50 lakh sum assured is also available with good returns on investing in Post Office’s Whole Life Assurance Scheme. Loan facility is also available in this scheme.
Post Office Scheme: India Post Office also provides the facility of insurance along with different types of schemes. Which investors can take advantage of. There are many such insurance plans, in which strong sum assured is available with good returns. One such insurance scheme is “Whole Life Assurance”. Under this scheme, the surviving insured gets a benefit of Rs 2 crore. Apart from this, 50 lakh sum assured is also available. This policy is considered safe and easy. In which the policyholders get returns on maturity after the age of 80 years. Meanwhile, if the person dies, the nominee gets the benefit of Sum Assured and Bonus along with maturity.
This is the calculation
Suppose if you buy whole life insurance of Rs 50 lakh at the age of 20 years and deposit an amount of around Rs 8100 every month. So you will get the maturity benefit of 80 years. The amount of premium has also been fixed separately for different periods. According to the official website of the post office, the premium payment term for 55 years will be 35 years and Rs 8099 will have to be deposited every month. The premium paying amount for 58 years will be 38 years and Rs 8099 will have to be paid every month. Whereas for 60 years, the amount of premium payment will be 40 years and Rs 7054 will have to be paid every month.
For a sum assured of Rs 1000, you get a bonus of Rs 76 per annum. Accordingly, on depositing the premium for 35 years, the total return is Rs 1.33 crore, ie Rs 1.83 crore. Depositing premium for 38 years gives a return of Rs 1.94 crore, of which Rs 1.44 crore is a bonus. On paying the premium for 40 years, a return of about Rs 2 crore is received, in which the bonus amount is Rs 1.52 crore.
Eligibility for investment
To take advantage of this scheme, the minimum age of the investor is 19 years and the maximum is 55 years. In this, the minimum sum insured is 20 thousand and the maximum is 50 lakh rupees. You can also surrender it after 3 years. Apart from this, loan facility is also available. However, on surrendering after 5 years, the benefit of bonus is not available.
