LIC Special Plan: In March 2020, LIC released its SIIP plan. The value of NAV was 10 at the time, and it is currently 16.43, representing a 64.3 percent increase from the inception to the present
LIC Special Plan
Nowadays, everyone seeks higher returns on their investments. People choose to invest in mutual funds and stock markets for this purpose rather than traditional savings schemes. If you desire to generate greater returns in the future by investing in stock market-related schemes, you may do so through LIC’s SIIP. The unique aspect of this program is that money must be placed in installments, with the option of receiving nearly twice the return on maturity.
LIC Special Plan: SIIP, or Systematic Investment Insurance Plan, is a unit-linked insurance plan whose returns are subject to market risks. At the same time, it offers insurance protection in addition to investing. Please tell us about the features of this scheme.
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LIC Special Plan: SIIPs are unit-linked insurance plans that combine the advantages of mutual funds and life insurance. Unit Link Insurance Plans are those in which the corporation invests the premium in stock, government bonds, and securities.
LIC Special Plan: Policyholders can invest in four different fund alternatives under LIC’s SIIP scheme. Bond funds, balanced funds, secured funds, and growth funds are examples of these. All of these funds come with their own set of risks. However, after selecting a fund, the policyholder can alter it. The largest returns are produced in growth funds because up to 80% of the cash is invested in the stock market, where the likelihood of returns is greater. However, it is also related to market risk.
How will the money double calculator
LIC Special Plan: This plan is offered in terms of 10, 15, 20, and 25 years. Assume you invest in a SIIP plan for ten years and choose a growth fund. If you deposit Rs 100,000 per year for ten years, you would have deposited a total of Rs 10,000,000. You would receive a total of Rs 19.3 lakh upon maturity, assuming a 15% NAV growth. However, this is a reasonable estimate.
LIC Special Plan: In March 2020, LIC released its SIIP plan. The value of NAV was 10 at the time, and it is currently 16.43, representing a 64.3 percent increase from the inception to the present. At the same period, the yearly return was 23.55 percent. Actually, the policyholder receives NAV, or Net Asset Value, under a ULIP plan. The return is computed based on the total NAV accessible to you as the value of NAV grows.
- To purchase an LIC SIIP policy, the policyholder must be at least 90 days old, or 3 months old, and no older than 65 years old.
- SIIP has two optional benefits: the Accidental Death Benefit Rider Option and the Partial Withdrawal Facility.
- Tax exemption will be offered under this plan under Section 80C of the Income Tax Act, and the maturity return will be tax-free under Section 10 (10D).