The amount of money you have to deposit in LIC depends entirely on the policy you choose, your age, policy term and the sum assured you choose. LIC offers several plans to suit different age groups and needs, such as “Jeevan Anand” where you can start with an investment of ₹45 per day or “Jeevan Shiromani” where the premium can be ₹94,000 per month for a sum assured of ₹1 crore. You can pay the premium on yearly, half-yearly, quarterly or monthly basis as per your convenience.