Many people opt out of life insurance policies as they have to pay a hefty amount as premium. But post office has various attractive insurance schemes. Security is one of those policies. The policyholder is covered up to the age of 80. Premium can also be paid as endowment assurance till age 60 if required. If the policyholder is alive at the maturity of the policy, the sum assured is refunded with bonus. If the insured dies the nominee or legal heirs will get this amount.
What are the terms?
The minimum age to join the scheme is 19 years. Maximum age is 55 years and minimum sum assured is Rs.20,000. But the maximum amount is 50 lakh rupees. Loan facility is available in the policy after four years.
After three years the policy can be surrendered if required. However
If the policy is surrendered before 5 years then the paid up bonus will not be eligible. It is an insurance plan that is also useful as a savings.
2,000 invalid? Institutions stop accepting notes?
An earlier policy holder can convert to an endowment assurance policy till the age of 60 which is an attractive option.
The premium paying age can be chosen as 55, 58 years or 60 years.
A bonus commensurate with the sum assured will be given on surrender of the policy.
The last announced bonus amount is Rs 76 per Rs 1,000 per annum.
How to get Rs 35 lakh?
A person who invests Rs 50 each under this insurance plan will invest approximately Rs 1515 per year. A person who has started investing early will get an amount of Rs 35 lakhs at the maturity of the policy. Even if the earlier bonus amount of Rs 1000 is calculated at Rs 60 each, a person who continues to invest for 55 years will get around Rs 31,60,000 as maturity amount. If the investment amount is increased, the benefits of the policy can be availed without reaching these years
