How is maturity value of LIC endowment calculated?
Details of your Plan:
- Sum Assured (A): = Rs. 5,00,000.
- Total Bonus Amount on Maturity (B): * = Rs. 1000.
- Maturity Amount (A+B): = Rs. 35,000.
- Period of Maturity = Dec, 2021.
How do you calculate maturity value of an insurance policy?
Maturity benefit is calculated as the [Sum Assured + Bonus Amounts] which have been accumulated throughout the policy term + any [Final Addition Bonus] if declared.
What is LIC maturity benefit?
Maturity benefit is essentially the Sum Assured payable along with accumulated guaranteed additions, terminal bonus, and vested simple reversionary bonus (if applicable). If the policyholder of a certain policy outlives his/her policy term, he/she will be entitled to certain benefits from the insurer.
What is maturity sum assured in LIC?
The sum assured is the amount of money an insurance policy guarantees to pay up before any bonuses are added. Maturity value is the amount the insurance company has to pay an individual when the policy matures. This would include the sum assured and the bonuses.
What is maturity policy?
A maturity benefit is a lump-sum amount the insurance company pays you after the maturity of insurance policy. This essentially means that if your insurance policy is for a term of 15 years, you, the insured, will get a pay-out after these 15 years. In addition, a maturity benefit policy also provides death risk cover.
What is policy maturity date?
Maturity Date — the date at which the face amount of a life insurance policy becomes payable by either death or other contract stipulation.
How can I claim LIC policy after maturity?
Maturity Claims: The servicing Branch usually sends maturity claim intimations two months in advance. Please submit your Discharged Receipt in Form No. 3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.
How can I mature my LIC policy online?
Documents required
- Original policy documents.
- Photocopy of identity proof.
- Photocopy of address proof.
- Photocopy of age proof (if not previously submitted)
- NEFT mandate with the bank details.
- A cancelled cheque leaf or a copy of the policyholder’s bank passbook.
- Details regarding any assignment or reassignment.
What is total maturity amount?
Insurance Term – Sum Assured and Maturity Value This is also known as the cover or the coverage amount and is the total amount for which an individual is insured. Maturity value is the amount the insurance company has to pay an individual when the policy matures. This would include the sum assured and the bonuses.