LIC Scheme – Looking to secure your financial future with just a small amount every day? LIC has brought forward a plan that is gaining a lot of attention across India. It is popularly known as the “₹50 Lakhpati Scheme” – though not an official title, the name perfectly sums up what this plan can do. By investing just 50 rupees a day, you can build a sizeable savings amount along with insurance protection. For middle-class families and first-time investors, this is a great opportunity to build long-term wealth with minimal risk.
Let’s dive into the details of how this works, who it is ideal for, and what kind of benefits you can expect.
What Is the LIC ₹50 Lakhpati Scheme?
This scheme is essentially a group of LIC policies such as LIC Jeevan Labh, LIC Jeevan Anand, LIC New Endowment Plan, and LIC Bima Jyoti that allow you to invest around 1,500 rupees per month (which works out to about 50 rupees per day). Over the course of 15 to 25 years, your savings grow and you receive a lump sum amount at maturity, along with life insurance coverage throughout the term.
So basically, while you are saving money, you’re also protecting your family with an insurance shield. And when your policy matures, you get returns that could easily make you a lakhpati or more, depending on your policy term and age.
Key Features of the Plan
- Small daily investment of around 50 rupees
- Long-term returns ranging from 1 lakh to over 1.5 lakh
- Life insurance coverage included
- Tax benefits under Section 80C and Section 10(10D)
- Option to add riders like accidental death or disability cover
- Policies available from ages 8 to 55
- Tenure ranging from 15 to 25 years
Sample Policy Returns for 50 Rupees a Day
Let’s take a quick look at how different LIC plans perform with a monthly investment of about 1,500 rupees.
| Plan Name | Policy Term | Maturity Amount | Life Cover |
|---|---|---|---|
| LIC Jeevan Labh | 25 years | ₹1,10,000 | ₹2,00,000 |
| LIC New Endowment | 20 years | ₹1,05,000 | ₹1,80,000 |
| LIC Jeevan Anand | 25 years | ₹1,15,000 | ₹2,00,000 |
| LIC Bima Jyoti | 20 years | ₹1,08,000 | ₹1,75,000 |
Note: Maturity values depend on age, term, and bonus rates.
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Why This Plan Is Gaining Popularity
- Low Entry Barrier – Even if you’re just starting out with limited income, this plan fits in most people’s monthly budget.
- Dual Benefit – Not just savings, but also insurance cover to protect your family.
- Trusted Institution – LIC is backed by the Government of India, which adds a strong sense of security.
- Tax-Free Returns – You can claim deductions under Section 80C and your returns are tax-free under 10(10D), provided certain conditions are met.
- Ideal for All Age Groups – Whether you’re a parent planning for your child’s future or a young salaried individual, this plan can help build wealth over time.
Who Should Consider This Plan?
- Salaried professionals who want to build disciplined savings
- Parents planning long-term goals like education or marriage for their children
- Individuals with low-risk tolerance who prefer guaranteed returns
- Small business owners and first-time insurance buyers
- Anyone looking for a steady, secure long-term savings plan
Eligibility and Terms
- Entry Age: Starts from 8 years and goes up to 55 years
- Policy Term: Between 15 and 25 years
- Minimum Premium: Around 1,000 to 1,500 rupees per month
- Documents Required: Aadhaar card, PAN card, address proof, and income proof if needed
- Payment Modes: Monthly, quarterly, half-yearly, or annually
Real Life Example
Ravi, a 28-year-old school teacher from Bhopal, opted for LIC Jeevan Labh by contributing 1,500 rupees per month. After 25 years, he is expected to receive over 1.1 lakh as maturity amount and has a life cover of 2 lakh. He says it’s an affordable plan that fits well into his monthly expenses while also helping him build a secure future.
LIC vs Other Savings Options
| Scheme | Monthly Amount | Maturity Return | Life Cover | Risk Level |
|---|---|---|---|---|
| LIC Jeevan Labh | ₹1,500 | ₹1,10,000 | ₹2,00,000 | Low |
| PPF | ₹1,500 | ₹99,000 (approx) | No | Low |
| Bank RD | ₹1,500 | ₹95,000 (approx) | No | Low |
| Mutual Funds SIP | ₹1,500 | ₹1,50,000+ | No | Moderate |
LIC stands out because it offers guaranteed returns and life insurance – something mutual funds or RDs do not.
How to Apply for This Plan
- Visit the nearest LIC branch or contact a licensed agent
- Choose a plan that suits your savings goal and age
- Submit a simple proposal form and KYC documents
- Medical checkup may be needed based on your age and policy type
- Pay your first premium and receive your policy document
If you are someone looking for a reliable and low-risk way to save and protect your family’s future, LIC’s ₹50-a-day investment plans are an excellent choice. Over the long term, this small daily commitment can help you become a lakhpati while offering life insurance and tax benefits. It’s a smart and safe way to start building financial stability.
