How to Check Maturity Amount:- When it comes to insurance, people trust them because they are pioneers in the field. When purchasing insurance policies, one should pay attention to terms like “Maturity Value” in addition to trust. In general, the amount that the policyholder or investor will receive at the end of the term is referred to as the “Maturity Value.” The maturity amount is frequently amortized, but in policies, along with bonuses, it is paid out in one lump sum.
It’s easy to figure out. Additionally, an Excel template, formula, or LIC calculator can all be utilized. To get an idea of the benefit at the end of the period, one can try calculating it beforehand. This can assist in determining whether the policy meets the requirements and needs. There are two types of LIC plans: plans with profits and plans without profits. The Maturity Benefit is paired with bonuses in the first option. In contrast, in the latter, the Maturity Benefit is only the Sum Assured at term’s end.
How to Check Maturity Amount 2024?
When purchasing a policy, the term and the Sum Assured to be received at the end of the term are two crucial choices that a policyholder must make. Age has a significant impact on both the policy term and the amount guaranteed. Additionally, the purchased policy term determines the amount of the premium. The insured is required to promptly pay their LIC premiums online.
The Sum Assured, Bonuses received during the policy’s term, and any declared Final Addition Bonus are typically included in the With Profit Plans’ Maturity Values. As a Death Benefit, the nominee will receive an additional sum equal to the Sum Assured in the event that the policyholder passes away prior to the policy’s maturity. However, if the insured passes away prior to the end of the policy’s term, the nominee will receive the Sum Assured, any Final Addition Bonus, and any Vested Bonus up until the date of death
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How to Check Maturity Amount 2024 Details
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|How to Check Maturity Amount 2024, How to Calculate LIC Maturity Amount?
|How to Check Maturity Amount 2024
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Calculate LIC Maturity Amount?
The insurance company’s performance and profit during the term determine the amount of the bonuses. Along with the Bonuses, a Final Addition Bonus (FAB) is the final bonus paid at term’s end. Out of the two, the Sum Assured as Death Benefit is superior.
- 10 times of the annual online payment of LIC premiums, or
- 125 percent of the Initial Sum Assured.
Additionally, the minimum bracket is 105% of the total online LIC premium payment made up to the date of death. If you want to get the maturity benefit, fill out the discharge form correctly, attach the necessary documentation, and send it in at least one month before the end of the term.
Documents for the LIC Maturity Claim Process
- Insured original policy documents.
- Identity proof
- Address proof documents
- A copy of the age document
- NEFT and bank account details
- Insured bank passbook
- A copy of the assignment or reassignment (optional).
The policyholder should submit the discharge form 5 to 7 days before the maturity date after filling it out and attaching the documents. The request will be evaluated and processed by LIC employees.
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How is Maturity Calculated?
A close estimate of the Maturity Value can be used to get a sense of the benefit at the end of the term. However, the exact Maturity Value cannot be determined. Sum Assured, Bonuses, and Final Additional Bonus (if declared) make up the basic structure.
An illustration for demonstrating calculations:
Mr. Z purchases a 20-year policy with a sum assured of 15 million dollars. In accordance with their company policy, the insurance company includes Bonuses and the Final Additional Bonus in the maturity value. The annual bonus that is announced is Rs. 42 percent of the guaranteed amount Additionally, the FAB for a comparable policy and duration is 22/1000 Sum Assured.
First, calculate the Bonus and FAB(Final Addition Bonus).
Bonus= (15,00,000/1000) x 42 x 20
= 12.6 Lakh
FAB= (15,00,000/1000) x 22
= Rs. 33,000
Maturity Value= 15,00,000+12,60,000+33,000
= 27,93,000 Lakh
The rates and values that are utilized are, for instance, the same rate does not apply. Each year, it can rise or fall. As a result, the policyholder will receive approximately 28 lakhs if they survive. when the term has reached its end. Additionally, the nominee will receive the Sum Assured of 15 lakhs as a Death Benefit if they pass away during the policy term.
Remember that each policy has its own terms and features based on the Sum Assured, Term, Age, and online LIC premium payment. As a result, the policy may result in different bonuses and FAB.
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How to use a Maturity Value Calculate the Maturity of LIC Policies?
The most straightforward method for determining the Maturity Value of the LIC policy plan is to use the LIC calculator. The maturity value will be displayed with a single click after careful information about the policy is entered. Bonuses, FAB, and other benefits will be determined based on policy plans, so you won’t have to give these details.
The following values and information must be entered into the LIC calculator:
- Sum Assured-The most critical value needed in the calculator is the Basic Sum Assured specified in the policy document.
- Policy plan- LIC offers multiple policy options. As a result, in order to determine the benefits and bonuses, one must mention the plan. Be certain to select the correct plan name from the drop-down menu.
- Term-The original plan paper will also include information on the policy plan’s term. Additionally, the policy purchase year must be disclosed.
- Name- The policyholder’s name.
- Contact details- The policyholder’s updated contact number.
- Date of birth- The policyholder’s date of birth.
Click on the button labeled “Calculate Maturity” as soon as all of the information has been correctly entered. The Sum Assured, Bonus, maturity age, maturity year, and finally the Total Maturity Value will all appear on the policyholder’s screen once the page loads.
The Benefit of using the LIC Maturity Value Calculator
Any type of plan’s maturity value can be calculated using the LIC calculated, including children’s plans, endowment plans, single-premium plans, and so on. Utilizing the maturity calculator is the quickest and most efficient method of determining how much one is entitled to claim at the end of the policy plan’s term.
The LIC policy plan can also be surrendered, but only after three years of timely premium payments. The original policy document, a completed LIC policy surrender form, and identification documents must be presented by the policyholder in order to accomplish this. The surrender value can also be calculated using the LIC calculator. However, because the surrender value is proportionally lower than the maturity value, it is best not to surrender the policy.
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The Final Verdict
The maturity value and the Sum Assured are frequently misunderstood. Therefore, you should familiarize yourself with a variety of terms prior to purchasing a policy plan to ensure that the policy’s terms and features are clear. To determine whether a policy plan is suitable for one, it can be very helpful to know what maturity value is and how it is calculated. The policyholder is free to use the LIC calculator or the formula to calculate.
Checking LIC Maturity Amount Online?
The steps you need to take to check your LIC maturity amount online are as follows:
- To begin, you must visit the LIC’s official website and click on “New User” on the Home Page.
- At this point, you must enter information such as your name, date of birth, mobile number, email address, policy number, and so on.
- To access your account, you can select a User Name and Password now.
If you are already a registered member, the following procedures must be followed:
- You must first arrive at the login page and use your username and password to sign in.
- Once you are logged in, you can click the “Policy Status” tab to see the plans in your account.
- At this point, you can see the LIC maturity amount as well as other information like the policy name, the date you paid the premium, the policy term, and so on.
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Checking LIC maturity amount through SMS
You can check your LIC maturity amount through SMS as well. Additionally, you won’t have to worry about remembering the credentials each time you need to check your LIC maturity amount because you’ll be doing it as you go. To accomplish this, send an email to 56767877 with the subject line “ASKLIC,” followed by your policy number.
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