If you hold a Life Insurance Corporation (LIC) policy and want to know its maturity value, you can follow a simple process to determine the amount you will receive at the end of the policy term. The maturity value of an LIC policy is the sum total of the basic sum assured and any accrued bonuses. Here’s a step-by-step guide on how to find out the maturity value of your LIC policy:
Step 1: Gather the Necessary Information
Before you can calculate the maturity value of your LIC policy, you need to have some essential details at hand. These details include your policy number, the date of commencement of the policy, and the term of the policy.
Step 2: Access the LIC Official Website
Visit the official website of LIC (www.licindia.in) and navigate to the ‘Customer Services’ section. Look for the relevant link to access the LIC policy portal.
Step 3: Login to Your Account
Login to your LIC account using your credentials. If you don’t have an account, you can easily create one by providing your policy details and personal information.
Step 4: Find the Policy Summary
Once you are logged in, locate the policy summary section. Here, you will find all the pertinent information about your LIC policy, including its status and maturity details.
Step 5: Check the Bonus Information
Within the policy summary, you can find the accrued bonus information for your LIC policy. This bonus is payable upon maturity and can significantly increase the overall maturity value.
Step 6: Calculate the Maturity Value
Now that you have all the necessary information, you can calculate the maturity value of your LIC policy. Add the basic sum assured to the accrued bonus to obtain the total maturity value.
Step 7: Understand Different Policies
Each LIC policy has its own specific features and maturity benefits. Different policies may have varying methods to calculate maturity values. It is essential to understand the terms and conditions of your particular policy.
FAQs:
1. What factors determine the maturity value of an LIC policy?
The maturity value depends on the sum assured, policy term, and any accrued bonuses.
2. Can I calculate the maturity value of my LIC policy without accessing the LIC website?
No, accessing the LIC website and entering your policy details is necessary to calculate the maturity value accurately.
3. Are maturity values guaranteed in LIC policies?
Yes, the maturity value is guaranteed in most LIC policies, including the basic sum assured and any applicable bonuses.
4. Can I receive the maturity value of my LIC policy before its term ends?
No, typically, LIC policies pay out the maturity value only upon completion of the policy term.
5. Will my maturity value increase over time?
Yes, the maturity value of your LIC policy will increase with time, mainly due to the accrual of bonuses.
6. How often are bonuses declared in LIC policies?
Bonuses are usually declared on an annual basis, depending on the performance of LIC.
7. Is there any tax implication on the maturity value received?
The maturity value of an LIC policy is tax-free under Section 10(10D) of the Income Tax Act, subject to certain conditions.
8. What should I do if I cannot access my LIC policy online?
In case you face difficulties accessing your policy online, you can visit the nearest LIC branch and inquire about the maturity value.
9. Can I surrender my LIC policy before maturity?
Yes, LIC policies can be surrendered before maturity, but it may result in reduced benefits. The surrender value depends on the duration and terms of the policy.
10. Can I take a loan against my LIC policy?
Yes, you can avail of a loan against your LIC policy, provided it has acquired a surrender value and subject to certain terms and conditions.
11. How long does it take to receive the maturity amount after submitting the required documents?
LIC typically disburses the maturity amount within a few weeks after the submission of all necessary documents.
12. Can I extend the maturity period of my LIC policy?
No, it is not possible to extend the maturity period of an LIC policy beyond its original term. However, some policies offer additional benefits upon maturity, such as extended life cover.