LIC, the country’s largest government insurance company, has more than one scheme. Where there is complete security of your money and you also get strong returns. Today let us tell you about one such policy of LIC in which you can create a fund of Rs 20 lakh by depositing only Rs 166 every day. So let us know what is this policy and how a fund of Rs 20 lakh can be made.
The name of this policy of LIC is Jeevan Labh Scheme. This is one of the most popular policies of LIC. In this you definitely get tax exemption on investment. Also, since it is government owned, the risk of losing your money is also negligible. So let us know its details.
For how many years will the investment have to be made?
Let us assume that a person is 30 years old and buys this policy for 25 years. So in this case he will have to pay the premium only for 16 years. According to this policy, its sum assured will be Rs 10 lakh. The annual premium of this policy is between Rs 60,000 to Rs 65,000. If we look at it on a monthly basis, it is around Rs 5000 to 5500. If we look at it on daily basis then this amount comes to around Rs 166.
How much money will have to be deposited in total
Now that we have talked about the premium, let us talk about the total amount you will have to deposit for this. Now if you have deposited a premium of Rs 5000 per year, then you have deposited around Rs 9.6 lakh in the total tenure of your policy i.e. 16 years.
How to get Rs 20 lakh
Now you must be thinking that if you have deposited Rs 9.6 lakh then how will you get Rs 20 lakh, so let us explain to you the calculation of this also. Actually, the guaranteed amount in this plan is Rs 10 lakh. In this scheme, the company gives a bonus of Rs 8 to 10 lakh. So including guaranteed amount of Rs 10 lakh and bonus of Rs 10 lakh, you will get around Rs 20 lakh on maturity.
Also read: The bank is not listening to you? Complain directly to RBI, know these rules to save your hard earned money.