The Grama Sumangal plan also known as the Anticipated Endowment Assurance plan is a money-back life insurance plan that offers payouts at regular intervals. This plan is suitable for individuals who are looking for a plan that provides life cover as well as regular instalments to manage short-term financial expenditures.
Certain age-limits have been laid out for individuals who wish to purchase the Anticipated Endowment Assurance plan.
|Minimum age at entry||19 years|
|Maximum age at entry||55 years|
The maximum amount that is payable on the death of the life assured is known as the sum assured.
|Minimum sum assured||Rs.10,000|
|Maximum sum assured||Rs.5 lakh|
The policyholder is required to pay certain amounts of money on a regular basis for the insurer to cover his/her risk. This amount is known as the premium. The premium amount depends on the sum assured chosen, the policy term opted for, the age at entry, etc. The premiums can be paid on a monthly basis at a post office. The premiums can be paid by cash or cheque.
|Death Benefit||In case of death of the life assured, the sum assured plus accumulated bonuses are payable to the beneficiary.|
|Maturity Benefit||If the individual survives until the end of the term of the policy, a maturity benefit equal to the sum assured plus accumulated bonuses, if any, will be payable to him/her.|
|Survival Benefit||For 15-year policy term: After completion of 6 years, 9 years and 12 years, 20% of the sum assured is provided. After completion of the policy tenure, 40% of the sum assured is provided. For 20-year policy term: After completion of 8 years, 12 years and 16 years, 20% of the sum assured is provided. After completion of the policy tenure, 40% of the sum assured is provided.|
In addition to the primary features, the Grama Sumangal plan has a few more beneficial features:
|Nominal fee for late payment of premium||In case premium payment is missed for a month, it can be paid in the following month. In addition to the premium, a fine equal to Rs.1 for every Rs.100 sum assured has to be paid.|
|Policy revival||A policy will lapse if the policy was in-force for a period within 3 years and premiums were not paid for 6 months. Also, a policy will lapse if the policy was in-force for more than 3 years and premiums were not paid for 12 months. Such policies can be revived by paying the unpaid premiums. A policy can be revived twice in a policy term.|
|Assignment for loan/credit||After completion of 3 years, the policy can be assigned as a collateral to avail loan or credit.|
Section 80C of the Income Tax Act, 1961 allows a deduction from the gross total income for the premiums paid towards the policy.
|Accessibility||The wide network of post offices in the country facilitate easy access to the rural postal life insurance.|
|Premium payment options||Premiums can be paid by cash or by cheque. Auto-debit of premiums from the salary is also available.|
The Rural Postal Life Insurance scheme was created with the objective to provide life cover to the persons who reside in rural areas. The cost of the insurance has been kept low in order to benefit the vulnerable section of the society as well as provide optimum life coverage for women. The success of the Rural Postal Life Insurance is owed to the vast network of post offices that limits the cost of operations resulting in low-cost life insurance policies. The scheme is entirely managed by the Department of Posts and offers coverage to lakhs of rural citizens in the country.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.