LIC SIIP policy 2021, makes Rs 70 lakh by investment a little every month.
Here we come with a new IMP News In our informative blog site knowing steps360. Most of the insurance policy customers in India belong to the government company Life Insurance Corporation (LIC). LIC has launched a special type of policy to give the benefit of investment with insurance to its crores of customers. Under this, along with the insurance cover to the customers, you also get back the premium amount with maturity at a good profit. If you buy this policy, you get insurance cover as well as investment protection. You can buy this policy through both offline and online modes.
The scheme number of this SIIP plan of LIC is 852 and UIN is 512L33C01. You will easily find this policy on LIC's website. LIC has provided 4 types of investment funds in this plan. You can invest in any one of these. The facility of paying the installments of the policy is also monthly, quarterly, half-yearly, and annually. There is also a grace period of 30 days for premium payment on a quarterly, half-yearly, and yearly basis. This grace period has been kept for 15 days for monthly installment.
What are the maturity and eligibility conditions?
The minimum age limit for this SIIP plan of LIC is 90 days and the maximum is 65 years. The minimum maturity age of the policy is 18 years. Whereas, the maximum maturity limit is 85 years. In the LIC SIIP policy, the option of paying a premium for 10 years to 25 years can be chosen.
Premium Payment Limit For LIC SIIP
In LIC SIIP no limit has been fixed for taking minimum premium policy and taking maximum policy and paying a premium. In this, you have the option to invest as much as you want. The minimum annual premium should be Rs 40,000, Rs 22,000 on a half-yearly basis, Rs 12,000 on a quarterly basis, and Rs 4,000 on monthly basis.
How will you get the benefits of this plan?
According to the information given by LIC, if a normal person of 30 years takes a policy for a term of 25 years and has to deposit a premium of Rs 30,000 every three months, then that person takes a sum assured of Rs 12 lakh. LIC has explained the returns on this policy according to the returns of 4 percent and 8 percent through a chart.
If the investor gets a return of 4%, then on completion of the insurance cover, he will get Rs 40 lakh. During this, the investor would have deposited Rs 25 lakh. According to the return of 8%, the investor can get Rs 70 lakh after maturity. In this, they will have to invest Rs 30 lakh. During this, the benefit of insurance cover will continue to be available.
Good Return According to Policy
If you take this plan for 6 years, then in total you will deposit Rs 7.20 lakh. According to the return of 4 percent, Rs 7,21,223 will be returned. At the same time, if you get a return of 8 percent, then you will get back Rs 8,14,046.
On a 15-year plan, you will deposit a total of Rs 18 lakh and if you are getting returns at the rate of 4 percent, then you will get back Rs 20,82,359. If the return is 8 percent, then you will get back Rs 28,43,445.
At the same time, under the 20-year plan, you will deposit Rs 24 lakh. According to the return of 4 percent, you will get back Rs 29,80,302. In terms of a return of 8 percent, Rs 45,65,888 will be returned.
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