LIC Monthly Investment Plans

What are LIC Monthly Investment Plans?

The LIC Monthly Investment Plan offered by the LIC of India provides flexibility to the policyholder to choose their preferred investment term, ranging from five years to twenty years. The plan also allows choosing between two different funds - equity-based or debt-based - depending on an investor's risk appetite and financial goals.

Furthermore, LIC monthly investment plan provides life insurance coverage which acts as a safeguard for the family in case of an untimely death. Investors can also choose to add riders such as accidental death benefit or critical illness cover for added protection in their LIC investment plans.

Key Features of LIC Monthly Investment Plans

LIC investment plans offer a range of options tailored to different needs. Whether you're considering an LIC monthly deposit scheme, an LIC monthly saving scheme, or simply want to understand how to invest in LIC, these plans combine the benefits of insurance and regular returns. Let’s take a closer look at the key features of LIC monthly investment plans:

• Investment and Insurance: An LIC monthly saving scheme typically combines both investment and insurance components. A portion of the premium the policyholder pays is allocated towards providing life insurance coverage, while the remaining amount is invested to generate returns.

• Premium Payment: Policyholders are required to pay regular premiums throughout the policy term. The premium amount depends on factors such as the policyholder's age, sum assured, policy term, and other factors.

• Death Benefit: In case of the policyholder's unfortunate demise during the policy term, LIC monthly investment plans provide a death benefit to the nominee or beneficiary. The death benefit is usually a lump sum payment, which may be a predetermined sum assured or a combination of sum assured and accrued bonuses.

• Maturity Benefit: At the end of the policy term, if the policyholder survives, LIC monthly investment plans offer a maturity benefit. This benefit typically includes the return of the total premiums paid, along with any applicable bonuses or returns generated by the investment component.

• Bonus and Additions: Depending on the plan, LIC may declare annual bonuses and/or terminal additions based on the company's performance. These bonuses and additions can enhance the policyholder's investment returns or the sum assured, thereby increasing the overall benefits.

Best LIC Monthly Investment Plans

Benefits of LIC Monthly Investment Plan

Below-mentioned are some of the benefits that one may avail with LIC Monthly Investment Plans. Take a look:

• One of the key benefits of LIC Monthly Investment Plan is that it allows investors to benefit from rupee cost averaging.

• Additionally, the plan offers guaranteed returns which provide a sense of security to investors.

• The majority of the plans frequently give bonuses to the policyholder. The total sum at the end of the tenure includes the terminal bonus, reversionary bonus, and interim bonus.

• Another advantage of investing in LIC monthly plan is that it allows for easy liquidity, meaning investors can withdraw their funds at any time in case of an emergency.

• Moreover, the plan offers tax benefits under section 80C of the Income Tax Act, allowing investors to save on taxes while also earning returns.

How to Buy LIC Monthly Investment Plans?

Step 1: Visit the official LIC website.

Step 2: Click “Buy Online” on the right corner.

Step 3: Choose the plan from the drop-down menu and click on “Know More”.

Step 4: After this, on the next page, fill the required details.

Step 5: You can check the plans available and customize them according to your needs. Once you've done this, you can pay your premiums online.

Note: Policybazaar also provides door-to-door advisors to resolve your queries.

LIC Resources

To Conclude

LIC monthly investment plan is one such option that aims to provide a disciplined approach towards investing. However, it is important to weigh the pros and cons of an LIC investment plan for monthly basis against other investment options. Compared to any other form of investment, LIC monthly investment plan offers higher returns over a longer period.

Overall, LIC monthly investment plan is a great option for individuals looking for a flexible and secure investment that also provides insurance coverage and tax benefits.

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