The central government has introduced a special insurance scheme keeping rural residents in mind. This scheme aims to provide insurance benefits to all people.
The central government has introduced a special insurance scheme for rural residents. This scheme aims to provide insurance benefits to everyone. Rural Postal Life Insurance was launched in 1995. This scheme provides insurance coverage from ₹10,000 to ₹10 lakh, benefiting rural residents.
Individuals aged 18 to 55 can invest in the Rural Postal Life Insurance scheme. Visit your nearest post office to enroll. Required documents like Aadhaar card, PAN card, and photographs must be submitted.
Even if you face temporary financial difficulties, you can resume this policy after a year or two. In case of accidental death of the policyholder, the insurance amount will be paid to the nominee.
For instance, if a 19-year-old takes a Post Office Endowment Insurance policy for ₹10 lakh, the monthly premium is ₹5278. After 16 years, at age 35, the maturity amount will be ₹17.68 lakh.
If the maturity age is set at 40 years, meaning a policy term of 21 years, a monthly premium of ₹3866 is sufficient. Upon maturity, you will receive over ₹20 lakh.
Continuing this policy for 31 years requires a monthly deposit of up to ₹2500, resulting in a maturity amount of ₹24.88 lakh. A 36-year policy with a ₹2,000 monthly premium yields a maturity amount of ₹27.28 lakh.
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