The minimum age of entry in the Gram Suvidha scheme is 19 years and the maximum age limit is 45 years.
Post Office has more than one scheme. If you want to protect your old age, then you must invest in the Convertible Whole Life Assurance (Gram Suvidha). This policy has been specially designed keeping in mind the retirement. The policy term should be 60 years of age. Lasts till go
The minimum age of entry in the Grama Suvidha scheme is 19 years and the maximum age limit is 45 years. If someone starts investing in 19 years, the premium term for that is 41 years and if someone enters 45 years, then the premium paying term for that will be 15 years. The minimum sum assured for this policy is 10 thousand rupees and the maximum sum assured is 10 lakh rupees. The policy holder can deposit premium on monthly, quarterly, half-yearly and yearly basis.
If the policy holder dies in the middle, the nominee will get the bonus along with the sum assured till that time. If the policy holder stays alive for 60 years, he will get the sum of the sum assured and bonus when the policy matures. Under this scheme, loan is also available after 4 years. The policy can also be surrendered after 3 years. It also has the facility of revival. If the premium is deposited for less than 3 years, then the policy lapse on not depositing 6 premiums. If the premium has been deposited for more than three years, then it lapse if you do not deposit 12 premiums.
The Convertible Whole Life Assurance, called the Gram Suvidha, is currently giving a bonus of 60 rupees per thousand sum assured. According to the calculator available on the post office mobile app, if A’s age is 25 years and he buys an equivalent of 10 lakhs in the Gram Suvidha Scheme, his monthly premium will be Rs 1724. He will continue to collect this premium for 35 years. On completion of 60 years, he will get 31 lakh rupees. In these 35 years, he will collect a total of 7.24 lakh rupees.
As we told you, now you get a bonus of 60 rupees per thousand sum assured. The annual bonus on the sum assured of 10 lakhs will be 60 thousand rupees. (60/1000 * 1000000 = 60000). In 35 years the total amount of bonus (60000 * 35 = 2100000) will be 21 lakh rupees. On maturity of the policy, A will get 21 lakhs and 10 lakhs sum assured as bonus, in total, Rs 31 lakhs.