If you want to increase your hard-earned money risk-free, Post Office's 'Gram Priya Yojana' can be a great option for you. Under this 10-year government scheme, you can create a guaranteed fund of up to ₹7.25 lakh by depositing a fixed amount every month. This scheme offers not only investment but also financial security with life insurance.
In today's time inflation is increasing continuously. The stock market and mutual funds have the potential for high returns, but are also associated with risk. So many people are looking for options where the capital is completely safe. One such credible scheme is the 'Gram Priya Yojana' launched by the Indian Post Office. The scheme is a money-back policy under Rural Postal Life Insurance (RPLI), which offers good returns with guaranteed bonuses.
The duration of this scheme is 10 years. If a person pays a premium of ₹5,042 per month, after completion of 10 years, he gets a total benefit of ₹7.25 lakh.
As per the rules, the minimum sum assured is ₹10,000 and the maximum is ₹5 lakh. The post office offers a bonus of ₹45 per year on every ₹1,000 sum assured. If you take a sum assured of ₹5 lakh, the bonus is ₹22,500 per year. This bonus totals to ₹2,25,000 in 10 years. This bonus and the sum assured of ₹ 5 lakh make a total matured fund of ₹ 7.25 lakh. The special feature of this scheme is that periodic money-back installments are also available, through which household financial needs can be met easily.
'Gram Priya Yojana' is not only a savings plan, but also provides life insurance protection. If the policyholder dies during the policy period, the entire sum assured is paid to the nominee. In such a situation the family does not need to pay the outstanding premium and gets immediate financial assistance. The scheme was launched with the aim of increasing life insurance coverage especially in rural areas and today is providing financial security to lakhs of families.
The scheme is administered by the Government of India, so the capital remains fully protected and is not affected by the ups and downs of the market. However, this is a 10-year commitment. Premium must be paid on time. If the premium is delayed or not paid, the policy may lapse and the benefits may be lost.
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