If the policyholder dies during the term of the policy, the company pays a lump sum return of 105 per cent of the total premium to the nominee.
The country’s largest government insurance company has many types of plans for the common people. If you want to earn money from Mutual Funds and want to get better returns without the risk of market, then this plan of LIC is the best. The name of this plan is LIC’s SIIP plan. This is a unit linked plan.Also Read: New Challan Rules: Central government made new challan rules, issued these guidelines to the state government
As the term of your policy increases, the percentage of your guaranteed income also increases. In this scheme, you also get the option to choose from many riders. If the policyholder dies during the term of the policy, the company pays a lump sum return of 105 per cent of the total premium to the nominee. At the same time, even after the term of the policy is over, you get a return of 105 percent of the total amount.Also Read: EPFO: Transfer PF money to another bank account sitting at home, know the easy way quickly
You have taken this policy for 10 years. Its annual installment is Rs 40,000. Which works out to around Rs 3,333 monthly. On completion of 10 years, you get a guaranteed return of 105 percent i.e. Rs 4.20 lakh. To understand this more understand the calculation. In 10 years, you deposited an amount of about Rs 3,99,960 at the rate of Rs 3,333. Now that you have completed the tenure of 10 years, then according to the current NAV and returns, you will get a profit of Rs 3.08,068 on this. That is, after 10 years you will get a total amount of Rs 7,08,028.Also Read: LIC Policy: Deposit a premium of Rs 43 daily, earning Rs 3333 per month
The special thing about this policy is that in addition to almost doubling your amount, you get more benefits. Like the facility to withdraw money in between, the facility to switch your funds, the facility to revive the discontinued policy, the facility of pre look period and you can also take a loan against this policy.
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