Post Office Gram Suraksha Yojana

Post Office Gram Suraksha Yojana is a scheme where the assured amount with accrued bonus is payable to the insured either on attaining the age of 80 years, or to his/her legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim.

The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population

Eligibility Criteria for Post Office Gram Suraksha Yojana

Following are the eligibility criteria for Gram Suraksha Yojana.

• Minimum & Maximum age at entry: 19-55 years

• Loan facility after 4 years

• Surrender after 3 years

• Not eligible for bonus if surrendered before 5 years

Documents Required for Post Office Gram Suraksha Yojana

Following documents are required for Post Office Gram Suraksha Yojana.

• Aadhar Card

• PAN Card

• Age Proof (Birth Certificate/ Matriculation Certificate/ Driving License/ Passport)

• In case you are not having any valid proof of date of birth you may produce any of the following documents (non standard age proof*):

• Self-declaration attested by Panchayat member/gram Pradhan. 

• Medical officer’s appropriate age certificate. 

• Voter ID bearing age. 

• Aadhar Card

*Policy(ies) taken on non standard age proof will be charged 5% additional premium

Benefits under Post Office Gram Suraksha Yojana

Following are the benefits under Post Office Gram Suraksha Yojana.

• Minimum Sum Assured Rs. 10,000; Maximum Rs. 10 lac

• Can be converted into Endowment Assurance Policy upto 59 years of age of the insurance provided the date of conversion does not fall within one year of the date of cessation of premium payment or date of maturity.

• Premium paying age can be opted for as 55,58 or 60 years

• Proportionate bonus on reduced sum assured is paid if policy is surrendered

• Last declared Bonus- Rs. 60/- per Rs. 1000 sum assured per year

Payment of Premium under Post Office Gram Suraksha Yojana

The premium payment is the most important and most frequent event in the lifetime of a Policy and you must not forget to pay the premium in time.  Failure to pay premium in time results in lapsation of policy which means the life cover will not be available to you. * There are concessions on this under certain conditions.  However, generally, the life risk is not covered during the lapsation period.  Delay in payment of premium invites late fee. The premium must be paid in advance on the first day of each month. However, grace period is allowed upto the last working day of the month. Please note from the Policy Bond, date of commencement of the policy, due date and mode of payment of premium.  Mode of payment means the frequency i.e. yearly, half-yearly, quarterly, monthly etc.  Based on this information, you can draw a chart of due dates for premium payment in your diary.  For example, if the date of commencement is 20 June 2008 and mode is Quarterly, the due dates will be 1st June, 1st September, 1st December, 1st March. Please note these dates and the premium amount against the Policy number in your diary. You are a responsible person and surely you will not forget to pay your premia in time. we shall be sending a premium notice.  Please do not wait for notice for payment of premium. It is your responsibility to remember to pay a premium in time.

Loan under Post Office Gram Suraksha Yojana

Loan will be granted on the security of Policy if the Policy has been in force for at least 3 years, and is otherwise unencumbered and has acquired a minimum surrender value of Rs. 1000/- Subsequent loans are also permissible subject to fulfilling conditions prescribed.

Nomination under Post Office Gram Suraksha Yojana

It is extremely important that your policy should have a nominee. At times unfortunate delay in settlement of death claims occurs just because the nomination was not made.  As a responsible person you will surely nominate someone, preferably a near and dear one from your family, if not already done.  Please check whether your nominee’s name is appearing correctly in the policy schedule.  Nomination can be done/changed at any point of time.  However, if you assign your Policy [say, to a bank, to get loan], the nomination gets automatically canceled.  On reassignment, ownership of the Policy comes back to you, but the old nomination does not automatically get revived.  You have to, in such cases, nominate afresh. The insurer is advised to nominate the person to whom the claim amount shall be payable in the event of his/her death. In the case of a minor nominee, name and concern of the appointee (guardian) who may receive the said amount on behalf of the minor must be given. In the event of nominee predeceased insurance, change in nomination must be registered with the CPC through your post office.

Lapsing of Policy

The policy shall be treated as lapsed in case you fail to pay the premium/premia that has/have become due. In case of policies of less than three years duration, if more than six premia are not paid, the policy lapses. In case of policies of more than three years duration, if more than twelve premia are not paid, the policy lapses.

Form

Post Office Gram Suraksha Yojana Form

References

While crafting this guide, we have consulted reliable and authoritative sources, including official government directives, user manuals, and pertinent content sourced from government websites.

Post Office Gram Suraksha Yojana