If the policy holder 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.
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 policy holder 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 end of the policy term, you get a return of 105 percent of the total amount.
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% 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.
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.
In this policy of LIC, you have to deposit Rs 3810 every month. In this sense, you will have to save Rs 127 every day. On depositing Rs 3810 every month, you will get Rs 27 lakh after 25 years. To take this policy, you will have to provide documents like Aadhar card, income proof, any one identity card, address proof, birth certificate and passport size photo.