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Gram Sumangal Rural Postal Life Insurance Scheme

Gram Sumanagal Rural Postal Life Insurance Scheme is an endowment scheme which provides people living in rural areas to receive cashbacks on a regular basis along with insurance cover. There are two types of plans under this scheme.
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The Gram Sumangal Rural Postal Life Insurance Scheme, also referred to as the Anticipated Endowment Assurance is a money-back scheme. The policy is ideal for individuals who have periodic requirements of cash for their short-term financial liabilities. This scheme is targeted to provide insurance cover to the people belonging to rural areas. There are two types of plan under this scheme – 15 years term and 20 years term.

Eligibility Conditions for Gram Sumangal

Minimum entry age 19 years
Maximum entry age 45 years – 15 year term 40 years – 20 year term
Eligible employees Employees of:
  • State Government
  • Reserve Bank of India
  • Central Government
  • Local Bodies
  • Defence Services
  • Public Sector Undertakings
  • Para Military Forces
  • Government-aided Educational institutions
  • All scheduled Commercial banks
  • Autonomous bodies
  • Financial institutions
  • Nationalized banks
  • Extra departmental agents in Department of Posts

Key Features of Gram Sumangal

The important features of the Anticipated Endowment Assurance or the Gram Sumangal scheme are given in the table below:

Plan type Anticipated Endowment Plan
Plan basis Individual
Premium paying terms Monthly
Mode of payment Through the premium receipt book or cheque.
Policy term
  • 15 year term policy
  • 20 year term policy
Funded By 100% centrally funded
Medicals Sum assured exceeding Rs.25,000 requires applicants to undergo medical examination by an authority prescribed.
Loan facility Not available. Loan may be granted against the security of the policy, provided the policy has completed 3 years.
Assignment facility Assignment facility is available. Policy can be assigned to any financial institution for the purpose of loan.
Alterations
  • No alteration is allowed on the Anticipated Endowment Assurance plan.
  • May convert to other Endowment Assurance plan.
Policy revival
  • If the policy is in full force for 3 years and the premium has not been paid for six months or if the policy has been in full force for more than 3 years and the premiums have not been paid for 12 months, the policy gets lapsed.
  • Lapsed policy can be revived at any time within a year of maturity.
  • It is not allowed more than once in the policy term.
Nomination Nominations are accepted in this policy.
Minimum sum assured Rs.10,000
Maximum sum assured Rs.5,00,000
Grace period In case of missed premiums, an individual will have to a minimum of Rs.1 per 100 of sum assured amount as fine. The individual can make the payment in the succeeding month.
Surrender value No surrender value granted under this scheme.

Benefits of Gram Sumangal

The following are the benefits and advantages of the Gram Sumangal rural postal life insurance scheme:

  • Survival Benefit: The survival benefit under the Gram Sumangal scheme is cleared in periodic payments. The following table indicates the survival benefit payable under the policy scheme:
15 year term Gram Sumangal 20 year term Gram Sumangal Survival benefit
6 years completion 8 years completion 20% of sum assured
9 years completion 12 years completion 20% of sum assured
12 years completion 16 years completion 20% of sum assured
15 years completion 20 years completion 40% of sum assured
  • Death Benefit: In case of the death of the assured individual during the term under the Gram Sumangal, the total sum assured and the accumulated bonus is payable to the nominee without any adjustments from the already made periodical payments towards survival benefit.
  • Maturity Benefit: On maturity of the policy term, the insured receives the sum assured along with the earned bonuses, if any.
  • The assured is covered from the day the insurance scheme proposal is accepted.

How Gram Sumangal Works

The Gram Sumangal or the Anticipated Endowment Assurance works in two kinds of plans:

Plan 1: 15 year term policy

Plan 2: 20 year term policy

The sum assured under these plans are paid in four installments throughout the term. In case the assured meets with death, the nominee receives the sum assured with the accumulated bonus amount, if any. The payment does not involve any adjustment from the previously made survival benefits payments. In case the premium is ceased prior to its maturity date, the reduced sum assured is granted, only if there has been no missed premiums for at least three years, only at the end of the policy’s term date.

