LIC Endowment Maturity Calculator is an online tool that helps policyholders check the maturity value of their LIC Endowment policies. Not only this, but the calculator also helps the policyholder calculate the premiums payable against their LIC Endowment policy.
Read moreLIC 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 Endowment Policy 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 Endowment Policy Maturity Calculator will evaluate the reasonably approximate maturity amount that the customer will receive at the time of maturity.
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 Endowment Policy 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 Endowment Policy Maturity Calculator helps analyse the policy details and benefits.
Error-free: The possible mistakes in manual evaluation become negligible by using the LIC Endowment Maturity Policy 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.
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,Â
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.
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 Maturity Calculator will evaluate the maturity amount according to the customers' data. The steps that a customer needs to follow to use the calculator:
Step 1: Visit the official LIC portal. (https://licindia.in/)
Step 2: Click on the "Customer Services" section
Step 3: Search for LIC Calculator
Step 4: Fill in the required credentials like plan’s name, sum assured, policy term, and starting date.
Step 5: Click “Submit”.
Step 6: The maturity value and the premium charged will be shown accordingly.
Step 7: The calculator will show the sum assured amount, total bonus amount, and maturity date under the maturity value section.
The LIC Endowment Policy 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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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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