The superhit strategy offered by LIC guarantees you a monthly pension and triples your investment return—know the math

 The superhit strategy offered by LIC guarantees you a monthly pension and triples your investment return—know the math

LIC's megahit scheme: This plan offers competitive returns. Depending on when they want to retire, investors may choose the insurance term. You have the option to receive the fund value in monthly installments when the insurance expires.

Pension Plan: The Life Insurance Corporation of India offers a number of programs to provide seniors financial stability once they retire. LIC SIIP Plan is one such example. This insurance plan has a unit linkage that is connected to the stock market. Depending on when they want to retire, investors may choose the insurance term. You have the option to receive the fund value in monthly installments when the insurance expires. This keeps you financially stable even as you age.

Be aware of the plan.

The nominee or his family is entitled to the benefit if the policyholder passes away before maturity under this plan. In this case, four fund alternatives are available. The age range in the region is 90 days to 65 years. The age range for maturity is 10 to 85 years old. On the other hand, the policy's length might vary from 10 to 35 years. A amount secured equal to one time the yearly premium is paid out at an age below 55. A seven-time sum guaranteed is offered to those who are 55 years of age or older. A minimum investment of Rs 40,000 per year, Rs 4,000 per month, Rs 22,000 half year, and Rs 12,000 half annually is required. Investors are free to move to a different portfolio if this one performs poorly.

Worksheet

Investors who participate in SIIP plans also get insurance coverage. The entire investment amount, if someone contributes Rs 4,000 per month for 21 years, would be around Rs 10,08,000. This sum, upon payment of the yearly premium, will be Rs 8,40,000. Investors receive around Rs 35 lakh upon maturity. The plan's advantages are accessible online and off.