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.
| 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 |
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