Quick Answer: How Many Years FD Will Double In LIC?

Is FD a good option?

Fixed Deposits (FDs) are one of the safest and most preferred investment options available to those averse to investing in risk instruments such as equity and mutual funds.

FDs allow you to manage your financial risks and help fulfil your goals aspired for different stages of your life..

Is LIC good investment?

Is LIC Plan a good investment? Yes, LIC offers best life insurance plans. If you are looking for investment and protection option under one product, you can consider Endowment or Unit Linked Investment Plan (ULIP) as per your risk appetite and financial objectives.

How many years FD will double?

To know the time duration in which your FD amount will get doubled, you have to divide 72 with the highest rate. For example, if the highest rate on FD is 7.35%, then the number of years in which your FD will get doubled is 72/7.35= 9.80. Thus, it will take 10 years for your FD to get doubled.

Is there any fixed deposit scheme in LIC?

LIC Fixed Deposit Sanchay is a public term deposit scheme available for residents of India, NRIs, Co-operatives, Private Companies, Trusts, etc. The company provides both cumulative as well as non-cumulative investment options, thus offering flexibility to the customers.

How can I double my fd money?

The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.

Can I double my money in 5 years?

The Rule of 72 shows you how quickly you’ll double your money. All you have to do is divide 72 by the interest rate it’s earning. This is the number of years it will take for your money to double. … Or, if your money is earning a 5 percent interest rate, you’ll double it in 14.4 years (72 divided by 5 equals 14.4).

Is LIC policy worth buying?

Using permanent life insurance as an investment might make sense for certain high net-worth individuals looking to minimize estate taxes. But for the average person, buying term and investing the difference is usually the better option.

Is LIC better than FD?

Fixed deposit is always a better option to invest as it is purely designed for your investment and savings related needs. … Fixed deposits offer fixed returns on investments and it is mentioned in the beginning when you open your deposit. But, investment in Unit Linked Life Insurance Plans is subject to market risk.

How can I double my money in 5 years?

To use the Rule of 72, divide the number 72 by an investment’s expected annual return. The result is the number of years it will take, roughly, to double your money.

What is the interest of 1 lakh in SBI?

Interest rate on SBI savings bank deposits Currently, the interest rate on savings bank deposits on balance up to Rs 1 lakh is 3.5 per cent. On balance above Rs 1 lakh, the interest rate is 3 per cent per annum, which is set at 2.75 per cent below RBI’s Repo Rate, with a minimum of 3 per cent for the entire balance.

How can I get fd in LIC?

Supporting Documents Required In Order to Open a Fixed Deposit Account with LIC Housing Finance Ltd.The application form duly filled out.Identity proof (PAN card)Address proof.KYC documents.

What is the rate of interest in LIC?

LIC FD Rates 2020TenureFD interest ratesSenior Citizen FD interest rates1 year5.90%6.15%1 year 6 months5.90%6.15%2 years5.90%6.15%3 years6.00%6.25%1 more row•Aug 26, 2020