Unlocking the Benefits of Ayushman Bhava Scheme: Eligibility and More!

Posted by Watchdoq Newsportal on September 16, 2023     

The Gram Suraksha Scheme, a pioneering initiative by India Post, is tailored to uplift underprivileged regions of India. This scheme empowers rural Indians to save and invest through the trusted Indian postal system, a cornerstone institution. Over the years, the post office has introduced a range of risk-free savings programs, accessible to all, offering substantial returns over time. These initiatives promote inclusive investment across society.

The Post Office Gram Suraksha Scheme empowers policyholders to maximize their returns by offering lower premiums until ages 55, 58, or 60. With modest investments, investors can accumulate a substantial nest egg. By investing just Rs 1,500 per month or approximately Rs 50 per day, participants can expect returns ranging from Rs 31 lakhs to Rs 35 lakhs upon maturity. It stands as one of the most secure and lucrative offerings by the Indian Postal Service.

This plan offers flexibility in premium payment, allowing investors to choose from monthly, quarterly, semiannual, or annual modes. Additionally, there's a 30-day grace period for premium payments. Let's delve into the scheme's eligibility criteria to understand who can benefit from or invest in this program.

Advantages of Gram Suraksha Rural Postal Life Insurance Scheme
Here are the key advantages of participating in this scheme:

Provides both death and maturity benefits.
Offers tax benefits under Sections 80C and 88 of the Income Tax Act, 1961.
After paying premiums for 48 months, policyholders can avail a loan against their insurance.
The option to include Endowment Assurance in the insurance.
Allows surrender of the insurance after paying 36 premiums.
Permits policy resurrection.
Offers attractive bonuses.
Transferable to any post office across India.
Eligibility Criteria for Ayushman Bhava Scheme
To become part of the Gram Suraksha Scheme, individuals must meet the eligibility standards set by the governing authority.

How Gram Suraksha Rural Postal Life Insurance Scheme Operates
Gram Suraksha Rural Postal Life Insurance Scheme operates as a Whole Life Plan, providing coverage for the insured's lifetime. Policyholders can pay premiums for their entire life or until a specific date. Surviving policyholders receive the maturity benefit, while in case of demise during the policy term, the nominee is entitled to the death benefit, with a maximum payout of one lakh rupees.

Key Considerations for Ayushman Bhava Scheme
Here are some important factors to note:

The scheme does not qualify for a bonus if terminated within the first five years.
Offers a loan facility after four years of investment.
Conversion into an endowment assurance policy is possible until the age of 59, provided it's not within one year of premium cessation or maturity.
Premium payment eligibility spans between 55 and 60 years of age.
Surrendering the policy after three years of investment results in no benefits, or if surrendered, the authority provides a proportional incentive based on the lesser amount.
The scheme's most recent disclosed annual incentive stands at Rs 60 per Rs 1000 cash assured.
Now equipped with insights on how investments can secure your family's future, you're ready to make an informed decision.