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.
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
Maximum entry age
45 years – 15 year term
40 years – 20 year term
Reserve Bank of India
Public Sector Undertakings
Para Military Forces
Government-aided Educational institutions
All scheduled Commercial 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:
Anticipated Endowment Plan
Premium paying terms
Mode of payment
Through the premium receipt book or cheque.
15 year term policy
20 year term policy
100% centrally funded
Sum assured exceeding Rs.25,000 requires applicants to undergo medical examination by an authority prescribed.
Loan may be granted against the security of the policy, provided the policy has completed 3 years.
Assignment facility is available.
Policy can be assigned to any financial institution for the purpose of loan.
No alteration is allowed on the Anticipated Endowment Assurance plan.
May convert to other Endowment Assurance plan.
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.
Nominations are accepted in this policy.
Minimum sum assured
Maximum sum assured
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.
No surrender value granted under this scheme.
Benefits of Gram Sumangal
The following are the benefits and advantages of the Gram Sumangal rural postallifeinsurance 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
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.
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
I have Life Insurance policy which was taken direclty through LIC agent.This was a Jeevan Anand policy which is a Maturity benefit policy for the tenure of 20 years .The premium is paid on quarterly basis and there was no difficulties faced so far when availed this policy.I will be paying the premium through the agent.
I have taken a life insurance in LIC on 9 years before. The policy is for 15 years. I am paying premium in the quarterly package the amount of 6 thousands which is nominal. While getting a policy my agent has given an information about the policy details. It covers myself and children. It is a jeevan anadha policy.
I have taken my life insurance policy from LIC. It was a Jeevan Umang. Its almost 150 years old which covers for 95% and the people invested in LIC is higher when i compared to others. This policy has two benefits one its a life insurance policy and other is pension covered policy. After 60 of years of age, i will get the pension.
One month before I have taken a personal loan so they made to take life insurance with LIC company. On one payment need to do fully. In case if we missed to do payment or for some other reason unable to do from insurance they will claim full amount. Myself applicable for 10 lakhs but taken for 5.5 lakhs.
I have taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA on one year before. I am paying premium in the quarterly package for the amount of 2065 rupees.While getting a policy my agent has given an information about the policy details. It covers my mother only.
I have taken Life Insurance policy through LIC agent.This is a Money back policy and this tenure is for 25 years,I am paying the premium on monthly basis.I am paying Rs.2168 and paying the premium through online only .I have got the policy documents on time .I am really satisfied with the service so far.
I have taken a life insurance in ICICI PRUDENTIAL on 6 months before. The policy is for 15 years. Now I am paying premium for 25 thousands rupees. While getting a policy my agent has given an information about the policy details, however there are some charges applicable.
I have taken a life insurance in LIC on 1 year before. The policy is for 20 years. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details. It covers myself. The amount will get auto debit from my account. It is jeevan anadha policy.
I have taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA on 8 years before. The policy is for 20 years. It is a jeevan anadha policy. I am paying premium in the yearly package paying for 12 thousands. While getting a policy my agent has given an information about the policy details. It covers up to myself.
My friend has suggested me a money back from SBI LIFE. I got the policy 2 years before. I have been paying the premium amount of Rs. 7000 for every six months. I make the premium through ECS. Just for the savings purpose, i bought this policy.
One of my asked me to join in a Bajaj allianz life insurance policy. This is also money back policy. I pay the premium amount of Rs. 5000 and i have chosen the quarterly payment mode. I bought the policy 8 years back. Once the amount got credited to my account.
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Reviewed on Oct 14, 2019
There is no reason for choosing the life insurance policy from LIC. I hold a money back policy because every 5 years, i get the full money back to my account. I have been paying the premium amount of Rs. 1500 every month. I have no idea about the sum assured amount and the policy has a term of 15 years.
I have chosen the life insurance policy from Exide because its easy approved term policy which covers Rs. 30 lakhs for any type of death. Its covers for both life and accidental. I have been paying the premium amount of Rs. 10,200 and i have chosen the yearly payment mode. This policy covers upto 52 years of my age.
I have Life Insurance policy which was directly taken through LIC agent .This policy tenure is for 15 years and i am paying the premium within 6 months .I have got all the details about the insurance policy very clearly through the agent and paying the premium through agent.I am really satisfied with the service so far.
I'm getting the complete benefits in LIC. I took the life insurance policy 15 years back. I have been paying the premium amount of Rs.7000 for every six months once. They have offered me a term period of 20 years. I make the premium in their branch by cash.
I have taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA on 5 months back. The policy is for 16 years and the policy name is Jeevan labh. I am paying premium in yearly package for nearly 30 thousands . While getting a policy my agent has given an information about the policy details. It covers up to myself. I visit directly to office to do the payment.
I bought the life insurance policy from LIC because we all believe in LIC and its undertaken by the Government. I bought the jeevan Anand policy. I am paying the premium amount of Rs. 1599 for every quarter. They are providing the sum assured amount of Rs. 2 lakhs. The policy term is 20 years.
I had taken a life insurance in LIC on 21 years before. The policy is for 15 years. I was paying premium on monthly package for the amount of 800 rupees. While getting a policy my agent has given an information about the policy details. I closed the policy and settled the amount on time.
I have taken a life insurance in SHRIRAM LIFE on 3 months before. The policy is for 10 years. I am paying premium in the yearly package of 15 thousands. There is some additional charges of 4.5% for GST. While getting a policy my agent has given an information about the policy details. It covers my whole family.
I have taken a life insurance in LIC on 2 years before. The policy is for 20 years. I am paying premium in the quarterly package. While getting a policy my dad is an agent has given an information about the policy details. It is a jeevan anadha policy scheme. It covers up to myself.