LIC New FD Scheme : If you are a resident of India, you must be aware that the Life Insurance Corporation of India (LIC) is one of the largest insurance companies in the country. LIC has now introduced a Fixed Deposit (FD)-like scheme, offering attractive returns similar to traditional FDs.
Under this LIC FD Scheme, if you invest ₹93,000, you will receive a maturity amount of ₹5.45 lakh. This plan works much like an FD, where you deposit a lump sum once and receive a significant amount at maturity.
LIC FD Scheme Details:
In this plan, you only need to invest once—just like a fixed deposit—and you’ll receive a large amount on maturity. The policy can be purchased for a child as young as 90 days or for individuals up to 65 years of age.
The policy term ranges from 10 years to 25 years.
For example, if you take a policy with a sum assured of ₹2 lakh, the single premium (including GST) will be ₹93,193. After 25 years, the maturity amount will be ₹5.45 lakh, which includes the sum assured of ₹2 lakh, bonuses worth ₹2 lakh, and a final additional bonus of ₹90,000.
LIC FD Scheme Features:
- Minimum Sum Assured : ₹50,000
- Maximum Limit : No upper limit
- Eligibility : Policy can be purchased for individuals aged 90 days to 65 years
- Policy Term : 10 to 25 years
- Single Premium Payment : Only one-time investment
-
Maturity Benefits : Large lump sum amount after policy term
If you buy this policy for a child, the coverage starts once the child turns 8 years old or older.
Death Benefit:
If the policyholder passes away during the policy term, the nominee will receive the sum assured of ₹2 lakh, along with the accumulated bonuses and additional benefits as the death benefit.
Why It’s Compared to an FD:
This LIC plan is often compared to a fixed deposit because you invest a one-time lump sum amount and receive a large maturity value after a fixed period, just like in an FD.
LIC’s Single Premium Endowment Plan functions similarly—it’s a safe, long-term investment option that also provides insurance protection and bonus benefits.
In summary, LIC’s FD Scheme or Single Premium Endowment Plan offers the dual benefits of savings and insurance, ensuring a guaranteed return with bonus additions, making it a great alternative to traditional fixed deposits.
