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Have you ever thought how much time will it take for the money invested in your LIC? This question comes in the mind of every person who chooses the path of investment to secure his future. LIC means Life Insurance Corporation of India, which has been confident of people for years, gives many schemes that not only give insurance cover, but also a chance to increase your money. But the question is, how many years do it take? Come, let us understand this mystery in easy language and know how long your money can be double.

LIC plans and mathematics of investment

Investment in LIC means not just insurance, but a way where your hard earned money gradually increases. The rate of return is different in different schemes, such as endowment plan, money back policy or ULIP. Suppose you took a policy in which returns at the rate of 6% annually. Now there is an easy formula to take it out time to double – 'Rul of 72'. In this, give 72 participate at the rate of return. That means 72 ÷ 6 = 12 years. So if your policy has 6% annual return, then your money can be double in about 12 years. But this is just an estimate, the actual time depends on the terms of your policy.

Return rate and time game

Every LIC scheme has its own specialty. In some plans, the return is between 5% to 7%, while some keep changing according to bonus and market performance. If the return is 5%, it will take 72 ÷ 5 = 14.4 years i.e. about 14-15 years. At the same time, if the return is 7%, 72 ÷ 7 = 10.3 years, ie about 10-11 years. Schemes like ULIPs which are connected to the stock market, may also have more returns, but the risk also comes together. So it is important to understand which policy you have chosen and what is its return. For the correct information, check the document of your policy or talk to the LIC agent.

Understand your investment and plan

The time for double money in LIC depends not only on returns, but also on your premium amount, policy duration and bonus. For example, if you pay a premium of Rs 50,000 every year and get 6% returns, your investment may double in 12 years. But this may also include a bonus on tax benefits and maturity, which further increases your earnings. So understand your needs before investment, consult a financial advisor and choose a scheme that is beneficial for you.

Smart investment fund

Investing in LIC is a safe and reliable way, but it will be beneficial only when you do it wisely. From 'Rule of 72' you can guess how long your money will be double, but the nuances of each plan are different. Stay in investment for a long time, fill regular premiums and keep information about the market. By doing this you can not only double your money, but can also secure the future of your family. So today check the details of your LIC policy and proceed with the right planning!