LIC scheme: Invest Rs 10 lakh and earn profit of Rs 35 lakh, know details

Individuals instantly think of the Life Insurance Corporation of India (LIC) when discussing investments. People have long seen investing in LIC as secure. Despite the availability of other investment options today, the public still views LIC with credibility. The biggest insurance provider in the nation, LIC offers several programmes. If you also intend to invest in LIC, you can earn money by putting money into the LIC Regular Premium Unit Linked Plan, SIIP. You can receive 45 lakh rupees after the scheme matures if you invest approximately 10 lakh rupees for 21 years and receive a profit of approximately 35 lakhs. Know the important facts of this plan. 

Learn how to gain profit

A SIIP is an organised Investment Insurance Plan. You must make a monthly investment of about Rs 4000 in the LIC SIIP programme. This investment must be made over 21 years. If you invest at the rate of Rs. 4,000 per month, you will have amassed Rs. 48000 in one year and Rs. 10,08,000 in 21 years. You will be eligible to get a total of 45 lakh rupees once this programme is finished. Consequently, you will have a profit of Rs 34,92,000, or nearly Rs 35 lakh, once the plan is finished. 

There are four ways to deposit in a premium 

Under the SIIP programme, you have four options for paying the premium: monthly, quarterly, half-yearly, and annually. If you pay the premium in full for the entire year, you will only have to pay Rs 40,000 as opposed to Rs 48,000 every month. In addition, payments of Rs. 22,000 semi-annually and Rs. 12,000 quarterly are required. For quarterly, half-yearly, and annual premium payments, there will be a grace period of 30 days, and for monthly premium payments, the grace period will be 15 days. 

Insurance will cover 

As part of the SIIP programme, investors also receive insurance coverage up to the value of Rs. 4,80,000. This insurance is available offline and online. There is no need for a Demat account for this. Five years are the SIIP lock-in term. The investor can then cancel the investment at any moment. After five years, there are no surrender fees. Remember that the average maturity amount is predicated on a 15% annual growth rate in NAV. However, you must still seek professional counsel before making any investments.