If you're looking to create a significant fund for your future while ensuring financial security, the Life Insurance Corporation of india (LIC) has a scheme that might just make your regular FD or RD look like a thing of the past. lic offers a plan where you can start saving as low as ₹150 per day, and over time, you could accumulate a fund running into lakhs of rupees. This unique lic scheme offers a fantastic way to ensure your future while benefiting from the stability and trust associated with LIC.
1. lic Scheme: The ₹150/Day Investment Plan
One of the most popular plans from lic allows you to start investing with just ₹150 per day. This might seem like a small amount, but over time, thanks to the power of compound interest and long-term savings, your investment can grow into a significant corpus. The lic daily savings scheme is a great alternative to traditional Fixed Deposits (FDs) or Recurring Deposits (RDs), offering both insurance benefits and investment growth.
How it Works:
· Investment Amount: Start with as little as ₹150 daily.
· Duration: You can invest for 5, 10, or 20 years, depending on your goals and requirements.
· Returns: Over the long term, you can accumulate a significant sum that could easily run into lakhs of rupees.
· Insurance Coverage: This scheme also provides life insurance coverage, ensuring that your family is financially protected in case of any untoward event.
2. Why is LIC’s ₹150 Daily Scheme a Game-Changer?
a. Affordable Investment Option
For as low as ₹150 daily, this scheme is accessible to most people, including those with a modest income. It's a small amount to commit to daily, but the benefits in the long run are substantial. You don’t have to worry about large monthly premiums or steep initial investments—just a simple, affordable daily commitment.
b. Insurance + Investment in One Package
Unlike traditional savings schemes, LIC’s plan comes with the added benefit of life insurance. This dual advantage of savings and financial protection is rare and makes the scheme highly appealing to those looking for long-term, risk-free investments.
c. High Returns Over Time
LIC schemes, especially the ones with long tenures, tend to offer high returns compared to regular savings plans or bank FDs. While returns are subject to the policy type (endowment, money-back, etc.), they tend to be much higher in comparison to regular FDs or RDs.
d. Tax Benefits
Like other life insurance policies, lic schemes offer tax benefits under Section 80C of the Income Tax Act. The premiums you pay are eligible for tax deductions, and the maturity proceeds (provided certain conditions are met) are tax-free under Section 10(10D). This adds an additional layer of benefit, making the scheme even more attractive.
3. What Are the Potential Returns?
While the exact returns can vary depending on the specific LIC scheme you choose (e.g., endowment plans, money-back policies, etc.), a general estimate shows that a daily savings of ₹150 can result in a substantial sum at the time of maturity.
Example Scenario:
· Daily Investment: ₹150
· Monthly Investment: ₹4,500
· Annual Investment: ₹54,000
· Investment Period: 10 years
· Estimated Corpus at Maturity: ₹6-8 Lakhs (depending on returns)
This is just an estimate, as returns could be higher depending on the plan you choose and the performance of the fund.
4. How to Get Started with LIC’s ₹150 Daily Scheme
Getting started with LIC's affordable savings plan is easy. Here’s how you can begin:
1. Visit the Nearest lic Branch: Walk into any lic branch or connect with an lic agent to discuss the best plan for your goals.
2. Choose Your Plan: Based on your risk appetite and financial objectives, lic agents will help you choose from the available options (endowment plans, money-back plans, etc.).
3. Fill in the Form and Submit Documents: You will need to fill out the application form and submit your KYC documents (Aadhar card, PAN card, passport-sized photos).
4. Start Paying: Start paying your daily or monthly premium via cheque, online payment, or auto-debit facility.
5. Track Your Investment: lic offers online portals and mobile apps where you can track your policy's growth.
5. Important Considerations Before Investing in LIC
While LIC's schemes offer a host of benefits, there are a few points you should consider before jumping in:
a. Lock-in Period
LIC policies often come with a lock-in period, especially for long-term savings plans. If you need the money early, you may have to face penalties or reduced returns.
b. Understand the Terms
Make sure to fully understand the terms and conditions of the policy, including the maturity amount, bonus (if applicable), and exclusions.
c. Inflation Factor
While lic policies offer good returns, always remember that inflation can erode the value of money over time. Hence, it’s important to consider other complementary investments as well.
6. Conclusion: Is This the Right Plan for You?
If you’re looking for an investment that combines insurance protection with long-term savings, LIC’s ₹150/day scheme could be the perfect option. It’s an affordable, low-risk, and systematic way to build a corpus that could amount to lakhs over time, while providing life insurance coverage to protect your loved ones.
So, if you want to stop worrying about FDs and RDs and instead benefit from a plan that combines financial security and growth, consider investing in this lic scheme.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
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