New premium endowment plan offered by Life Insurance Corporation (LIC) is one of the best plans. This innovative scheme allows you to invest as low as Rs.71 per day or Rs.2120 per month and receive a corpus of Rs.48.5 lakhs on maturity.
This plan offers the possibility of adequate returns on your investment in addition to regular payouts throughout the policy term and lump sum payouts at the end of the term. You can use this cash to settle unpaid loans, fund your child’s education, or meet your family’s long-term needs.
The plan also includes life insurance cover, so your family will be financially secure after your death. And because tax benefits are included, the overall cost of the plan comes down further.
Investing in this scheme is easy. Visit your nearest LIC branch to speak to a representative. They will provide you with all kinds of information and help you decide that this scheme is the best option for you and your family. From there, you can choose your investment amount and start putting money away every month to grow your portfolio.
Individuals must meet specific requirements, which include minimum age requirement of 8 years, maximum age of 55 years, and policy term requirement of 12 to 35 years, in order to be eligible for LIC New Premium Endowment Plan. The minimum sum assured of the plan is Rs 1 lakh, and there is no maximum amount (investment should be made in multiples of Rs 5,000).
For example, a person who buys an endowment plan at the age of 18 and chooses a term of 35 years, will have to pay an annual premium of Rs 26,534 for a sum assured of Rs 10 lakh. In the second year, this premium will see a reduction of Rs 25,962. This equates to a daily investment of Rs.71 only or a monthly investment of Rs.2130.
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