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If you want to take advantage of insurance and share market together then this is the best scheme for you

Nowadays people are more willing to invest in mutual funds and stock market rather than common savings schemes. If you also want to invest in equity market related schemes, then LIC has brought a new scheme for you. LIC's Systemic Investment Plan or SIP can be a good option for you. This will give you the freedom to deposit money in different installments and will give you more than double returns at maturity. Systemic investment insurance plan is actually a unit linked insurance scheme, where the return is fully exposed to market risk. At the same time you will get investment and insurance protection if you invest here. Let's know about it in detail.

Includes insurance and investments

SIIP is a unit linked insurance plan that offers the benefits of both life insurance and mutual funds. These schemes are called Unit Link Insurance Schemes which reinvest the amount invested in government bonds equity and securities in the market. Policyholders investing in LIC's SIIP plan get four financial options. These include bond, balance, securit, and return growth funds. Once the fund is selected the policyholder can change it. 80% of return growth funds are invested in the stock market. Here are the highest return potentials. But at the same time, since there is also market risk, the risk is high. If you want to take up this scheme, your age should be minimum 90 days or 3 months and maximum age should be 65 years.

The money will double like this

You can take this scheme for 10 years, 20 years and 25 years. Suppose you take a ten-year SIIP scheme and opt for growth funds. Under this scheme you deposited Rs.1 lakh. Then you will get a total of Rs 30 lakhs after ten years. Also, if there is a 15 percent increase in NAV then you will get Rs 19.3 lakh at maturity. It is not entirely possible to make this calculation in advance. The main reason for this is that such funds have to calculate the market risk. LIC launched the SIIP plan for the first time in March 2020. At that time the NAV amount was 10, which has now increased to 16.43. NAV increased by 64.3 percent year-to-date.