New Delhi: Life Insurance Corporation (LIC) offers a slew of insurance policies to investors seeking to grow their small amount of money paid monthly into a large sum at the time of maturity of the scheme.
In one such policy, LIC is offering insurance cover along with an impressive return on your money. The state-owned insurance company has named the policy as LIC SIIP, which is a unit-linked, regular premium individual life insurance scheme.
LIC SIIP features
LIC is offering 4 types of investment funds in this plan. You can invest in any of the plans of your choice. You can also opt for paying the instalments of the policy on a monthly, quarterly, half-yearly or annual basis.
How to buy LIC SIIP?
You can start investing in the LIC SIIP policy via offline and online modes. The LIC SIIP plan’s scheme number is 852 and UIN is 512L33C01. The policy is easily available for investing on LIC’s website.
There is also a grace period of 30 days for premium payment on a quarterly, half-yearly and yearly basis. For monthly instalment, you’ll get a grace period of 15 days.
Maturity period of LIC SIIP plan
The minimum age limit for this SIIP plan of LIC is 90 days and the maximum is 65 years. You can opt for the option of paying a premium for 10 years to 25 years. There is no limit on upper limit on the premium amount, which means that you can invest as much as you want. Also Read: LIC scheme: Pay a single premium in THIS plan to get lifetime returns
However, the minimum monthly premium should 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.
How to get maximum benefits from the LIC SIIP Plan?
If an investor starts investing in the LIC SIIP Plan from the age of 30 years for the next 25 years, then the maturity amount could stand at Rs 70 lakh. For this, an investor has to deposit a premium of Rs 30,000 every three months.
During the said time period, the investor would have invested around Rs 25 lakhs. It is important to note that the investor has to select the 8% interest rate option from the list of plans offered under the LIC SIIP policy to reap the maximum benefits. Also Read: Invest in THIS LIC policy to get Rs 27 lakh for daughter’s marriage