LIC Endowment Plan Calculator

What is the LIC Endowment Policy Calculator?

LIC Endowment Policy Maturity Calculator is an online and user-friendly tool that evaluates the approximate maturity value of the policy. The tool helps the customers get an overview of the maturity value assured by the insurer to get an insight into the product details and reliability of the plan. 

How Does the LIC Endowment Policy Calculator Work? 

The LIC Endowment Policy Maturity Calculator uses the information below to evaluate the maturity sum assured of your LIC policy:

• Sum Assured in the Plan: The Minimum Sum assured in the LIC Endowment Policy is Rs. 10 lakhs, and the Maximum Sum is unlimited.

• Premium Payment Term: The minimum premium paying term is 12 years, and the maximum paying term is 35 years.

• Date of Purchase: This asks for the customer's date of purchasing the plan to evaluate the maturity date. The maximum maturity age of the plan is when the customer reaches 75 or is near their birthday.

After filling in the above details, the LIC Endowment Policy Maturity Calculator will evaluate the reasonably approximate maturity amount that the customer will receive at maturity.

Types of LIC Endowment Calculators You Can Use: 

1. LIC Single Premium Endowment Plan Calculator (917)

   This calculator helps determine the one-time premium required for LIC single premium endowment policies. It also shows the expected maturity value based on your investment, age, and policy duration.

2. LIC Endowment Plan Maturity Calculator 

   This version calculates the maturity amount you'll receive after the policy term is completed. It considers the sum assured, reversionary bonuses, and final additional bonuses, where applicable.

3. LIC Plan 914 Maturity Calculator 

   LIC Plan 914, also known as LIC New Endowment Plan, is one of the most popular plans. The LIC plan 914 maturity calculator allows you to input your age, sum assured, and policy term to calculate premiums and maturity benefits. 

Benefits of LIC Endowment Policy Calculator

LIC Endowment Plan return calculator helps policy seekers and policyholders calculate the maturity amount, determining the plan's suitability, affordability, and credibility. This tool is helpful for LIC customers and especially for policyholders of the LIC New Endowment Plan. The benefits of the LIC Endowment Policy Maturity Calculator are:

• Easy and Quick Evaluation: The Endowment Policy Calculator helps policyholders evaluate maturity without manual labour in a quick way.

• Efficiency: The calculator provides a fairly approximate maturity amount, which helps the customers with further planning.

• Easier Analysis: It helps analyse the policy details and benefits.

• Error-free: The possible mistakes in manual evaluation become negligible using the LIC Endowment Plan calculator.

• Comparison: With the help of the calculator, policy seekers can easily contrast and compare their desires and benefits of different policies under LIC Life Insurance

How is the Maturity Calculated in the LIC Endowment Plan?

The LIC Endowment plan calculator uses the information below to evaluate the maturity sum assured of your LIC policy:

• Basic Sum Assured (BSA): The guaranteed amount selected during policy purchase.

• Accrued Simple Reversionary Bonuses: Declared annually by LIC and accumulate over the policy term.

• Final Additional Bonus (FAB): A one-time bonus paid at maturity (if applicable), depending on the policy term and sum assured.

These components together form the total maturity amount receivable if the policyholder survives the policy term.

For example, consider a 30-year-old individual purchasing an LIC endowment policy with a policy term of 20 years with the following specifications:

• Basic Sum Assured (BSA) of Rs 5,00,000.

• Estimated simple reversionary bonus of Rs 45 per Rs 1,000 of sum assured annually.

The total accumulated bonus over 20 years would be Rs 4,50,000 (i.e., 45 × 500 × 20).

• A Final Additional Bonus (FAB) of Rs 25 per ₹1,000 is applicable at maturity.

The amount will be Rs 12,500 (i.e., 25 × 500). 

Therefore, the total maturity benefit would be Rs 4,50,000 + Rs 12,500 = Rs 9,62,500, which includes the Basic Sum Assured, the accrued bonuses, and the FAB.

How to Use the LIC Endowment Plan Calculator?

The Endowment Policy's premium charges and maturity amount will differ from individual to individual. This change usually depends on the sum assured and the policy tenure. The LIC Endowment Policy Calculator will evaluate the maturity amount according to the customers' data. You can also visit Policybazaar to calculate the LIC Endowment Policy maturity benefit. The steps that a customer needs to follow to use the calculator are: 

• Step 1: Visit the LIC page on Policybazaar.

• Step 2: Fill out the form with your name and contact number. Click on “View Plans”

• Step 3: Next, provide your age, the city you live in and your annual income.

• Step 4: Choose the plan and click on “Get Details”

• Step 5: Cross-check the information provided and make an online payment.
  
  The calculator will automatically show the amount of premiums and maturity. 
  You can also visit the official LIC of India website to estimate your maturity amount. The steps are as follows:

• Step 1: Visit the official LIC website homepage.

• Step 2: Scroll down to the section “How Much You Need” and click on “Calculate Premium”.

• Step 3: Provide the basic details such as name, contact, DOB, gender, etc. Click “Next”. Then select “Quick Quote”.

• Step 4: Check the box next to the plan you select from the Endowment plans category. Click on “Coverage”.

• Step 5: Fill in the required details. Click on “Quote”.

The calculator will show you the premium amount of the chosen plan on a yearly, half-yearly, quarterly, and monthly basis. It will also show the sum assured, premium-paying term, policy term, and your age.

Wrapping It Up

The LIC Endowment Policy Calculator will help the customers plan their maturity amount accordingly, and the policyholders will find whether the plan is appropriate to their requirements. This online tool will evaluate the amount customers can easily spend on their financial liquidity. Such a lump sum at maturity is lucrative to an already beneficial plan.

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