Riders

No riders available under this policy scheme.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Gram Sumangal Rural Postal Life Insurance Scheme Reviews

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  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am happy with life insurance of corporation of India I have life insurance corporation of India last five years back, my plan is fifteen years , and this is single insurance. This is best customer service provided and response at a time and this is best insurance is all over insurance
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy through LIC agent.The name of the policy is Jeevan Anand . The policy tenure is for 15year and 7years completed now .I have got the policy documents on time .There are grace period no extra charge if premium is paid on delay basis.I am paying the premium on yearly basis .I am paying cash payment will pay through branch .
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 23, 2019
  • Bharti Axa Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am holding the TERM PLAN policy with the BHARTI-AXA LIFE INSURANCE where i am using it since from last many years. The sum assured amount with this policy is of 25L for the nominee. The policy maturity period is for long term. The premium paying for monthly once.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    MAX LIFE INSURANCE is the insurance provider where i am holding the TERM PLAN with this policy, and using it since from last 6 years. The policy has the maturity period of this policy is for 70 years of the age. The premium paying for monthly once.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "long lasting investing plan "
    0.5 4.0/5 "Great!"
    For my family benefit, I taken a investment plan in LIC for next twenty years . I need to pay an amount of 8000 rs per annum. They will send me the debit message after the money has been deducted from my account . I got the physical copy for my insurance policy when I started the plan .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "Need to improve the benefits"
    0.5 3.0/5 "Satisfactory"
    The benefits are too less in LIC as compared to other insurer. I have taken 3 to 4 policies through agent, he is very helpful. I use to pay the premium through cheque, its around 50K in a year. I have opted for a long term policies and the sum assured is less.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    Max life is also good and the premium is reasonable for the life insurance. I took a short term plan and the tenure is 10 years. The customer services are good. I make the premium through ECS, it was around 70,000 rupees per annum for two policies.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 23, 2019
  • ICICI Prudential Life Insurance
    "Good benefits"
    0.5 4.0/5 "Great!"
    I have a life insurance policy, the benefits are good with ICICI prudential. I have taken 2 policies and using the service for last 7 years. The service is good with them. They have explained me the policy about the benefits. It was taken for tax benefits. The payment was debited from my account in a yearly basis.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the CHILD PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am using it since from last 17 years. The policy has the maturity period of long term as the premium paying for monthly once through the ecs from the salary. The service is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION plan with the LIFE INSURANCE CORPORATION OF INDIA where the maturity period of this policy is for long term also the premium paying for monthly once through the ECS from the salary. I am using from last 17 years it gives the coverage for disability, life coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have taken the LIFE INSURANCE CORPORATION OF INDIA and using it since from last 17 years. The name of the policy is ENDOWMENT plan where the maturity period is for long term also the premium paying for monthly once. The policy gives the self coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance Policy through LIC agent premium is very nominal ,The name of the policy is jeevan anand policy .This policy for 20years The payment is paid through branch,online and through agent ,policy documents got on time ,premium is paid delay also need to pay extra amount.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 22, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance with Life insurance corporation of India from past 10 years, i have been taken two policy from them, the agent had clearly explain me about the plan benefits and policy coverage, the premium amount i use to pay on monthly basis through on line mode.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 22, 2019
  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have a money back policy with LIC and it was taken long back. But am not happy with the maturity value. I make the premium quarterly basis, its 1500 rupees. I have not reached the customer service. It is a life time policy, every 4 year will be getting bonus. Last 2 premiumâ??s have paid through online and before that made cash.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 22, 2019
  • HDFC Life Life Insurance
    "Satisfactory policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance of 30L which has addon benefits of critical illness and accidental. I have chosen HDFC LIFE after doing online comparison because the premium is less and the tenure is 15 years but I need to pay only for 10 years and remaining 5 years will be paid by the insurer. The policy was started 3 months back with the monthly premium of 1600 rupees. The customer service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 22, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    I have only one policy with LIC, I used to pay the premium of Rs. 1727 on quarterly basis it has the duration of 10 years. Then I will getting the sum assured. I almost paid for 7 years, they have tax benefits and life coverage for the accidental and natural death.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 22, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I hold my life insurance with LIFE INSURANCE CORPORATION OF INDIA, the agent had clearly explain me about the plan benefits, policy coverage and the term and conditions, they have given me hard copy as well, their customer care service is good, the premium amount on yearly basis , i use to pay through on line.
    Was this review helpful? 0
    , thane
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 3.5/5 "Pretty good"
    I have purchased the JEEVAN BHIMA policy with the LIFE INSURANCE CORPORATION OF INDIA where i am using it since from last few years and the maturity period of this policy is for 35 years. The premium paying for three months once and it gives the family coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    The name of the policy is JEEVAN ANAND that i am using it since from last 25 yrs. The maturity period of this policy is for 35 years. The premium paying for 3 months once, it gives the policy coverage is for family also it provides the life coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am holding the JEEVAN ANAND policy with the LIFE INSURANCE CORPORATION OF INDIA and the maturity period of this policy is for 20 years also the premium paying for the policy is for 6 months. It gives the policy coverage for complete family.
    Was this review helpful? 0
    , vadodara
    Reviewed on Apr 20, 2019
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