LIC Maturity Calculator
Estimate your policy maturity amount and date
1. How to calculate LIC maturity amount?
The LIC maturity Calculator amount depends on several factors, including the policy amount (sum assured), policy term, bonus rates (if applicable), and the type of policy. Generally, the calculation involves adding the sum assured to the accumulated bonuses (reversionary and final addition bonus, if any). Some policies might also have guaranteed returns. It’s best to refer to your policy document or use LIC’s online tools for a precise calculation, as formulas can be complex.
2. How is LIC maturity amount calculated?
The calculation varies by policy. A simplified explanation is:
- Sum Assured: The base amount you’re insured for.
- Bonus (if applicable): Reversionary bonuses are declared periodically and added to the sum assured. Final Addition Bonus (FAB) might be payable at maturity. Bonus calculations can be simple or compound, depending on the policy.
- Guaranteed Returns (if applicable): Some policies guarantee a certain return in addition to bonuses.
The maturity amount is typically the Sum Assured + Accumulated Bonuses + Guaranteed Returns (if any).
3. What factors affect LIC maturity amount?
- Sum Assured: The base amount of the policy.
- Policy Term: The duration of the policy.
- Bonus Rates: The rates at which bonuses are declared (these can vary).
- Bonus Type: Simple or compound reversionary bonus.
- Policy Type: Different policies have different features and bonus structures.
- Guaranteed Returns: Some policies offer guaranteed returns.
4. How to check LIC maturity amount online?
LIC provides online facilities to check policy status and maturity details. You’ll typically need to register on the LIC portal and link your policy. Once linked, you can view policy details, including the maturity date and estimated maturity amount.
5. How to calculate LIC maturity with bonus?
Calculating maturity with bonus requires knowing the bonus rates declared for your policy during the policy term.
- Simple Bonus: Calculated as a percentage of the sum assured each year.
- Compound Bonus: Calculated on the sum assured plus accumulated bonuses.
You’ll need to calculate the bonus for each year and add it to the sum assured. LIC’s online tools or contacting your agent is the easiest way to get the exact bonus calculation.
6. Is LIC maturity amount taxable?
In many cases, the maturity amount received from LIC policies is tax-free under Section 10(10D) of the Income Tax Act, subject to certain conditions. However, it’s always best to consult with a tax advisor for personalized guidance.
7. How to claim LIC maturity amount?
LIC has a process for claiming maturity amounts. You’ll generally need to submit a discharge form along with your original policy documents and other required documents (like ID proof, bank details). You can check LIC’s website or contact your agent for the exact process and required documents.
8. What is reversionary bonus in LIC?
A reversionary bonus is a bonus declared by LIC periodically (usually annually) and added to the policy’s sum assured. It’s called “reversionary” because it’s a share of the surplus profits that are reverted back to the policyholders.
9. What is final addition bonus in LIC?
A final addition bonus (FAB) is a one-time bonus that may be paid at the time of maturity along with the maturity benefit. It is usually paid on certain types of policies.
10. What is the difference between maturity benefit and surrender value?
- Maturity Benefit: The amount you receive when the policy term is completed.
- Surrender Value: The amount you receive if you decide to terminate the policy before its maturity date. The surrender value is usually less than the maturity benefit.
11. Where can I find an accurate LIC maturity calculator?
The most accurate calculation will come from LIC itself. Use their online portal or contact your LIC agent. Third-party calculators can provide estimates but may not be entirely accurate due to variations in policy terms and bonus rates.
12. How long does it take to get LIC maturity amount?
The processing time for maturity claims can vary. It’s best to check with LIC directly or your agent for an estimated timeline after you have submitted all the necessary documents.