Benefits of LIC Scheme:
- You can deposit Yearly, Quarterly, or Monthly(ECS) in LIC Scheme.
- Maturity received in LIC scheme is TAX FREE under section 10-10d of Income tax act.
- The amount deposited in LIC is exempted under section 80c of Income tax act.
- You ca continue LIC scheme after 10 years. You cannot continue post office scheme after 1 years.
- If you forgot to take maturity at the end of the 10 years. You can get return beyond 10 years in LIC scheme. This is not available in post office scheme.
- Get free insurance with LIC scheme.
- LIC is awarded by trust brand No.1
- 1000’s of Insurance agents to help you and collect your premiums from your office/Home. In Post office scheme home service is not available.
Maturity at the end of the 10 years in Monthly Scheme
Post Office Return
|Rs.500||Rs.106452 + Free Insurance||Rs.89010 -Income Tax||Rs.17442|
|Rs.1000||Rs.212904 + Free Insurance||Rs.178021-Income Tax||Rs.34883|
|Rs.1500||Rs.319356 + Free Insurance||Rs.267031-Income Tax||Rs.52325|
|Rs.2000||Rs.425808 + Free Insurance||Rs.356042-Income Tax||Rs.69766|
|Rs.2500||Rs.532260 + Free Insurance||Rs.445052-Income Tax||Rs.87208|
|Rs.3000||Rs.638712 + Free Insurance||Rs.534063-Income Tax||Rs.104649|
|Rs.3500||Rs.745164 + Free Insurance||Rs.623073-Income Tax||Rs.122091|
|Rs.4000||Rs.851616 + Free Insurance||Rs.712084-Income Tax||Rs.139532|
|Rs.5000||Rs.1064520 + Free Insurance||Rs.890105-Income Tax||Rs.174415|
LIC Maturity Calculated @10% I.R.R