LIC Update: In this scheme of LIC, you will get Rs 19.3 lakh on an investment of Rs 10 lakh..

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LIC SIIP: At present, every person wants better returns on investment. For this, people prefer to invest in mutual funds and stock markets instead of traditional savings schemes. If you also want to earn better returns in the future by investing money in schemes related to the equity market, then you can invest in LIC's SIIP. The special thing is that in this scheme, money has to be deposited in installments and there is a possibility of getting about double the return on maturity.

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SIIP i.e. Systematic Investment Insurance Plan, is a unit-linked insurance plan, in which the return is subject to market risks. At the same time, it also provides insurance protection along with investment. Let us know the features related to this scheme.

Both insurance and investment-
SIIP is a unit-linked insurance plan in which the benefits of both mutual funds and life insurance are available. Unit-linked insurance plans are those schemes in which the company invests the amount to be invested in equity, government bonds, and securities.

Policyholders get four different fund options for investing in LIC's SIIP plan. These include bond funds, balanced funds, secured funds, and growth funds. All these funds have their risks. However, policyholders can change a fund after selecting it. The highest return is obtained in growth funds because, under this fund, up to 80 percent of the money is invested in the stock market, where the possibility of returns is high. However, market risk is also involved.

How will the money double?
This plan is available for different periods of 10, 15, 20 and 25 years. Suppose, you take the SIIP plan for 10 years and choose the option of growth fund. Under the scheme, if you deposit Rs 100,000 every year, then a total of Rs 10,00000 will be deposited in 10 years. On maturity, you will get a total of Rs 19.3 lakh in terms of NAV growth of 15 percent. However, this is a possible calculation.

LIC launched the SIIP plan in March 2020. Then the value of NAV was 10 and now it is 16.43, that is, it has grown by 64.3 percent from the beginning till now. At the same time, this return was 23.55 percent on an annual basis. Actually, in the ULIP plan, the policyholder is given NAV i.e. Net Asset Value. As the value of NAV increases, the return is calculated based on the total NAV available to you.

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- To take a LIC SIIP policy, the age of the policyholder should be at least 90 days i.e. 3 months, and the maximum age of 65 years.

- Accidental death benefit rider option and partial withdrawal facility are available as two optional benefits in SIIP.

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