LIC Maturity Calculator : Are you planning to invest in a Life Insurance Corporation (LIC) policy and wondering what returns you can expect at maturity? Or maybe you already have an LIC policy and want to know the exact amount you will receive at the end of the policy term. Either way, the LIC maturity calculator can help you determine your returns accurately. In this comprehensive guide, we’ll explain everything you need to know about the LIC maturity calculator, including how to use it and what factors affect the maturity amount.
What is LIC Maturity Calculator?
The LIC maturity calculator is an online tool provided by the Life Insurance Corporation of India that helps policyholders calculate the maturity amount of their policy. The calculator takes into account various factors such as the policy term, premium amount, and bonus (if applicable) to determine the final payout at maturity.
How to Use LIC Maturity Calculator?
Using the LIC maturity calculator is a simple and straightforward process. Follow these steps to calculate your returns:
- Visit the official LIC website and navigate to the maturity calculator page.
- Enter your policy details such as the policy term, premium amount, and bonus (if applicable).
- Click on the calculate button to get the maturity amount.
It’s important to note that the maturity amount shown by the calculator is an estimate and may differ from the actual payout.
Factors Affecting LIC Maturity Amount
Several factors can affect the maturity amount of an LIC policy. Let’s take a look at some of these factors:
Policy Term
The policy term is the duration for which the policy is valid. The longer the policy term, the higher the maturity amount.
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Premium Amount
The premium amount is the money you pay regularly to keep the policy active. The higher the premium amount, the higher the maturity amount.
Bonus
LIC policies may offer bonuses, such as reversionary and terminal bonuses, which can increase the maturity amount.
Type of Policy
The type of policy you choose can also affect the maturity amount. For example, a unit-linked insurance plan (ULIP) may provide higher returns than a traditional endowment plan.
Benefits of Using LIC Maturity Calculator
Using the LIC maturity calculator has several benefits, including:
Accurate Results
The calculator provides accurate results based on the policy details entered by the user.
Easy to Use
The calculator is user-friendly and easy to use, even for those with no prior experience.
Time-Saving
Calculating the maturity amount manually can be time-consuming, but the calculator provides results instantly.
Conclusion
The LIC maturity calculator is a valuable tool that can help policyholders determine their returns accurately. By considering various factors such as policy term, premium amount, and bonus, the calculator provides an estimate of the maturity amount. Whether you’re planning to invest in an LIC policy or already have one, using the maturity calculator can help you make informed decisions about your investments.
FAQs
Is the maturity amount shown by the LIC maturity calculator accurate?
The maturity amount shown by the calculator is an estimate and may differ from the actual payout.
Can I use the LIC maturity calculator for all types of policies?
Yes, the LIC maturity calculator can be used for all types of policies, including endowment plans and ULIPs.
Do I need to create an account to use the LIC maturity calculator?
No, you don’t need to create an account to use the LIC maturity calculator. It’s available to all users on the official LIC website.
Can I change the policy details after calculating the maturity amount?
Yes, you can change the policy details and recalculate the maturity amount using the calculator.
