LIC Benefits: Different plans are offered to customers through LIC. People can select the plan as per their wish and requirement and start investing. Here we are going to tell you about an important plan of LIC. Let us know…
LIC Plan: Life Insurance Corporation of India (LIC) provides a wide range of life insurance plans to the people. Through these plans, people can invest for the long term and also get financial coverage on their lives. Through LIC’s life insurance, people get benefits both during life and after life. In such a situation, today we are going to tell you about an important plan of LIC, which can be started even with less money and good returns can be obtained.
LIC’s New Endowment Plan
The name of the plan we are talking about here is LIC’s New Endowment Plan (914). Through this plan, people can open LIC for 35 years. The age of the person being covered through this plan should be minimum 8 years and maximum 55 years. Whereas the minimum sum assured for this plan should be Rs 1 lakh.
Keep these in mind,
to earn good returns from any insurance plan of LIC, a person’s age and policy tenure matter a lot. Apart from this, the amount you invest is also very important. In such a situation, whenever you get a policy, you should pay a lot of attention to these three aspects.
Example:
If a person starts investing in this plan at the age of 25, has a policy tenure of 35 years and chooses the sum assured of Rs 9 lakh, then the monthly premium of the person for the first year will be Rs 2046. From next year, a person will have to pay a premium of Rs 2002 every month for this policy.
This much fund can be created.
In such a situation, for a sum assured policy of Rs 9 lakh, a person will have to pay a total premium of Rs 8,23,052 for 35 years. In its returns, the person will get Rs 43,87,500 on maturity after 35 years. In such a situation, a person can create a fund of more than Rs 43 lakh by paying a monthly premium of Rs 2,000 for 35 years.
Insurance Policy: What is the difference between first party and third party insurance, know here
