LIC Maturity Calculator 2023 How to Check LIC Policy Maturity Amount

LIC Maturity Calculator 2023: The maturity amount refers to the final sum received by a policyholder at the maturity of their insurance policy. It includes the sum assured as well as any profits and bonuses accumulated during the policy’s tenure. The LIC Maturity Calculator is a useful tool for estimating the maturity amount of LIC policies. It takes into account factors such as bonus rates, sum assured, policy term, and other parameters to provide an approximate maturity value. While it can give a close estimation, it should not be considered as the exact amount.

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LIC Maturity Calculator 2023

The LIC Maturity Calculator 2023 takes into consideration various details provided by the policyholder, such as age, policy term, policy name, and sum assured. By entering these details along with personal information like name, mobile number, and email address, users can calculate an estimated maturity value. It serves as a starting point for evaluating risk but should not be solely relied upon.

Additionally, the LIC Maturity Calculator 2023 also assists investors in assessing the probability of survival for a specific LIC investment. By considering current and future market conditions, as well as factors like interest rates, inflation, and growth rates, investors can customize scenarios and understand the potential risks and rewards associated with different types of investments. This tool provides valuable insights for individuals seeking to make informed investment decisions and assess the long-term implications of investing in domestic bonds.

LIC Maturity Calculator 2023 Overview

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About LIC Maturity

LIC, which stands for Life Insurance Corporation of India, is a prominent insurance company in India. Over the years, LIC has evolved and matured to become a leading player in the Indian capital markets. The maturity of LICs can be attributed to various factors, including the size, diversity, and liquidity of the securities they offer. The Indian capital markets are recognized globally for their robust regulatory and legal frameworks, which provide a conducive environment for investors.

LICs offer a wide range of financial products, including life insurance policies, investment plans, and retirement schemes. These products cater to the diverse needs of individuals, providing them with financial protection and avenues for wealth creation. LIC has gained the trust and confidence of millions of policyholders due to its strong track record, reliability, and customer-centric approach.

To enhance customer convenience, LIC has embraced digitalization and offers a range of online services. Customers can easily purchase insurance policies, make premium payments, and check the maturity amount and status of their policies online. LIC has also established a vast network of branches across India, ensuring accessibility and customer support.

With its extensive experience and expertise in the insurance sector, LIC continues to be a key player in the Indian financial services industry. Its maturity as an institution reflects the strength and stability of India’s financial sector, attracting both domestic and international investors. LIC plays a crucial role in safeguarding individuals and their families against financial risks while contributing to the overall growth and development of the Indian economy.

LIC Maturity Amount

In the context of Life Insurance Corporation of India (LIC), the maturity amount refers to the total amount that a policyholder receives at the maturity of their life insurance policy. It is the accumulated value of the policy that is paid out to the policyholder after the completion of the policy term.

The maturity amount of an LIC policy is determined by various factors, including the sum assured (the guaranteed amount payable on maturity), any applicable bonuses (such as simple bonus or final additional bonus), and the performance of the policy over its term.

The specific calculation of the LIC maturity amount may vary depending on the type of policy and its terms and conditions. It typically includes the sum assured and any accrued bonuses. The sum assured is the guaranteed amount payable, and the bonuses are additional amounts that may be added based on the performance of the policy.

It’s important to note that the maturity amount may also be influenced by factors such as premium payments, policy duration, and any additional riders or benefits included in the policy.

Normal Policies

For normal policies offered by LIC, the maturity amount is calculated by adding the sum assured, simple bonus, and final additional bonus (FAB). The sum assured is the guaranteed amount payable on maturity, the simple bonus is an additional amount based on the policy’s performance, and the final additional bonus is a one-time bonus paid at maturity for policies with a term of more than 15 years.

Therefore, the formula to calculate the LIC maturity amount for normal policies is as follows:

LIC Maturity amount = Sum assured + Simple Bonus + FAB.

By using this formula, policyholders can determine the total maturity amount they will receive from their LIC policy.

Money back Policies

For money back policies offered by LIC, the maturity amount is calculated by adding the sum assured, simple bonus, and final additional bonus (FAB), and then subtracting the survival benefits received during the policy term.

Here is the breakdown of the components involved:

Sum assured: This is the amount you have been insured for, which is the guaranteed amount payable on maturity.
Simple bonus: The simple bonus is an additional amount that is based on the profits earned by LIC. It can be considered as an interest on your premium payments.
Final additional bonus (FAB): The FAB is a one-time bonus that is paid at maturity for policies with a term of more than 15 years. The amount of FAB increases proportionally with the length of the policy.

Maturity Amount of LIC Plans

The maturity amount of LIC plans refers to the final sum received by the policyholder or their nominee in case of the policyholder’s death as the death benefit. The maturity amount is calculated by adding the sum assured, which is determined at the time of purchasing the policy, any additional amounts or benefits received during the policy’s tenure, and any additional bonuses provided by the company.

