This post office scheme offers Rs 14 lakh at maturity for investment of Rs 95/day; details here

Middle class and lower middle class Indians have always favoured savings programs offered by the government-sponsored post office. The India Post frequently develops programs aimed at low-income groups, particularly the rural community. These programs allow even the average-income population to invest with incredibly few premiums or deposits. Such a small savings plan, called the Sumangal Rural Postal Life Insurance Scheme. will take care of all your issues if you invest in it.

The program is open to Indian citizens between the ages of 19 and 45. This also includes insurance for Rs 10 lakh. The insurance claim will be credited to the designated legal heir, nominee, or family member upon the unfortunate passing of the policyholder.

There are two maturity windows for the account: 15 and 20 years. In a 15-year policy, a cash refund, comprising 20 percent of the guaranteed sum, will be available thrice- after 6, 9, and 12 years. A 20-year policy also provides money-back options after 8, 12, and 16 years. The remaining 40 percent is eligible for a bonus upon maturity. Most people who will profit from this strategy are those who are unable to wait till the maturity period. People who will soon need to make cash withdrawals can also benefit from this.

If you obtain a 20-year policy at age 25 with an insured sum of Rs 7 lakh, you will be required to pay a daily premium of Rs 95. A month’s cost is Rs 2,850, while Rs 17,100 is the cost for a full year. You will get your money back, but when it matures it will be worth Rs 14 lakh. You receive money on a regular basis and then pay it back. In the aforementioned 8th, 12th, and 16th years of the 20-year insurance with a value assured of Rs 7 lakh, you earn 20 percent of the insured money each time. The final amount after three payments is Rs 4.2 lakh (20 percent of Rs 7 lakh is Rs 1.4 lakh). After that, you will get Rs 2.8 lakh in the 20th year, which will satisfy the total amount guaranteed.

After that, you will receive a bonus of Rs. 48 for every Rs. 1,000 you generated annually. In 20 years, this amount will equal Rs 6.72 lakh. Therefore, when the loan matures, you will get a total payout of Rs. 9.52 lakh. A total of Rs 13.72 lakh is the amount due at maturity.

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