LIC Maturity Amount Check: How To Calculate LIC Maturity Amount?

Let us understand how to calculate LIC maturity amount and stay informed about the policy's benefits.

How to Check LIC Maturity Amount?

You can check your LIC maturity amount through the LIC Customer Portal online, via the LIC Digital app by sending an SMS, or by calling LIC Customer Care.
Checking your LIC maturity amount is a simple step to understand how much you’ll receive when your LIC policy matures. It helps you plan your finances better and stay informed about your returns. Here are some ways you can do a quick LIC maturity amount check based on your policy details:

LIC Maturity Amount Check Through LIC Customer Portal 

The LIC Customer Portal makes it easy to perform a LIC maturity amount check online. You can instantly view your policy details, maturity value, and other benefits in one place. Follow these simple steps:

Step 1: Visit the official LIC website and go to “Login” on the top right corner and click on “Customer Portal” from the drop-down menu.

Step 2: You can log in using User ID or OTP. Enter your User ID and password. New users must complete a quick registration before signing in.

Step 3: Go to the “Policy Status” or “Policy Summary” section to see your enrolled policies.

Step 4: Select your desired policy to view its full details, including the LIC maturity amount (sum assured + bonus amounts, if any), and policy details.

LIC Maturity Amount Check Through LIC Digital App

The LIC Digital App provides a quick and mobile-friendly way to check the LIC maturity amount anytime, anywhere.

Step 1: Get the LIC Digital App from Google Play Store or Apple App Store. Register with your policy number, date of birth, and mobile number.

Step 2: Sign in using your credentials to access your dashboard.

Step 3: Tap “Policy Status” or “Policies” and select your plan. The app will display the maturity amount, bonuses, and premium schedule.

LIC Maturity Amount Check Through SMS Facility:

Checking your LIC policy updates and maturity amounts via SMS is a convenient option that eliminates the need to remember passwords for online accounts. To receive updates through SMS, simply type "ASKLIC" followed by your policy number and send it to 56767877.

You can also get updates regarding the LIC Pension Plan by following the below procedure:

All of the queries mentioned above can be resolved by sending the SMS code to the same number, 56767877.

LIC Maturity Amount Check Through LIC Customer Care

LIC’s customer care services provide 24/7 assistance for maturity and policy-related queries. Contact the Integrated Voice Response System (IVRS) by dialling the LIC Call Center at +91-22-68276827.

To simplify the process and solve customers' queries, LIC has divided India into eight zones: North, North Central, East, East Central, West, West Central, South, and South Central Zones. All eight zones have different customer care numbers and branch offices for customers to call or visit physically to get their queries regarding the plans resolved.

LIC Maturity Amount Check Through the LIC Maturity Calculator by Policy Number

Performing a LIC maturity amount check is quick and convenient when you use the LIC maturity calculator by policy number through the official LIC portal. Follow these simple steps to access and calculate your LIC policy maturity amount online:

Step 1: Visit the Official LIC Website

Step 2: On the homepage, click on the “Login” option in the top menu and select “Customer Portal.” 

Step 3: Log in using your registered User ID and Password or policy number, followed by an OTP to gain access to your LIC account. If you’re a new user, complete the registration process before proceeding.

Step 4: After logging in, go to the “Policy Status” section. Here, you’ll find a list of all your active LIC policies along with essential information.

Step 5: Select the policy you wish to review. You’ll be able to view your sum assured and bonus amount till date. You can add those amounts and estimate your LIC maturity amount, bonus details, and other relevant policy information.

Additional Resources: Download LIC Maturity and Discharge Forms

To simplify the claims process, LIC provides downloadable forms on its website:

• LIC Maturity Form PDF Download: Visit the "Customer Services" section on LIC’s website.

• LIC Discharge Form on Maturity: Essential for claim settlement, ensuring timely receipt of maturity benefits.

How To Calculate LIC Maturity Amount?

