If you want to save a small portion of your income for the future, the Post Office Government Scheme is beneficial for you. Under this government scheme, the government guarantees your money. People often hesitate to invest in stock market schemes. Therefore, this Post Office account scheme may be a reliable option for you.
The Post Office's Gram Suraksha Yojana is one such scheme. This scheme offers life insurance protection and bonus benefits. This scheme, run under the Rural Postal Life Insurance (RPLI), allows you to build a substantial corpus by making small deposits over a long period of time.
Benefits of Village Security Scheme?
Being a government scheme, it is considered a safe option.
Along with insurance protection, you also get the benefit of savings.
The family gets financial security.
This gives an opportunity to build a large corpus in the long run.
There are monthly, quarterly, half-yearly and annual installment options for premium payment.
How can you build a large corpus by saving ₹1,000? ₹100 every day?
If you set aside ₹100 from your daily expenses, you can deposit ₹3,000 per month and approximately ₹36,500 per year. This means that if you join this scheme at age 19, you can continue paying premiums until you reach age 60. Thus, after investing for approximately 41 years, your total deposit could reach approximately ₹14.96 lakh.
However, the maturity amount doesn't depend solely on the amount you deposit. The chosen sum assured and the bonuses announced by the government also play a role.
How to create a fund of more than Rs 30 lakh?
If you have a sum assured of Rs 10 lakh, you get an annual bonus of Rs 60 for every Rs 1,000 you add. An approximate calculation can be done as follows.
Sum Assured: Rs 10 lakh
Annual Bonus: Approximately Rs 60,000
Bonus at 41 years: Approximately Rs 24.60 lakh
Total Maturity Amount: Approximately Rs 34.60 lakh
This means that over the long term, this amount could reach approximately ₹35 lakh. However, the final amount depends on your age, premium, the sum assured chosen, and the bonus rate announced by the government. Therefore, it's important to obtain all this information from the post office before investing.
How to apply?
If you'd like to invest in this scheme, you can apply at your nearest post office. You'll need documents like your Aadhaar card, PAN card, identity card, address proof, proof of age, and a passport-size photo.
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