If you want to accumulate your small savings and take a large sum at once and make big money at the same time, LIC is a better option for you. LIC plans according to your smallest savings and you can save accordingly. However, if you can invest a little more every month, LIC has a plan for you and the amount of return is much higher. The special thing is, it gets a lot more than the money you deposited.
You get a compensation of one crore rupees in LIC's crorepati life benefit. This policy is designed to become a millionaire and it pays a compensation of one crore rupees. The special thing is that in this LIC scheme, the amount deposited on your behalf is very low and the benefit is high. If you assume, you get interest up to Rs 70 lakh in this policy, which is a very large amount.
How much money is to be deposited ?
If you are talking about the amount to be deposited in this policy, you will have to deposit about 15 thousand rupees per month i.e. 500 rupees per day. If you deposit about 15 thousand rupees in it every month, you will have to deposit money in it for 16 years. Thus you will deposit more than Rs 29 lakh at the end of 16 years i.e. Rs 30 lakh. All you have to do is deposit around Rs 30 lakh and in return you get Rs 1 crore.
In the first year, you have to pay Rs 15,760 per month, then the GST will go down, then you have to pay Rs 15,420. In such a case, you will deposit Rs 2904901 and in return you will get Rs 9919800. There are two types of bonuses, one bonus is Rs 46 lakh and the other bonus is about Rs 13 lakh.
How the policy works
Although this policy is 25 years old, you only have to deposit money in this policy for 16 years. You may be wondering why you have to pay 16 years in a 25 year policy. Indeed, it is said that LIC pays your installments for the remaining 9 years. That is, after depositing money for 16 years, you will have to wait 9 years and a total of 25 years to take full advantage of this policy. There is a lockin period of 9 years.
There are many other benefits as well
On taking this policy, along with the policy amount, your family gets insurance of Rs 40 and contingency cover of Rs 80 lakh. That is, if something unfortunate happens to you, your family gets a benefit of up to Rs 80 lakh. Also, this insurance will continue to grow every year. There is a lot of discussion about this policy of LIC and if you can save this amount from your salary, it will be considered the best policy for you.
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