The maturity amount is an important factor in assessing the profitability of a LIC plan. It represents the total number of units that are expected to be sold and paid for under the plan. As the plan matures, more units are sold and paid for, resulting in a higher maturity amount. The age of the plan is an indicator of its maturity level, with older plans generally having a higher maturity amount and potential profitability.

It’s important to note that the maturity amount of LIC plans may vary based on the specific terms and conditions of each policy. Policyholders should refer to their policy documents or consult with LIC representatives for accurate information regarding the maturity amount of their individual plans.

How to Check Maturity Amount?

The maturity amount refers to the total value of a security, which includes the price per share and any dividends received. It is essential to check the maturity amount as it provides insight into the maturity level of a security. If the maturity amount of a security is high, it indicates that the security is approaching its expiration date and may potentially experience a decline in value.

Conversely, if the maturity amount is low, it suggests that the security has a longer duration and has the potential to appreciate in value over time. However, it is important to note that maturity amounts alone do not always serve as reliable indicators of a security’s potential value. It is crucial to conduct thorough research and consider various factors before making investment decisions.

To determine the LIC maturity amount using the Corporation’s E-services, new users can follow these steps:

Visit the official website of LIC.
On the home page, select the option “New User.”
Provide personal information such as name, date of birth, policy number, mobile phone number, email address, and other required details in the subsequent step.
Choose a username and password of your choice for accessing the account.
Complete the registration process.
Once registered, login to your account using the selected username and password.
Explore the available options or features related to maturity amount calculation.
Enter the relevant details related to your policy, such as policy number, tenure, premium amount, etc.
Follow the instructions provided on the website to calculate the maturity amount specific to your LIC policy.
Review the calculated maturity amount displayed on the screen.

By following these steps, new users can determine the LIC maturity amount using the Corporation’s E-services.

Things to Take Note of whileChecking LIC Maturity Amount Online

When checking the LIC Maturity Amount online, it is important to keep the following points in mind:

Have the policy number of the specific plan ready as it will be required by the website.
You have the freedom to choose any user ID for creating an account, which can include a combination of letters, numbers, and special characters like underscore, hyphen, or dot.
The password for the user account should be between 8 and 30 characters in length.
Ensure that all the required fields marked with an asterisk (*) are filled in during the account creation process. Leaving them blank may prevent successful registration.
Provide a valid email ID during registration to receive updates and important messages via email.
The user ID entered during registration should be unique and not already in use by another customer. If the chosen user ID is already taken, you will be prompted to select a different, unique ID.

By keeping these points in mind, you can successfully check the LIC Maturity Amount online and ensure a smooth process.

How to Check Maturity Amount and LIC Pension Plan through SMS?

An alternative option for checking the maturity amount and plan updates is through SMS. This provides convenience and eliminates the need to remember passwords for accessing online accounts. To check updates via SMS, follow these steps:

Type “ASKLIC” followed by the policy number.
Send the SMS to the designated phone number provided by the corporation, which is 56767877.

ENQUIRY TYPE	SMS CODE
Status of the existing plan	“ASKLIC<Policy Number>STAT”
Annuity Amount	“ASKLIC<Policy Number>AMOUNT.”
Release date of the Last Annuity	“ASKLIC<Policy Number>ANNPD”
Cheque return information	“ASKLIC<Policy Number>CHQRET”
Existence certificate due	“ASKLIC<Policy Number>ECDUE”

To check the maturity amount and status of LIC Pension Plans through SMS, you will need to provide your pension account number and password. Once you enter this information, you will be able to view the details of your pension plan, including the maturity amount. Additionally, you can access the status of your plan by providing additional personal and contact details.

Using SMS as a means to check maturity amounts and plan updates offers a convenient and accessible option for LIC policyholders.

How to Check LIC Maturity Amount through Customer Care?

If a user is unsure about using SMS or the E-Service features, they can opt to receive regular policy updates and information by contacting LIC customer service. LIC has a dedicated customer service number staffed by knowledgeable LIC employees. Customers using BSNL or MTNL mobile numbers can simply dial 1251 to reach the customer service helpline.

For customers enrolled in other service providers, they can contact the Integrated Voice Response System (IVRS) specific to their city and then dial 1251 for further assistance. The IVRS is available 24/7 and provides customers with concise and accurate policy information, ensuring their peace of mind.

LIC has divided India into eight zones, namely North, North Central, East, East Central, West, West Central, South, and South Central Zones. This division streamlines the process and allows for addressing customer concerns effectively. Each zone has its own customer care numbers and branch offices where customers can call or visit in person to have their plan-related inquiries resolved.

How to Check LIC Policy Surrender Value Online?

To check the surrender value of your LIC policy online, you need to visit the official website of LIC. The website will provide you with the necessary information and tools to calculate the surrender value. You can enter the required details, such as policy number, premium payment history, and policy term, to determine the surrender value using the formula provided by LIC.

The surrender value is the amount that the policyholder will receive if they decide to cancel the policy before its maturity date. However, it is important to note that the surrender value is calculated based on various factors, including the premium payment history and the duration of the policy. The surrender value may be lower than the total premiums paid, as it takes into account various deductions and charges.

