LIC SIIP Plan: When it comes to investment, LIC’s special schemes often come to mind. LIC offers schemes that provide investors with security along with excellent returns. This scheme helps in meeting future financial needs. Currently, a special LIC plan is creating a buzz. With this plan, you can fulfill your financial needs. It offers the benefit of investment along with insurance cover. This plan can be a great option for those who want to make safe and planned investments for the long term.
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How to Buy the Plan
LIC’s SIIP plan can be purchased online or through an agent. Investors are offered four different fund options, from which they can choose one according to their risk appetite and investment goals. For those planning long-term investments, this plan can prove helpful in making their future financially secure.
Policy Term and Age Limit
Investment in this plan can be started from the age of just 90 days, while the maximum entry age is 65 years. If the policyholder is under 55 years of age, they receive a sum assured up to ten times the annual premium. Investors above 55 years of age are provided with a sum assured of seven times the annual premium. The policy term can be a minimum of 10 years and a maximum of 25 years. It also has a 5-year lock-in period, meaning that withdrawals before this period may incur deductions.
Premium Payment Options
LIC’s SIIP plan is quite flexible in terms of premium payment. Investors can choose annual, half-yearly, quarterly, or monthly premium options according to their convenience. The minimum amount for the annual premium is fixed at Rs 40,000. For half-yearly payments, the amount is Rs 22,000. The quarterly option has a premium of Rs 12,000, and the monthly payment is Rs 4,000. If a person invests Rs 10,000 every month, which is approximately Rs 333 per day, they can receive a sum of around Rs 23 lakh after 10 years.
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Return on the policy
The return on investment starts six months after the policy begins. In the first year, the return is approximately 5 percent of the annual premium. This increases to 10 percent after 10 years. Over 15 years, the return is 15 percent, 20 percent after 20 years, and approximately 25 percent of the annual premium after 25 years. In this way, this plan offers a balanced benefit of both investment and security over the long term.