LIC Maturity Calculator Online For All LIC Policies
The LIC offers two types of Plans; With Profit or Without Profit. Plan Without Profit does not offer you any bonus. Furthermore, those policies do not offer you any Loyalty Addition (LA) and Guaranteed Addition. You will receive only the sum assured amount on the date of maturity. Plans with Profit you will get returns that are based on Loyalty Addition, Declaration of Bonus, and Final Additional Bonus. Endowment Plans such as Table 14, Jeevan Saral, Jeevan Anand, Komal Jeevan or all Money Back Plans are the examples of Profit based LIC plans. People looking for such profit based plans also try to find their maturity benefits. We will make you understand how you can calculate maturity through the LIC Maturity Calculator.
Components of LIC Maturity Calculator
When the LIC calculates Maturity benefits, it takes four components into account. They are Bonus, Guaranteed Addition (GA), Loyalty Addition (LA), and Final Addition Bonus (FAB). This article provides you a necessary understanding of all these components to get into LIC Maturity Calculator.
The term Bonus is connected to the returns which LIC includes into your LIC policy account on an annual basis. Even though this bonus is accumulated on a yearly basis, LIC pays you this accumulated bonus only on maturity or at the time death claims. Hence, you may have to wait till the maturity for a lump sum amount.
LIC keeps on declaring bonus for their customers on a yearly basis. So, as and when LIC announces the bonus, it will be added to your account. However, the bonus will be on Sum Assured. If something goes wrong to the policy holder’s life, then his/her nominee will receive the sum of Assured + Accumulated bonus (till that time).
#2 Guaranteed Addition (GA)
For few profit plans, LIC offers guaranteed bonus which it pays you at the maturity period. The amount that LIC agrees to pay you is a Guaranteed Addition. This second component in LIC Maturity Calculator in Jeevan Shree-1 and Komal Jeevan has Guaranteed Addition.
#3 Loyalty Addition (LA)
By its name, LIC adds the amount to your account, if and only if you are loyal to the LIC. LIC pays this one-time payment to you at either at the time of maturity or loss of life. Hence, if LIC declares an amount of Rs.X for their loyal customers who have completed some Y years, it will be given to them. However, Jeevan Saral differs from other plans, in which LA is on each unit of Sum Assured. And the calculation of Sum Assured is based on Premium, Age, and Term.
#4 Final Addition Bonus (FAB)
This is similar to the third component, Loyalty Addition. LIC pays this FAB for the policyholders who have their policies term for more than 15 years. Furthermore, FAB calculation is as same as LA. LIC calculates this FAB for each Rs.1000/- (Rupees One Thousand) sum assured. Indeed, if you have long-term policies, then you will receive higher FAB.
Following is the list of LIC plans for which LIC offers maturity benefits which are mentioned as components. However, those components will differ for each profit plan.
|Types of Plans||Specific Names under Type|
|Single Premium Plans||
|Single Premium Plans||
|Money Back Plans||