The exact maturity value of an LIC policy can't be precisely calculated, but you can estimate it to understand the benefits you'll receive at the end of the term. The LIC maturity amount is the amount payable to policyholders at the end of their policy term and typically includes the Sum Assured, any bonuses, and a Final Additional Bonus (if declared). This applies to various LIC plans, such as endowment, whole life, and ULIPs. However, term insurance differs in this aspect, as it typically does not offer a maturity amount. LIC Term insurance is primarily a pure protection plan, where benefits are paid only in the event of the policyholder's demise during the term.

Note: To find the best term insurance plan for your needs, use the term insurance calculator to estimate premiums and ensure adequate financial protection for your loved ones.

Here’s how to estimate the maturity value using the LIC online Maturity Calculator:

Example Calculation: Mr. Z buys a policy with a Sum Assured of ₹15 lakh and a term of 20 years. Assume the company declares an annual bonus of ₹42 per ₹1,000 of the Sum Assured and a Final Additional Bonus of ₹22 per ₹1,000.

1. Calculate the Bonus:

   (15,00,000/1000) x 42 x 20 = 12.6 Lakh

2. Calculate the Final Additional Bonus:

   15,00,000/1000) x 22 = Rs. 33,000

3. Calculate the Total Maturity Value:

   15,00,000+12,60,000+33,000 Rs. 27,93,000
   So, if Mr. Z is alive at the end of the 20-year term, he will receive approximately ₹28 lakh. If he passes away during the policy term, his nominee will receive the ₹15 lakh Sum Assured as a Death Benefit.
   Note: Each LIC policy has its specific terms and features based on factors such as the Sum Assured, policy term, age of the policyholder, and premium payments. Therefore, the bonuses and final additional bonuses may vary. Always refer to the details of your specific LIC policy for accurate information. You can also use the LIC maturity calculator by policy number.

What is the LIC Online Maturity Calculator?

The LIC maturity calculator is an online tool provided by the LIC of India to help policyholders estimate the maturity value of their insurance policies.
Policyholders can use the key details to calculate the LIC maturity amount using the LIC maturity calculator by policy number, sum assured, policy term, and other relevant information. The calculator then uses the provided LIC policy details to calculate an approximate maturity amount, considering bonuses, additions, and other variable factors associated with the specific plan. The estimated LIC calculator maturity amount is provided by LIC of India and calculates returns based on various factors, offering a reliable approximation of your policy’s maturity value.

Similarly, the SIP calculator helps investors estimate the future value of their investments based on monthly contributions, expected returns, and tenure. It allows users to plan their financial goals by providing an approximate maturity amount for their SIP investments.

How Does the LIC Maturity Calculator Work?

The LIC maturity calculator is a simple and effective tool that helps policyholders perform a quick LIC maturity amount check and estimate the returns from their policy. To use the LIC policy maturity calculator, you need to provide a few essential details such as:

• Sum Assured (the base sum assured of your LIC policy)

• Annual Premium

• Policy Term

• Estimated Average Bonus Rate 

• Bonus (optional and may vary by plan)

Once you enter these details, the LIC maturity calculator instantly displays your estimated maturity value, total bonuses, and total premiums paid. This helps you understand your potential LIC policy maturity amount and evaluate your policy’s performance.

Why Is Knowing Your LIC Maturity Amount Important?

Understanding the maturity amount of your Life Insurance policy is crucial for several reasons:

• Financial Planning: It helps you forecast and allocate funds for future expenses or investments, ensuring better financial stability.

• Transparency: Knowing the maturity amount provides clear insights into the returns on your LIC investment, enhancing trust and satisfaction.

• Policy Comparison: It allows you to evaluate and compare different investment options or insurance policies, aiding in more informed financial decisions.

• Tax Planning: Since maturity amounts from LIC policies are often tax-free under specific conditions, understanding this can optimize your tax planning strategy.

Wrapping It Up:

Understanding the maturity process of your LIC policy is crucial for effective financial planning. To stay updated, utilize tools like the LIC online maturity calculator and SMS services. Always ensure you complete and submit the necessary forms, such as the LIC Discharge Form, to claim your maturity benefits without delays.

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