LIC Plan: The Life Insurance Corporation of India (LIC), the country's largest and oldest insurance policy company, regularly introduces different schemes to cater to all sections of society. One such scheme is the LIC Bima Ratna Plan, which offers three major benefits; money back, guaranteed bonus, and death benefit. This plan has a policy term of up to 15 years, and by investing in it, investors can receive up to 10 times their initial deposit.
According to the plan, investors receive a 25 per cent return on their investment during the 13th and 14th year of the policy for a 15-year policy term. Similarly, for a 20-year policy term, investors receive a 25 per cent return on their investment during the 18th and 19th year, and for a 25-year policy term, the return is received during the 23rd and 24th year of the policy. The plan also offers a bonus of Rs 50 on every Rs 1000 for the first five years, which increases to Rs 55 between 6-10 years and finally becomes Rs 60 per thousand by maturity.
The LIC Bima Ratna Plan can be invested in with a minimum age of 90 days and a maximum age of 55 years. Investors must also invest a minimum amount of Rs 5 lakh. Payments can be made monthly, quarterly, half-yearly, or annually, depending on the investor's preference.
Mohan is a 30-year-old working professional who wants to invest in a life insurance policy that offers guaranteed returns and benefits. After researching various options, he decides to invest in the LIC Bima Ratna Plan, which provides a money back policy, guaranteed bonus, and death benefit. John chooses a policy term of 15 years and invests Rs 5 lakh as the minimum amount required. He opts for a monthly payment mode for his convenience.
As per the plan, Mohan will receive a 25 per cent return on his investment during the 13th and 14th year of the policy. Additionally, he will also receive a bonus of Rs 50 on every Rs 1000 for the first five years, which will increase to Rs 55 between 6-10 years and finally become Rs 60 per thousand by maturity. At the time of maturity, he can expect to receive up to 10 times his initial deposit, i.e., Rs 50 lakh.
The LIC Bima Ratna Plan provides Mohan with a secure investment option that offers both long-term benefits and guaranteed returns. He can rest assured that his investment will help him achieve his financial goals while also providing him with the much-needed life insurance coverage.
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