Getting safe investment and great returns is the dream of every investor. This is the reason why people like to invest money in government insurance company LIC. There are many schemes of LIC, which give good interest along with security. Similarly, in post office schemes also you get excellent returns on safe investments.
New Delhi. Government insurance company LIC gives many such options to its investors, where their money is safe and good interest is also available. Many post office schemes also guarantee excellent returns and security to their investors. If you are also looking for a similar option to invest your money, then you can try your hand at any scheme of LIC or Post Office. You will get 9 options from the post office, where you can earn up to 8 percent interest annually. Similarly, many schemes of LIC can also be of your use.
If you are thinking of getting good interest by investing money in the post office, then many schemes are suitable for you. In this, from Savings Account, Time Deposit (TD) Account to SCSS, PPF, KVP, NSC, MIS and Sukanya Samriddhi Account (SSY) can be opened. In these accounts you will get excellent returns up to 8%.
Monthly Income Scheme (MIS)
Monthly Income Scheme (MIS) is an investment scheme run under the Union Ministry of Communications. Even if you want a fixed amount every month for essential expenses, Post Office Monthly Income Scheme is the right option for you. The Post Office Monthly Income Scheme (POMIS) offers 7.1 per cent interest per annum. An account can be opened in the post office MIS with a minimum of Rs 1000. Your capital is safe in this. Also get better returns as compared to debt instruments.
Senior Citizen Savings Scheme (SCSS)
The maturity period of this scheme is 5 years. The current interest rate on SCSS is 8 per cent per annum. Investment can be made only once in this account, which ranges from minimum Rs 1000 to maximum Rs 15 lakh. Under SCSS, a person of 60 years or more can open an account.
5 Year Recurring Deposit (RD)
RD opens in the post office on a minimum installment of Rs 100 per month. Its maturity period is 5 years. The current interest rate on post office RD is 5.8 percent per annum. The account can be opened in the name of a minor above 10 years of age and a mentally weak person, in single or joint. If it is opened before 15th of the month, then your monthly installment should be deposited in it before 15th of every month.
Post Office Time Deposit (TD)
The government has increased the interest rates of post office time deposit scheme by 20 basis points on January 1, 2023. After this increase, now the five-year FD scheme of the post office is getting 7.00 percent interest rate. Customers are getting 6.6 percent interest rate on 1 year FD. At the same time, 6.8 percent interest rate is being offered on FD of 2 years and 6.9 percent on FD of 3 years.
LIC offers a variety of insurance and investment options.
New Bima Bachat Plan
This is a money back plan. In this, on maturity, the single premium along with the loyalty addition (if any) is returned. This scheme also takes care of the cash needs of the investor, hence loan facility is available in it. There are policy term options of 9, 12 and 15 years available. In the plan, the Sum Assured is payable on death during the first five years of the policy term. The minimum age for investors in New Bima Bachat Plan is 15 years. Whereas, the maximum age is 50 years.
New Jeevan Shanti deferred annuity plan
LIC has offered this scheme for pension after retirement. It is a non linked, non participating, individual, single premium, deferred annuity plan. For joint life plan, you have to invest at least Rs 1.5 lakh. Which you can pay on yearly, half-yearly, quarterly or monthly basis as per your convenience. The minimum annuity ie annual salary in this plan is Rs 12,000.
LIC New Children’s Money Back Plan
The minimum age to take this insurance is 0 years. Maximum age for taking insurance is 12 years. Its minimum sum insured is Rs.10,000. Premium Waiver Benefit Rider option also available. The total term of LIC’s New Children’s Money Back Plan is 25 years. Under this plan, LIC pays 20% of the basic sum assured when the child turns 18, 20 and 22.
