How To Check The Maturity Amount Of LIC Policies?

What is the Maturity Amount of LIC Policies?

The Maturity Amount of an LIC is the final sum received upon the policy's maturity. In participating plans, the Maturity Value includes the Sum Assured, the Bonuses accrued during the policy term, and any declared Final Addition Bonus.
The exact amount varies depending on the policy type, sum assured, tenure, and the policy’s declared bonuses and profits.

How to Check Maturity Amount through SMS?

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.

How to Check LIC Maturity Amount through 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 dialing 1251 from your BSNL or MTNL. For other networks, check your local LIC branch's customer care number.

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.

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 is the LIC Maturity Amount Calculated?

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 value 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.

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 put key details such as the policy number, sum assured, policy term, and other relevant information into the calculator. The calculator then uses the provided data to calculate an approximate maturity amount, considering bonuses, additions, and other factors associated with the specific insurance plan.

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.

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.

How to Check LIC Policy Surrender Value Online?

Surrender Value is the amount paid to the policyholder by the company if he wishes to discontinue the policy. However, it can be paid only if the life insured has paid all the monthly, quarterly, half-yearly, or yearly premiums for three years. To check the LIC Surrender Value, one can visit the official website of LIC and fill in the required details.

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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