LIC Maturity Calculator to Check Policy Maturity Amount
Life Insurance Corporation of India offers various life insurance plans to its valuable customers from different economic segments in India. With a long list of plans in every category, including endowment plans, life insurance plans, term insurance plans, child plans, pension plans, and others, the company serves the needs of every customer, from young to senior citizens.
By investing in a life insurance plan, customers secure themselves and their families against any life risk or to gain a saving benefit. You can, too. But while purchasing, you may have a general question: what amount will you receive at the time of LIC policy maturity? To make it easy, use the LIC maturity calculator available on the LIC official website to make financial planning easy.
What is LIC Maturity Calculator?
The LIC maturity amount is the final sum a policyholder receives upon the completion of the policy term. Depending on the plan you purchase, the maturity value is the definite sum assured and may include bonuses and a final additional bonus (if any). The LIC maturity calculator is an online tool that provides a close estimate of the maturity value at the end of the selected policy term. It helps understand the impact of different parameters on payouts, such as policy term, sum assured, premium payment, and any additional benefit opted for.
Why Should You Use LIC Maturity Calculator?
LIC maturity calculator is a reliable tool that you can use while planning your financial future. The calculator is designed to help you navigate your insurance investments with ease and precision. Here's why you should consider using it:
Simplifies Financial Planning
The LIC maturity calculator helps you make informed decisions rather than guessing your financial planning. You can quickly and easily estimate the LIC maturity amount when you input basic details, such as the sum assured, policy term, and bonus rates.
Provides Clear Insights
The LIC maturity calculator provides clear insights into the expected returns on your investment. The information obtained is crucial in making informed decisions about reinvestments, future savings, or other financial commitments.
Saves Time and Effort
Whether you're comparing different insurance policies or evaluating investment strategies, the calculator provides instant results. The LIC maturity calculator automates the process of manual calculation, ensuring accuracy and saving you valuable time.
Helps in Policy Comparison
If you're considering multiple LIC policies, LIC the maturity calculator can help you compare them. By evaluating the potential returns of each policy, you can make a more informed choice about which one best suits your financial needs and goals.
Benefits of LIC Maturity Calculator
Using the LIC maturity calculator can help you gain the following benefits, making your financial planning easier for you:
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Informed Decision-Making
The LIC maturity calculator provides a clear and concise estimate of the returns on your investment. This enables you to make informed decisions about your financial future, such as whether to continue with the current policy, reinvest the maturity amount, or explore other investment options.
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Customization
The LIC maturity calculator is tailored to accommodate the unique details of your policy. You can input specific information related to your policy’s sum assured, premium amount, and policy term based on your needs and requirements and get personalized estimates.
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Encourages Financial Discipline
When you regularly use the LIC maturity calculator or premium calculator, you stay informed and motivated to stick to your investment plan. This ensures discipline in your financial planning and helps you remain on track to meet your financial goals.
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Accuracy
The LIC maturity calculator runs on an algorithmic basis that considers different parameters, like sum assured, age, and policy term, to ensure the accuracy of the results. The calculated amount is a close estimate based on the provided information.
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No Charges
The LIC maturity calculator is available online and can be used as often as required without cost. You do not need to wait for the quote from your LIC agent to help you make confident financial decisions.
How Does LIC Maturity Calculator Work?
LIC maturity calculator is a tool developed to provide quick and reliable information about different LIC policies and their costs. At the time of the LIC life insurance purchase, the tool is very useful in comparing and selecting. It simply works on the simple logic of two stages:
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Providing the Right Details
When using a LIC maturity calculator, you must provide accurate details that match your financial situation and planning future goals. Provide the information, including age, sum assured, required policy, policy term, frequency, and the amount of money you can pay, including other additional benefits.
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Getting an Estimate
Once you have provided all the details, the LIC maturity calculator works on the algorithm to use the information. After calculating, it provides an estimated amount of how much money you will get when the policy matures after the end of the policy term. This also includes the applicable bonuses and the final additional bonus (if any).
How is LIC Maturity Amount Calculated?
Let’s look at the below example to show you how the LIC maturity amount is calculated using the calculator:
For instance, Say Rakesh wants to buy an LIC policy with a 15 Lakh sum assured for 20 years of policy tenure. The insurer offers bonuses and a final additional bonus (if any).
Say, the yearly bonus declared on the sum assured is INR 42/1000, while FAB is INR 22/1000. The bonus = (15,00,000/1,000) X 42 X 20 = Rs. 12.6 Lakhs
Final additional bonus = (15,00,000/1,000) X 22 = Rs. 33,000
So the estimated maturity amount is = Sum assured + Bonus + FAB = Rs. 15,00,000 + Rs. 12.6 Lakhs + Rs. 33,000 = Rs. 27,93,000 Lakhs
So, in case the life assured survives the policy term, they receive around Rs. 28 Lakhs at maturity, and in case of unfortunate demise during the policy term, they receive Rs. 15 Lakhs.
* The rates used above are for illustrative purposes only and are subject to change every year.
Alternate Ways to Check LIC Maturity Amount
If you cannot use the LIC maturity calculator online, opt for the other methods available. Life Insurance Corporation of India continues to make policy buying and management easy for customers. Hence, they can check the LIC maturity amount offline through an SMS service or customer care.
Checking LIC Policy Maturity Amount Online by Policy Number
In case you have already purchased an LIC policy and want to check the LIC policy maturity amount, you need to log in to the LIC customer account. Follow the given steps for LIC maturity amount check:
- Visit the official website of the LIC of India.
- Go to the ‘login’ option available on the top menu bar and select ‘customer portal’ from the drop-down menu bar.
- Log in with the valid user ID and password that you have created.
- Once logged in, you can click on the ‘Policy Status’ tab.
- You can check all the listed policies.
- Select the desired policy and see the LIC maturity amount and other important details.
* New users are required to register on the LIC customer portal. Read about the LIC customer registration process.
Check LIC Maturity Amount Through SMS
For those who do not want to remember user ID or password or follow the registration process, can simply check their LIC maturity amount using the SMS service available.
Type ASKLIC with the policy number and send it to 56767877.
Check LIC Maturity Amount Through Customer Care
Policyholders who are not comfortable with any of the above methods can contact the dedicated LIC team of employees and support desk, who are available to help.
BSNL or MTNL users can dial 1251 from their mobile phones, and other mobile network users can use the Integrated voice response system (IVR) by dialling 1251.
Final Words
The LIC maturity calculator is a valuable tool that allows potential customers to plan their investments wisely. The first advantage of the calculator is that it reduces the hassle of manual calculations and saves time by providing a close estimate of the LIC maturity amount. You can also use the calculator to compare policies and make an informed decision.
To gain the details on LIC policies, connect with an LIC agent or life insurance agent nearby with the help of RenewBuy Advisor Connect.