LIC Endowment Policy Maturity Calculator

Read on to know about its features, benefits, and usage of the LIC New Endowment plan maturity calculator.

What is the LIC Endowment Plan Maturity Calculator?

LIC Endowment Policy Maturity Calculator is an online and user-friendly tool that evaluates an approximate amount of 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. The LIC New Endowment Plan Maturity Calculator uses the below information to evaluate the maturity sum assured of your LIC policy:

• Sum Assured in the Plan: Minimum Sum assured in the LIC Endowment Policy is Rs. 10 lakhs, and the Maximum Sum has no limits.

• 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 customers' date of purchasing the plan to evaluate the date of maturity. The maximum maturity age of the plan is when the customers reach 75 or nearer their birthday.

After filling in the above details, the LIC New Endowment Plan 914 Maturity Calculator will evaluate the reasonably approximate maturity amount that the customer will receive at the time of maturity.

How to Use the LIC New Endowment Plan 914 Maturity Calculator?

To use an LIC Endowment plan maturity calculator, you need to visit an online tool, choose the specific plan, and enter details such as your age, sum assured and policy term. This calculator will then estimate your maturity benefit, which is generally the sum assured plus bonuses. Here is a step-by-step guide on using the LIC endowment plan calculator: 

Step 1: Visit the official LIC website.

Step 2: Scroll down to the "How much do you need" section. Click on “Calculate Premium”.

Step 3: Enter basic details such as name, DOB, gender, etc. Click on “Next” then select “Quick Quotes”.

Step 4: Select the LIC Endowment Policy from the plan list and hit “Coverage”.

Step 5: Fill in the required credentials, such as sum assured, policy term and click on “Quote”. 

Step 6: Click on the preferred premium paying mode and click on “Get Illustration”. 

The maturity value and the premium charged will be shown accordingly. The calculator will show the sum assured amount, total bonus amount, and maturity date under the maturity value section.

Benefits of LIC New Endowment Plan Maturity Calculator

LIC Maturity 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 Endowment Plan. The benefits of the LIC Endowment Policy Maturity Calculator are:

• Easy and Quick Evaluation: The LIC New Endowment Plan Maturity 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: The LIC New Endowment Plan 914 Maturity Calculator helps analyse the policy details and benefits.

• Error-free: The possible mistakes in manual evaluation become negligible by using the LIC New Endowment Plan Maturity 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 Plans.

How is the Maturity Calculated in the LIC Endowment Plan?

With the LIC Endowment Plan, the Paid-Up Value is the amount you will get when your policy matures. The sum assured during term maturity is reduced to the Maturity Paid-Up Sum Assured. Basically, this new amount is calculated by taking the original sum you were guaranteed at maturity and multiplying it by the ratio of the total premiums you've already paid to the maximum number of premiums you were supposed to pay initially.

For instance, 

Basic Sum Assured= X

Periods Premiums have been paid= a

Original Tenure of Premium Payments= b

Maturity Paid-Up Sum Assured= X (a: b)

The insurer will pay the Maturity Paid-Up Sum Assured along with simple reversionary bonuses and final additional bonuses (if any) at maturity. That means:

Total Maturity Amount = Maturity Paid-Up Sum Assured + Simple reversionary bonuses + Final Additional Bonuses (if any)

This considerable lump sum of money the insurer assures is lucrative for the customers to invest in this specific plan. This sum of money helps the policyholders in other financial crises and maximizes the money as per their convenience.

Wrapping It Up

The LIC New Endowment Plan Maturity 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 liquidities. Such a lump sum at maturity is lucrative to an already beneficial plan.

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