How to calculate maturity value of LIC Wealth Plus?
To calculate the maturity value of LIC Wealth Plus, you need to follow these steps:
1. Calculate the total number of units held by multiplying the total premium paid by the Net Asset Value (NAV) per unit at the end of the policy term.
2. Add the Loyalty Additions (if any) provided by LIC Wealth Plus.
3. Deduct any partial withdrawals made during the policy term.
4. The sum obtained after these calculations will give you the maturity value of your LIC Wealth Plus policy.
Related FAQs:
What is LIC Wealth Plus?
LIC Wealth Plus is a Unit Linked Insurance Plan (ULIP) offered by Life Insurance Corporation of India.
How long is the policy term for LIC Wealth Plus?
The policy term for LIC Wealth Plus is generally 8 years.
What are Loyalty Additions in LIC Wealth Plus?
Loyalty Additions are bonuses provided by LIC Wealth Plus at the end of every policy year, starting from the 6th policy year.
Can I make partial withdrawals from my LIC Wealth Plus policy?
Yes, policyholders can make partial withdrawals from their LIC Wealth Plus policy after completion of the lock-in period.
Is the maturity value of LIC Wealth Plus guaranteed?
No, the maturity value of LIC Wealth Plus is subject to market fluctuations and performance of the underlying investments.
Can I surrender my LIC Wealth Plus policy before maturity?
Yes, policyholders have the option to surrender their LIC Wealth Plus policy before maturity, but it may result in charges and penalties.
What happens if I stop paying premiums for LIC Wealth Plus?
If you stop paying premiums for LIC Wealth Plus, the policy may lapse, and you may lose the insurance coverage and benefits.
Are there any tax benefits available with LIC Wealth Plus?
Yes, policyholders can avail tax benefits on premiums paid under Section 80C of the Income Tax Act, 1961.
Can I switch funds in my LIC Wealth Plus policy?
Yes, policyholders have the option to switch funds in their LIC Wealth Plus policy according to their investment preferences.
Is there a lock-in period for LIC Wealth Plus?
Yes, there is a lock-in period of 5 years for LIC Wealth Plus.
What is the minimum premium amount for LIC Wealth Plus?
The minimum premium amount for LIC Wealth Plus is Rs. 20,000 per year.
Can I avail a loan against my LIC Wealth Plus policy?
Yes, policyholders can avail loans against their LIC Wealth Plus policy after the completion of the lock-in period.