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Rural Postal Life Insurance Scheme - Gram Sumangal

Written By Franklin V on Tuesday, May 3, 2011 | 9:03 PM

Rural Postal Life Insurance Scheme - Gram Sumangal


An Anticipated Endowment Assurance Scheme which is also known as Money Back Policy
Scheme aims to provide insurance cover to rural people. This scheme can be converted into Gram Santosh (Endowment Assurance). Nomination and Assignment facility is available under this scheme.
Details of Gram Sumangal (An Anticipated Endowment Assurance Scheme)
ParticularsDescription
Name of the SchemeGram Sumangal (An Anticipated Endowment Assurance Scheme)
Sponsored byCentral Government
Funding PatternThe scheme is 100 percent centrally funded.
Ministry/DepartmentDepartment of Post
DescriptionScheme aims to provide insurance cover to rural people. This scheme can be converted into Gram Santosh (Endowment Assurance). Nomination and Assignment facility is available under this scheme.
BeneficiariesIndividual,
Benefits
Benefit TypeOthers,
Other BenefitsInsurance.
Eligibility criteriaAny rural person between 19 and 40 years of age is eligible for the scheme.
How to AvailThe scheme can be availed by contacting the Department of Posts.
Validity of the Scheme
Introduced On24 / 03 / 1995
Valid Upto27 / 04 / 2011
Reference URLhttp://www.indiapost.gov.in/Netscape/GramSumangal.html
Option 1 : 15 years term policy [minimum age at entry is 19 years and maximum age at entry is 40 years]
Option 2 : 20 years term policy [minimum age at entry is 19 years and maximum age at entry is 40 years]
  • Insurance cover starts from the date of acceptance of the proposal.
  • Survival benefit is paid to the insurant periodically (Such payments will not be taken into consideration in the event of unexpected death of the insurant and full sum assured with accrued bonus is payable to the nominee).
  • Two type of policies i.e. 15 years term and 20 years term.
  • Minimum age at entry is 19 years and maximum age at entry is 40 years
  • Maximum sum assured is Rs.1 lac.
  • No loan facility
  • No surrender value is payable
  • Nomination facility is available.
  • Assignment facility is available.
Survival benefit is payable as under:
15 years Gram Sumangal Plan20 years Gram Sumangal Plan
20% of Sum Assuredat the end of 6 years -at the end of 8 years
20% of Sum Assuredat the end of 9 yearsat the end of 12 years
20% of Sum Assuredat the end of 12 yearsat the end of 16 years
40% of Sum Assured With bonusat the end of 15 yearsat the end of 20 years
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