LIC SIP Calculator

LIC SIP Calculator

LIC SIP Calculator is a tool used to calculate the future value of your investments in a Systematic Investment Plan (SIP) offered by the Life Insurance Corporation of India (LIC). It helps you to determine the expected returns on your investment based on the amount you invest, the frequency of investment, and the duration of the investment.

How to Use LIC SIP Calculator?

Using a LIC SIP Calculator is easy and straightforward. Here are the steps to follow:

1. Enter the monthly amount you want to invest in the SIP.
2. Enter the expected rate of return on your investment.
3. Enter the duration of the investment, such as 5 years, 10 years, or 20 years.
4. Click on the "Calculate" button to get the expected returns on your investment.

Example

Let's say you want to invest ₹10,000 per month in a LIC SIP for 10 years. Using a LIC SIP Calculator, you can calculate the future value of your investments as follows:

• Monthly investment: ₹10,000
• Frequency of investment: Monthly
• Duration of investment: 10 years

The LIC SIP Calculator will show you that your monthly investment of ₹10,000 can grow to approximately ₹20,65,520 over 10 years, assuming an annual rate of return of 10%.

General Information about LIC

The Life Insurance Corporation of India (LIC) is a state-owned insurance company that offers a range of insurance products, including life insurance, health insurance, and investment products. LIC is one of the largest insurance companies in India, with a vast network of agents and offices across the country.

Frequently Asked Questions (FAQs)

Q: What is the minimum investment amount required for a LIC SIP?

A: The minimum investment amount required for a LIC SIP is ₹5000 per month.

Q: What is the maximum investment amount allowed for a LIC SIP?

A: There is no maximum investment limit for LIC SIP.

Q: How long can I invest in a LIC SIP?

A: To get a good return on your investment, one can invest for longer duration like 20 years.

Q: Can I withdraw my investment from a LIC SIP before the maturity date?

A: Yes, you can withdraw your investment from a LIC SIP before the maturity date, but you may have to pay a penalty for early withdrawal.

Q: Is the interest earned on a LIC SIP taxable?

A: Yes, the interest earned on a LIC SIP is taxable and is subject to tax deduction at source (TDS).