, that is true. You can get this much of money if you invests in this insurance scheme of post office. We are speaking about Post Office’s gram sumangal rural postal life insurance scheme or POGSRPLIS, one of the popular endowment assurance scheme.
Plan details
One must attain a minimum age of 19 years to buy a policy while the maximum age limit for a 15-year tenure is 45 years.
The scheme is available for two durations, i.e. 15 years and 20 years with regular payout options.
For an insurance cover of Rs 7 lakh over 20 years, an individual has to pay a daily premium of Rs 95.2 per day, i.e. Rs 2,8535 per month.
It entails a cashback of 20% each of the sum assured payable after completion of 6 years, 9 years, and 12 years for a 15-year term. For someone opting for a 20-year term, the cashbacks are at the end of 8, 12 and 16 years respectively.
The payout
If someone buys a Rs 7 lakh cover for 20 years under POGSRPLIS, he would get cashbacks of Rs 1.4 lakh (20% of Rs 7 lakh) after the completion of 8, 12 and 16 years.
At the end of the term, in the 20th year, he would get Rs 7 lakh minus Rs 4.2 lakh which is Rs 2.8 lakh and a bonus of approx Rs 6.75 lakh. Currently the bonus is worked out at the rate of Rs 48, per thousand of sum assured per year. The total payout would be Rs 7 lakh + Rs 6.75 lakh= Rs 13.75 lakh.
On the other hand, if someone buys a Rs 7 lakh insurance cover for 15 years tenure under POGSRPLIS, he would get cashbacks of Rs 1.4 lakh similarly after the completion of 6, 9 and 12 years.
At the end of the term i.e. in the 15th year, he would get Rs 7 lakh minus Rs 4.2 lakh which is Rs 2.8 lakh and a bonus of approx Rs 5.05 lakh. Here the total payout would be Rs 7 lakh+ Rs 5.05 lakh= Rs 12.05 lakh.