(LIC New Policy) : Life Insurance Corporation of India (LIC) has introduced a new policy that promises double returns in just 20 years. This plan is designed to provide financial security and significant wealth accumulation over time. If you are looking for a safe and reliable investment with high returns, this LIC policy could be the perfect choice for you. In this article, we will explore the key features, benefits, eligibility criteria, and reasons why this policy can be a game-changer for your financial future.
Key Features of LIC’s New Policy
This new LIC policy offers numerous benefits, ensuring both financial security and wealth growth. Below are the key features that make it a great investment option:
- Guaranteed Double Returns: Your invested amount doubles in just 20 years.
- Low-Risk Investment: LIC policies are known for their stability and reliability.
- Flexible Premium Payment Options: Choose between monthly, quarterly, half-yearly, or annual premium payments.
- Tax Benefits: Get tax exemptions under Section 80C of the Income Tax Act.
- Life Coverage with Additional Bonuses: In case of an unfortunate event, your family will receive a lump sum payout along with bonuses.
- Loan Facility: Policyholders can avail of loans against the policy after a certain period.
- Maturity Benefits: Get a lump sum amount at the end of the policy term.
Why Choose LIC’s Double Return Policy?
Investing in this LIC policy comes with multiple advantages. Here’s why you should consider it:
1. Guaranteed Returns with Safety
Unlike stock markets and mutual funds, LIC’s policies are risk-free. This ensures that you get assured returns with zero risk.
2. Wealth Creation for Future Needs
This policy helps in building a strong financial backup for your future goals like children’s education, marriage, retirement, or medical emergencies.
3. Affordable Premiums with Flexible Payment Options
You can start investing with an affordable premium amount, which can be paid as per your convenience.
4. Dual Benefit – Insurance + Investment
This policy not only provides financial growth but also covers life risks, offering peace of mind to you and your family.
5. Tax Savings
You can claim tax deductions on the premiums paid, helping you save on annual tax liabilities.
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Eligibility Criteria for LIC’s Double Return Policy
To apply for this policy, you need to fulfill the following eligibility conditions:
| Eligibility Factor | Criteria |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years |
| Policy Term | 20 years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No upper limit |
| Premium Payment Mode | Monthly, Quarterly, Half-Yearly, Annually |
| Maturity Age | 75 years |
Premium Payment and Returns Calculation
The amount you invest and the premiums you pay will determine the final maturity benefits. Below is a table showcasing an estimated return calculation:
| Sum Assured | Annual Premium | Total Premium Paid (20 Years) | Maturity Amount (Approx) |
|---|---|---|---|
| ₹2,00,000 | ₹8,500 | ₹1,70,000 | ₹4,00,000 |
| ₹5,00,000 | ₹21,250 | ₹4,25,000 | ₹10,00,000 |
| ₹10,00,000 | ₹42,500 | ₹8,50,000 | ₹20,00,000 |
| ₹20,00,000 | ₹85,000 | ₹17,00,000 | ₹40,00,000 |
The above calculations are approximate and can vary based on additional bonuses and policy terms.
How to Apply for LIC’s Double Return Policy?
Applying for this LIC policy is simple. Follow these steps:
- Visit the Nearest LIC Office or Official Website: You can visit a branch or apply online through LIC’s official portal.
- Consult an LIC Agent: Discuss the policy details, benefits, and premium calculations.
- Choose the Sum Assured and Premium Plan: Decide on the amount you want to invest.
- Submit KYC Documents: Provide necessary documents like Aadhar, PAN card, age proof, and income proof.
- Complete Medical Examination (if required): For high sum assured policies, a medical test may be required.
- Pay the First Premium: Make the initial premium payment to activate the policy.
- Receive the Policy Document: Once processed, you will receive the official policy bond.
Who Should Invest in This LIC Policy?
This policy is ideal for individuals who:
- Want a risk-free investment with guaranteed returns.
- Are looking for long-term financial security.
- Need a tax-saving investment option.
- Wish to secure their family’s future in case of an unfortunate event.
- Prefer stable returns over high-risk market investments.
Pros and Cons of LIC’s Double Return Policy
Pros
- Assured double returns in 20 years
- Provides life insurance cover
- Risk-free and stable investment
- Tax benefits under Section 80C
- Flexible premium payment options
Cons
- Fixed tenure of 20 years (no early withdrawal options)
- Lower returns compared to high-risk investments like stocks
- Premiums may feel high for some individuals
Frequently Asked Questions (FAQs)
1. Can I withdraw the money before 20 years?
No, early withdrawal is not allowed. However, loans can be taken against the policy.
2. What happens if I miss a premium payment?
LIC provides a grace period. If you fail to pay within this period, the policy may lapse.
3. Is there a surrender value if I want to exit early?
Yes, but surrendering the policy before maturity will result in lower returns.
4. Can NRIs invest in this policy?
Yes, Non-Resident Indians (NRIs) can invest in this LIC policy.
5. Will my returns be exactly double?
Returns are subject to LIC’s bonus and profit-sharing. While the policy promises double returns, additional benefits may vary.
LIC’s new policy is an excellent investment option for those looking for guaranteed returns, life coverage, and tax benefits. It provides a secure future by doubling your investment in just 20 years. Whether you are planning for your retirement, your child’s future, or wealth accumulation, this LIC policy ensures financial growth with no market risks.
Before investing, it is advisable to consult an LIC agent or visit the official LIC website to get precise details. Make sure to assess your financial goals and choose a plan that best suits your needs.