By using the LIC website or contacting LIC directly, you can obtain accurate and up-to-date information about the surrender value of your policy. It is recommended to review the terms and conditions of your policy and consult with LIC representatives for a comprehensive understanding of the surrender value calculation.

Why Check LIC Pension Plan Status and Other Information at Regular Intervals?

It is important to regularly check the status of your pension plan and stay informed about any changes or updates. This allows you to make informed decisions and ensure that your retirement savings are on track. By checking your pension plan’s status, you can:

Understand your retirement income: Checking the status of your pension plan helps you understand how much money you can expect to receive upon retirement. This allows you to plan your finances and make any necessary adjustments to ensure a comfortable retirement.
Stay updated on changes: Pension plans can undergo changes in terms of rules, benefits, or investment options. By checking your plan’s status regularly, you can stay informed about any updates or changes that may affect your retirement savings.
Adjust your financial plans: If you notice a decrease in the value of your pension plan or if there are changes in the rules, you can adjust your financial plans accordingly. This may involve making additional contributions, exploring alternative retirement savings options, or seeking professional advice.
Avoid loss of benefits: Regularly checking the status of your pension plan ensures that you stay on top of premium payments. If you fail to pay premiums even after the grace period, you may lose access to the plan’s benefits. By monitoring your plan’s status, you can avoid such situations and ensure uninterrupted coverage.

In conclusion, staying proactive and regularly checking your pension plan’s status helps you stay informed, make necessary adjustments, and secure a comfortable retirement.

How to Claim the Amount after the Maturity of the Plan?

The LIC Maturity Calculator enables policyholders to claim the amount after the maturity of their plan based on its structure. If a plan allows for withdrawals or payouts at specific intervals, such as fixed monthly payments or regular payments until a certain age, policyholders can claim the remaining balance when those intervals end.

The LIC sends maturity claim intimations to policyholders two months before the maturity of the policy. In the case of the policyholder’s death before the policy’s maturity, the nominee or dependent needs to submit the discharged receipt in Form number 3825 along with the original policy documents at least one month before the maturity due date. This allows the full amount to be paid to the customer before the maturity due date. Additional documents required may include identity proof of the policyholder or nominee, death certificate in the case of the policyholder’s death, age proof if not previously submitted, a cancelled check, or a copy of the policyholder’s bank passbook along with a NEFT mandate form.

By submitting the necessary documents and following the specified procedures, policyholders can claim the maturity amount as per the terms and conditions of their LIC plan.

Conclusion

The LIC Maturity Calculator is an online tool designed to assist investors in assessing the potential returns of an investment based on various factors. These factors include the risk-return profile of the fund, asset allocation, and the quality of management. By considering these factors, the calculator provides an estimate of the investment’s performance relative to its peers.

It is important to note that the results generated by the LIC Maturity Calculator are based on historical data and should be used as a starting point for evaluation. Actual investment performance can be influenced by individual circumstances and risk tolerance. Therefore, investors should conduct their own thorough research, take into account their specific financial goals and risk appetite, and seek professional advice when making investment decisions.

The LIC Maturity Calculator can serve as a valuable tool in understanding how different factors may impact investment returns. It can assist investors in making informed decisions by providing insights into potential performance under various market conditions. However, it is crucial to supplement this tool with additional analysis and consider other relevant factors before making investment choices.

FAQ’s About LIC Maturity Calculator 2023

Q: What is LIC Maturity Calculator?

A: LIC Maturity Calculator is an online tool provided by LIC (Life Insurance Corporation of India) that helps investors assess the potential maturity amount of their LIC policies based on various factors such as premium amount, policy term, bonus rates, and sum assured.

Q: How does the LIC Maturity Calculator work?

A: The LIC Maturity Calculator uses inputs provided by the user, such as policy details and bonus rates, to estimate the maturity amount of the LIC policy. It calculates the sum assured, bonus amounts, and any additional benefits based on the policy terms and conditions.

Q: Is the maturity amount calculated by the LIC Maturity Calculator accurate?

A: The maturity amount calculated by the LIC Maturity Calculator is an approximation based on the information provided by the user. It considers historical bonus rates and other factors, but the actual maturity amount may vary depending on various factors such as future bonus declarations and other policy conditions.

Q: How can I use the LIC Maturity Calculator?

A: To use the LIC Maturity Calculator, you need to visit the LIC website and navigate to the Maturity Calculator section. Enter the required details such as policy term, premium amount, and sum assured to generate an estimate of the maturity amount.

Q: Can the LIC Maturity Calculator be used for all LIC policies?

A: Yes, the LIC Maturity Calculator can be used for most LIC policies, including endowment plans, money-back plans, and pension plans. However, there may be certain policies or riders that are not covered by the calculator.

Q: Can I rely solely on the LIC Maturity Calculator for making financial decisions?

A: While the LIC Maturity Calculator provides a useful estimate of the maturity amount, it is advisable to consider it as a starting point and not the sole basis for making financial decisions. It is important to consult with LIC agents or financial advisors for a comprehensive understanding of your LIC policies and their implications.

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