Gram Sumangal – Rural Postal Life Insurance Scheme

An Anticipated Endowment Assurance Scheme which is also known as Money Back Policy

Scheme aims to provide insurance cover to rural people. This scheme can be converted into Gram Santosh (Endowment Assurance). Nomination and Assignment facility is available under this scheme.

Details of Gram Sumangal (An Anticipated Endowment Assurance Scheme)
Particulars Description
Name of the Scheme Gram Sumangal (An Anticipated Endowment Assurance Scheme)
Sponsored by Central Government
Funding Pattern The scheme is 100 percent centrally funded.
Ministry/Department Department of Post
Description Scheme aims to provide insurance cover to rural people. This scheme can be converted into Gram Santosh (Endowment Assurance). Nomination and Assignment facility is available under this scheme.
Beneficiaries Individual,
Benefits
Benefit Type Others,
Other Benefits Insurance.
Eligibility criteria Any rural person between 19 and 40 years of age is eligible for the scheme.
How to Avail The scheme can be availed by contacting the Department of Posts.
Validity of the Scheme
Introduced On 24 / 03 / 1995
Valid Upto 27 / 04 / 2011
Reference URL http://www.indiapost.gov.in/Netscape/GramSumangal.html

Option 1 : 15 years term policy [minimum age at entry is 19 years and maximum age at entry is 40 years]
Option 2 : 20 years term policy [minimum age at entry is 19 years and maximum age at entry is 40 years]

  • Insurance cover starts from the date of acceptance of the proposal.
  • Survival benefit is paid to the insurant periodically (Such payments will not be taken into consideration in the event of unexpected death of the insurant and full sum assured with accrued bonus is payable to the nominee).
  • Two type of policies i.e. 15 years term and 20 years term.
  • Minimum age at entry is 19 years and maximum age at entry is 40 years
  • Maximum sum assured is Rs.1 lac.
  • No loan facility
  • No surrender value is payable
  • Nomination facility is available.
  • Assignment facility is available.

Survival benefit is payable as under:

  15 years Gram Sumangal Plan 20 years Gram Sumangal Plan
20% of Sum Assured at the end of 6 years – at the end of 8 years
20% of Sum Assured at the end of 9 years at the end of 12 years
20% of Sum Assured at the end of 12 years at the end of 16 years
40% of Sum Assured With bonus at the end of 15 years at the end of 20 years

2 comments for “Gram Sumangal – Rural Postal Life Insurance Scheme

  1. February 14, 2015 at 1:37 am

    I am a government salary employees and posted in jharkhand.

    • RAMESH
      December 6, 2016 at 6:43 am

      Opt for PLI.

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