Are you in search of funding choices for rising your cash? This scheme will help you change your small month-to-month financial savings into an enormous quantity on the time of maturity.
Among a slew of insurance coverage insurance policies that LOC affords, there may be one that gives insurance coverage cowl together with an enormous return in your cash. This coverage known as LIC SIIP, and it’s a unit-linked, common premium particular person life insurance coverage scheme.
In the plan, LIC is providing 4 forms of funding funds. You have the selection to spend money on any of the plans and might even go for paying the instalments on a month-to-month, quarterly, half-yearly or annual foundation.
The firm can also be providing a grace interval of 30 days for those who go for premium cost on a quarterly, half-yearly and yearly foundation. The grace interval will develop into 15 days for those who select a month-to-month instalment.
You should buy this coverage by way of offline and on-line modes. The LIC SIIP plan’s scheme quantity is 852 and UIN is 512L33C01. To know extra about this coverage, you possibly can go to LIC’s official web site.
LIC has stored the minimal age restrict for this SIIP plan at 90 days, whereas the utmost is 65 years. You pays a premium for 10 years to 25 years. Moreover, there isn’t a higher restrict on the premium quantity, which suggests you possibly can make investments as a lot as you need.
The minimal month-to-month premium, nevertheless, needs to be Rs 4,000, whereas it’s Rs 40,000, Rs 22,000 and Rs 12,000 for annual, half-yearly, and quarterly month-to-month instalments.
So, if an investor begins investing within the LIC SIIP Plan from the age of 30 years and he deposits a premium of Rs 30,000 each three months for the subsequent 25 years, he/she would have invested round Rs 25 lakhs. Now if the investor selects the 8% rate of interest choice from the listing of plans, then the maturity quantity will attain Rs 70 lakh.