Gram Suraksha Yojana
“Museebat kabhi bata ke nahi aati” is a very common Indian phrase that means that when emergencies strike, they don’t warn you before striking. That is, emergencies do not have any concern for whether you are prepared for them or not. But, at the same time, emergencies don’t care whether you can afford the measures needed to prepare for unforeseen situations. Sure, an average Indian household can afford to secure themselves by subscribing to insurance schemes. But what about the households that fall below the poverty line? What about those who can not afford an insurance scheme? Surely they are not left alone. How? Read further to find out.
Table of Contents
The Gram Suraksha Yojana
The Gram Suraksha Yojana is a Government-backed life insurance scheme offered through post offices throughout the country. Following is a table to summarise the details of the scheme.
|
Aspect |
Description |
|
Scheme Name |
Gram Suraksha Yojana |
|
Offered By |
Post offices across India |
|
Eligibility |
Individuals aged between 19 and 55 years |
|
Policy Term |
Flexible terms ranging from 10 to 40 years |
|
Sum Assured |
Minimum ₹10,000 to a maximum of ₹10 lakhs |
|
Premium Payment |
Monthly, Quarterly, Half-Yearly, or Yearly |
|
Maturity Benefits |
Sum assured plus accrued bonus on maturity. |
|
Death Benefit |
Sum assured paid to the nominee in case of the policyholder's demise. |
|
Loan Facility |
Available after 4 years. |
|
Can be surrendered after 3 years of continuous premium payment. |
Benefits Provided By The Gram Suraksha Yojana
The following benefits are offered by the Gram Suraksha Yojana to the poor, especially rural households.
Affordability
The Gram Suraksha Yojana allows investors to invest as little as just ₹50 per day to avail returns ranging between ₹31 Lakh to ₹35 Lakh on maturity. When compared to typical insurance schemes, this is much more affordable for the rural and poor population.
Flexibility
The policyholder has the option to choose the investment horizon as per their financial goals. They may choose the scheme for options between 10 years and 40 years.
Bonus
Once the term of the scheme is completed, the policyholder gets back very high returns and, on top of that, receives a bonus as well, (this is applicable only if the policyholder does not surrender the policy for up to 5 years).
Life Insurance Payout
In the case of the policyholder expiring, the nominees receive the full sum assured.
Loan Option
The policy acquires a surrender value after 3 years. After 4 years, a loan may be availed against it, adding to the financial stability of the family of the policyholder.
Accessibility
This scheme's geographical coverage is very wide since it is offered through post offices that are very well distributed within the country, connecting even the most remote areas.
Safe And Secure
Since the Gram Suraksha Yojana is government-backed, it is very secure and reliable.
How To Apply For The Gram Suraksha Yojana?
You may apply for the Gram Suraksha Yojana both online and offline.
Offline
- Visit your nearest post office and take the application form for the scheme.
- Fill in the required details and attach the necessary documents.
- Submit the form at the post office and keep the receipt safe for future use.
Online
- Visit www.indiapost.gov.in/vas/Pages/IndiaPostHome.aspx
- Select the ‘Postal Life Insurance’ option.
- Click on the ‘Purchase a Policy’ option and select ‘Quote’ from the drop-down menu.
- Enter the details required
- Under ‘Product Type’, choose ‘RPLI’.
- For ‘Product Name’, select ‘Gram Suraksha’.
- Opt for the Premium Ceasing Age from the given choices.
- You will then see the premium quotes for yearly, half-yearly, quarterly, and monthly payments against the sum assured. Choose the option that best suits your needs.
- You'll be taken to an online form to provide details about the proposer and the insured. Fill in other necessary details such as employment information, medical history, previous insurance, and desired coverage.
- Sign the ‘Declaration’ to move forward with the payment process.
- Complete the initial premium payment to activate your policy.
- You will receive your policy documents within ten days after submitting all the required documents.
Documents Required
- Aadhar Card
- Address Proof
- PAN Card
- Income Certificate
- Bank Account Details
- Passport-size Photographs
- Medical Certificate in some cases
Gram Suraksha Yojana Premium Calculator
Since there is no fixed premium and return for the scheme, not even a fixed tenure, in order to determine your premium, you will need a calculator. Such calculators are available online, and in order to calculate your premium, just follow these steps:
- Enter details such as age, policy tenure, and the sum insured.
- Select the payment frequency out of monthly, quarterly, semi-annually, and annually.
Conclusion
Thus, we conclude a very precise article on the Gram Suraksha Yojana provided by the Indian government through postal offices. The scheme not only acts as a life insurance policy for rural households but also is a way for them to secure loans for their personal use and to earn a good return on their investments topped off with a bonus.
Frequently Asked Questions
Q1. Are there any special eligibility criteria for the scheme?
Ans - No, any Indian citizen between 19 and 55 years of age may avail the benefits of this scheme.
Q2. What was the last declared bonus on the Gram Suraksha Yojana?
Ans - The last declared bonus as per the Indian Post’s website is ₹60/- per ₹1,000 sum assured per year.
Q3. What are the documents required for Gram Suraksha Yojana?
Ans - The documents required for enrolling in the Gram Suraksha Yojana are Aadhar Card, Address Proof, PAN Card, Income Certificate, Bank Account Details, Passport-size Photographs, Medical Certificate in some cases.
