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LIC scheme: Invest little amount every month, get Rs 70 lakh on maturity

Are you looking for investment options for growing your money? This scheme can help you convert your small monthly savings into a huge amount at the time of maturity.

Among a slew of insurance policies that LOC offers, there is one that offers insurance cover along with a huge return on your money. This policy is called LIC SIIP, and it is a unit-linked, regular premium individual life insurance scheme.

In the plan, LIC is offering 4 types of investment funds. You have the choice to invest in any of the plans and can even opt for paying the instalments on a monthly, quarterly, half-yearly or annual basis.

The company is also offering a grace period of 30 days if you opt for premium payment on a quarterly, half-yearly and yearly basis. The grace period will become 15 days if you choose a monthly instalment.

You can purchase this policy through offline and online modes. The LIC SIIP plan’s scheme number is 852 and UIN is 512L33C01. To know more about this policy, you can visit LIC’s official website.

LIC has kept the minimum age limit for this SIIP plan at 90 days, while the maximum is 65 years. You can pay a premium for 10 years to 25 years. Moreover, there is no upper limit on the premium amount, which means you can invest as much as you want.

The minimum monthly premium, however, has to be Rs 4,000, while it is Rs 40,000, Rs 22,000 and Rs 12,000 for annual, half-yearly, and quarterly monthly instalments.    

So, if an investor starts investing in the LIC SIIP Plan from the age of 30 years and he deposits a premium of Rs 30,000 every three months for the next 25 years, he/she would have invested around Rs 25 lakhs. Now if the investor selects the 8% interest rate option from the list of plans, then the maturity amount will reach Rs 70 lakh.

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