The LIC Plan 5 years Double Money is a so-called LIC Investment plan most searched on Google. You either see this on Google Feed or anywhere on social media and there is no proper LIC Policy name given.
I will share detailed info about how you can get the LIC Plan 5 Years Double Money and The LIC Plan Chart which will show how your money will double over time.
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What is LIC Plan 5 Years Double Money?
This term is way more popular than you think, I was also shocked after finding dozens of articles on the same title and no LIC Plan name was mentioned. I was studying LIC for a long period and did not encounter any Policy that would match this condition.
But, yes you may double your Money in 5 Years and 10 Years depending upon your investment value and returns there is a formula called formula of 72, by using this formula you can simply find out more ways to double your money.
5-Year Lic Plan Chart:
This chart is not only for LIC Plan to double your money but you can apply this to any investment you do and calculate how much time it will take to double your money!
The Rule of 72 helps you figure out how long it takes to Double your Money at a given interest rate.licmerchant.Net
In the chart shown below the X-axis on the top indicates the Number of Years, and the Y-axis vertical left indicates the rate of interest you need to reach your double money goal.
Features and Benefits of LIC Plans:
- Assured Returns: When you purchase the LIC Money Back Plan it assures you the promised Return on the date of maturity, still you can read all scheme-related documents and policy terms to be on the safe side and clear your doubt about the LIC Plan.
- Short-Term Investment: This feature makes the LIC Plan more special, you need to pay the policy term for a very short time period and then just wait till maturity.
- Tax Benefits: This Policy Sum Assured will be tax-free and the money you pay for the LIC premium will be counted under Tax deduction as per the Tax rules.
- Death and Disability Coverage: Alongside the Investment Return with LIC you also get Life cover if in case your accident happens and you are the earning member in the family then your policy will pay for your medicals and no burden will be put on your family.
The LIC Plan Name for 5 years Double Money:
Here are some LIC Policies and LIC Mutual Fund Name lists that will help you double your money in 5 to 10 years. Depending upon the risk in the market, invest carefully do not invest the money you need in your emergency.
LIC Money Back Plan – Get 125% of Sum Assured
LIC Money Back Plan Features:
- Age Limit: 13 Years to 50 Years
- Premium Term: 15 Years
- Maturity Term: 20 Years
- Policy Limit: ₹1 Lack to Unlimited
- Tax Benefits: Save 30%
LIC Mutual Fund Investment:
The LIC AMC has given more than 11% Return over the Last 3 Years when the market is stable, if you know about Mutual Funds and can manage your risk portfolio then you should take LIC Mutual Funds into account for your next move to double your Money.
How to Double your Investment/Money Anywhere?
The very first rule I have learned in my life about money is to SAVE it first, Saving means you have to manage your expenses and limit your luxury expenses for eg. dining outside, spending on shopping, controlling your FOMO, Showing off Spending, and risky investments.
Yes, we can manage all other expenses but not Get Rich tendency is not to invest using someone’s tips, recently I saw SEBI banned one YouTuber who was teaching Trading and lost his ₹2.5Cr but also earned ₹17 Cr more by selling Online courses.
You just need one clear formula: Formula of 72 just divide 72 by the return percent you are getting and you will see how much it will take in years to double your current Investment.
Suppose: You have invested ₹1 Lack with a 10% (Index Fund) Return then it will Take 7 Years to Double your ₹1 Lack to ₹2 Lack.
And 10% is the least possible return you can earn from our Index Funds like Sensex/Nifty.