What is Plan 48 in LIC?

What is Plan 48 in LIC?

Jeevan Mitra Double cover (Table no 88) and Triple Cover (Table no 133) plans are also no exceptions. Apart from normal benefits of Endowment plan, they additionally provide double and triple S.A respectively on death.

How much we get after LIC maturity?

Maturity Benefit: If the policyholder survives till the period of maturity of the policy, he/she will receive 40% of the basic sum assured coupled with reversionary bonuses and the additional bonus amount.

How is maturity value of LIC endowment calculated?

Details of your Plan:

1. Sum Assured (A): = Rs. 5,00,000.
2. Total Bonus Amount on Maturity (B): * = Rs. 1000.
3. Maturity Amount (A+B): = Rs. 35,000.
4. Period of Maturity = Dec, 2021.

How can I break my LIC policy before maturity?

Documents Required For Policy Surrender

1. Original policy bond documents.
2. Request for surrender value payment.
3. LIC Surrender form- form 5074.
4. LIC NEFT form.
5. Bank account details.
6. Original ID proof like Aadhar card, pan card or driving license.
7. A cancelled cheque.
8. Hand-written letter to LIC stating the reason to discontinue.

Can I withdraw money from my LIC policy after 3 years?

Guaranteed Surrender Value: A policyholder can surrender his/her policy only after the completion of 3 years, i.e. the policy has to have been in force for a period of 3 years, at least. The surrender value provided by LIC is essentially 30% of the premiums that have been paid so far.

What is policy maturity?

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.

What is LIC maturity benefit?

Maturity benefit signifies the claim of the policyholder once the policy matures. Generally, the maturity sum is a multiple of the premiums paid up to that time and the additional benefits which the insurance company chooses to give to the policyholder.

What is Section 45 of Insurance Act?

The regulation as per Section 45 of the Insurance Act allows insurers for calling a policy in question on the ground of misrepresentation or suppression of a material fact not amounting to fraud only within the initial three years of the policy.

Can LIC maturity be claimed online?

Due to lockdown and policy restrictions, LIC allowed its policyholders to submit maturity claim related documents online. The required documents were required to be scanned and then submitted via email to the servicing branch.

Is LIC maturity amount taxable?

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).

Can I close my LIC policy after 5 years?

Implications of LIC Policy Withdrawal After 5 Years The contract between the insurer and insured is voided, the life-insurance element will cease to exist once the policyholder has surrendered their policy. Thus any benefits before available will no longer be valid.

How is the maturity of a LIC policy calculated?

Lic Maturity Calculator helps to calculate the maturity amount. Here we have provided the Lic policy maturity calculator which calculates the Maturity amount for different Lic policies. In this Lic Maturity Calculator, Maturity amount is calculated based on previous year Bonus Rates.

How to calculate LIC endowment assurance-14 maturity value?

You can use this to calculate the LIC Endowment Assurance-14 Maturity Value. The vested simple reversionary bonus rates are per 1,000 Sum Assured. In case you have a plan with Sum Assured of Rs. 5,00,000 – Use the values in the table as following: Bonus Value = Sum Assured / 1000 x Bonus Rate = 5,00,000 / 1,000 x Bonus Rate

Is there maturity calculator for whole life insurance?

Lic Maturity calculator provides maturity amount for different types of policies such as Whole life policies, Money Back Policies, Endowment plans, Children plans and Term Insurance plans. LIC Maturity amount is the sum of Simple Bonus, Sum assured and Final Additional Bonus.

What is the sum assured and Fab in LIC?

Sum assured is the amount you have been insured. Simple Bonus is the amount paid by lic to your policies based on profits. We can say interest on our premium amount. FAB is a final additional bonus. It increases with the increase of policy period. FAB will be paid if the policy term is more than 15 years.