Gram Sumangal Rural Postal Life Insurance Scheme is also referred to as the RPLI Anticipated of Endowment Assurance is a money-back scheme policy. This scheme provides cashback to residents of rural areas regularly along with an insurance cover. Also known as the Anticipated Endowment Assurance post office scheme is ideally used by individuals who require periodic requirements of cash for short-term financial liabilities. This scheme targets to provide insurance cover to residents of the rural areas. This plan has two types of schemes mainly a scheme of 15 years and 20 years terms. This money-back policy ensures benefits at a periodic interval. Even in the case of an untimely death, the entire ensured sum and the bonus that was getting accumulated till the date of the death will be paid to the legal heirs.
Eligibility criteria:
Let us now discuss the eligibility criteria of the Gram Sumangal scheme post office.
| Minimum entry age | 19 |
| Maximum entry age | 45 for a 15-year term
40 for a 20-year term |
| Eligible employees | State government
Reserve bank of India Central Government Local bodies Defense services Public Sector Undertakings Para Military Forces Government-aided educational institutions All scheduled Commercial banks Autonomous bodies Financial institutions Nationalized banks Extra departmental agents in the department of posts |
Features of Gram Sumangal
Let us now discuss the important features of Gram Sumangal.
| Plan type | Anticipated Endowment Plan |
| Plan basis | Individual plan |
| Paying terms | Monthly |
| Mode of payment | Premium receipt book or cheque |
| Policy term | l 15-year term policy
l 20-year term policy |
| Funds | 100% centrally funded |
| Medicals | Any sum which exceeds Rs 25,000 requires a medical examination
|
| Loan facility | Not available |
| Assignment facility | Not available |
| Alterations | l No alteration allowed
l Can convert to Endowment Assurance plan |
| Nomination | Acceptance |
| Minimum sum assured | Rs 10,000 |
| Maximum sum assured | Rs 50,000 |
| Surrender value | No surrender value |
Benefits of Gram Sumangal
Let us discuss the benefits of Gram Sumangal RPLI
- Survival benefits
| 15-year term gram Sumangal | 20-year term Gram Sumangal | Survival benefit |
| 6 years completion | 8 years completion | 20% sum assured |
| 9 years completion | 12 years completion | 20% sum assured |
| 12 years completion | 16 years completion | 20 % sum assured |
| 15 years completion | 20 years completion | 40%sum assured |
- Death benefits: In case of untimely death, the assured person has ensured the total sum and the accumulated bonus and is payable without any adjustments.
- Maturity benefits: On maturity of the policy term, the assured will receive the ensured sum along with the earned bonus extras.
A piece of short and brief information about the Endowment Assurance of Gram Sumangal has been mentioned above. Details pertaining to eligibility, features, and benefits have been efficiently provided.
