Start life insurance policy like this again, keep these things in mind

Now Invest In This Lic Scheme: Lic Housing Finance Limited: Investing in LAIC Housing Finance Limited’s ‘Sanchay’ deposit offers a host of benefits. Such as interest rate up to 7.65 percent, highest credit rating, cumulative/annual/monthly payout, additional 0.25 percent return on investment for senior citizens, auto-renewal/re-payment on maturity, and application through mobile phone app. option to do, etc. The new rate of interest for the Public and Corporate Deposit Scheme of ‘Sanchay’ has come into effect from November 22 this year.

Who can invest in Public Deposit Scheme?
Resident/Non-Resident Individuals, Co-operative Societies, Associations of Persons, HUFs, Trusts, and Partnership Firms. NRIs i.e. non-resident Indians can also invest for up to three years but only through NRO accounts.

Who can invest in a Corporate Deposit Scheme?
Public/Private Organizations, Corporations, Statutory Boards, Local Authorities, Banks, and Financial Institutions.
The two charts below give the new interest rates on public and corporate deposit schemes.
*The card rate will be charged according to the deposit amount stated in the deposit application form.
Senior citizens will get additional interest at 0.25 percent/annum. (Up to Rs. 2 Crores, in all tenures).

As per the applicable card rate, a maximum deposit of Tk 20 crore can be made from the 1st to the 15th of November of any month and then from the 16th to the remaining half. If the total deposit amount crosses the 20 crore mark during this period, then the interest rate for that half will be – the rate that would be applicable if the deposit amount exceeds 20 crores. Now if one wants to make a corporate deposit above Rs.20 crores, the investor should first confirm the interest rate in writing from the corporate office, before depositing the cheque/RTGS/NEFT.

Features of Monthly Interest Payment Option of Public Deposit Scheme:
1. Scheme type-Monthly interest payment option is applicable only for non-cumulative deposits.
2. Minimum deposit- 2 lakh rupees. 10,000 in additional deposit-multiples.
3. Interest Payment Date – 1st day of the month and 31st in case of March. For new deposits made before the 15th of the month, payment of ‘Broken Period Interest’ will be made on the first day of the following month. If it is after the 15th, the date is on the first day of the second interest cycle.
4. Mode of Payment – ​​Only through electronic mode of payment.

Features of Cumulative and Non-Cumulative Public and Corporate Deposit Annuity Options:
1. Minimum amount of deposit is Rs.20,000. Additional Deposit (Multiples) Rs.1,000.
2. In the case of a non-cumulative scheme interest payment will be made annually on 31st March.
3. Cumulative scheme will charge interest compounded annually.
Address and identity must be properly entered in the application form. PAN is essential. No deposit will be considered admissible without PAN.


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