LIC Maturity Calculator – How to Check the Maturity Amount of LIC Policy. How to Check maturity amount of LIC Policies. Maturity amount on LIC policies: maturity benefits
How to Check & Calculate LIC Policy Maturity Amount
LIC Insurance Corporation assures policyholders of the best and beneficial insurance policies. The Corporation is a famous insurance provider in India with a considerable number of policyholders. Buying policies entail various details besides company name, trust, and type of policy. New policy applicants should check on insurance terms such as maturity value, sum assured policy term, and more. Some LIC policies like Life insurance offer benefits in case of death, disability, or fatal accidents. Most policyholders are only open to said benefits but not maturity value. It’s wise to enquire about the maturity value of your selected policy.
LIC Maturity Benefits
A maturity benefit is the amount offered by the Insurance Company once the policy reaches its maturity. The amount acts as a bonus for the years or term you have invested in the policy. The Corporation should pay the set premiums based on the policy term plus the bonus. Note maturity benefit is only applicable if the policyholder completes their premiums correctly. The maturity also applies if the policyholder dies before completing the term. The eligible beneficiary will get the maturity payout.
LIC insurance users can calculate the maturity amount using the LIC calculator or excel page. This helps users trace the policy and maturity benefits before investing in any LIC policy. LIC contains policies with maturity bonus while other with sum assured benefit only.
Maturity Value for LIC policies
Insurance policy premium’s sum assured and term are determined by applicant’s age. The beneficiary should pay the premiums on time using online or offline platforms. LIC maturity value with profits comprises of:
- Sum assured
- Bonus achieved during the policy term.
- Another final additional bonus.
However, the benefits are applicable if the policy user dies after the term is done. The beneficiary/nominee will avail additional bonus that is equal to the sum assured. Suppose the insured dies before the policy term, the nominee will receive the sum assured of any final additional benefits and vested bonus applicable until the date of death. A final additional bonus is an amount given to the policyholder after policy maturity.
LIC Maturity Calculator
Calculating maturity value
LIC users can calculate the maturity value by giving a rough estimate. One needs to calculate the:
- Sum assured +bonus + final additional bonus
To gain the LIC maturity value, the user needs to calculate using the LIC calculator. Enter the following details for the complete process.
- Policy sum assured
Sum assured is a significant figure to attain the maturity value.
- Policy plan
LIC Corporation provides the user with a variety of policies. The choice of policy will also determine your maturity value. While calculating, enter the name of your policy to get the benefits and correct calculations.
- Policy term
On the LIC calculator, ensure to enter the policy term to calculate the maturity value.
- Contact details, date of birth, and name
Contact information is pretty significant while calculating the value. Enter the applicant’s name, date of birth, registered mobile number, and more on the calculator.
Recheck the information on the LIC calculator and click “calculate maturity.” The system will process the details and offer a maturity value based on the information.
LIC Maturity Form
- Which LIC policies does maturity value apply to?
LIC Corporation provides many LIC policies attached with maturity value. Users with life insurance policies, children's policies, single premium plans, and more can avail of maturity value.