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Lic Calculator Maturity Benefits and How to Calculate Them

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Life Insurance Corporation of India defines maturity benefit as the lump sum payment that is made available to the policyholder upon his/her survival of the policy term. Maturity benefit is essentially the Sum Assured payable along with accumulated guaranteed additions, terminal bonus, and vested simple reversionary bonus (if applicable).

If the policyholder of a certain policy outlives his/her policy term, he/she will be entitled to certain benefits from the insurer. These benefits are known as maturity benefits. The policyholder, however, can only claim the maturity benefits if he/she has paid the required premiums diligently and also if the policy is in force. Maturity claims are usually considered to be extremely hassle-free and they also require comparatively less paperwork.

What is a Policy Discharge Form?

A policy discharge form is nothing but an intimation form that is sent across to the policyholder by the insurance provider around one month before the date of maturity of the policy. The insurance company is required to be proactive in this regard as along with the form, the policyholder is also required to carry certain specific documents. The list of documents is provided with the letter along with specific instructions that the policyholder will be required to adhere to.

Documents and Other Details

The policyholder will be required to duly fill the policy discharge form after having read it thoroughly. Every small detail has to be accurately filled by the policyholder. Once he/she is done filling the policy discharge form, the policyholder will then be required to sign the same. The policy discharge form has to be signed by two separate witnesses as well according to rules specified by the insurance company.

Enclosing the following documents along with the policy discharge form is mandatory:

  • Policy document - the original copy
  • Proof of identity (copy)
  • Proof of address (copy)
  • Bank mandate form along with details of the bank
  • Cancelled cheque

In order to carry out a smooth maturity claim settlement process, the policyholder will be required to send the policy discharge form along with the documents to the insurance company 5-7 days before the date of maturity of the policy. This will help the insurance company put everything together and release the claim amount at the earliest.

What is the Procedure?

The following process is usually carried out for a seamless maturity claim settlement:

  • Upon receiving the policy discharge form along with the specified documents, the insurance company verifies the same.
  • Once the verification is complete and the insurance company is satisfied with the result, the maturity claim will thereafter be processed.
  • The bank of the policyholder is also intimated about the approaching transaction.
  • The maturity claim proceeds are credited directly to the policyholder’s bank account once the date of maturity has passed.
  • The policyholder receives the amount immediately after the procedure ends.

What are Some of the Noteworthy Points to Take Into Consideration?

  • The above-mentioned process is applicable to those insurance policies that have encompassed maturity benefits such as survival benefits (maturity benefits) and bonuses.
  • If the policyholder passes away any time after the date of maturity but before the procedures have been completed, the maturity claim is still paid to the family of the policyholder by the insurance company.

How is Maturity Computed?

With the advent of technology, accomplishing simple tasks has become hassle-free and less tiresome. Similarly, with the click of a button, it has become possible to calculate the maturity benefit that one is entitled to in an insurance policy.

Before one begins investment in any policy and starts paying the premiums for the same, an estimation may be set on the returns that he/she is entitled to. The maturity amount of any insurance policy, therefore, can be computed using an online calculator. A maturity calculator can be used to calculate maturity (returns) of endowment plans, children plans, single-premium plans, and so on.

Steps to Calculate Maturity Using an Online Maturity Calculator:

  • The policyholder will be required to enter the sum assured amount of the policy he/she is currently holding.
  • Other details required by the maturity calculator to calculate the maturity amount are year of purchase of the policy, current age of the policyholder, the policy term, full name of the policyholder, and his/her updated contact information.
  • Once all the information has been filled in, the policyholder will lastly be required to click on ‘Calculate Maturity’.
  • Upon clicking this button, the policyholder will receive the following information
    • Maturity year
    • Age at maturity
    • Sum assured
    • Bonus
    • Total maturity amount

Maturity calculators provide effective ways to compute how much claim one is entitled to.

Lic Calculator Maturity Benefits and How to Calculate Them Reviews

Page 1 of 50 1 2 3 4 5
  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been taken my Life insurance with Life insurance corporation of India, the agent had clearly explain me about the policy coverage and benefits,i have been holding two policy one is on monthly basis and one is for yearly basis,there premium amount they have charged me was nominal.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy in the year of 2001. Since my brother in law working as a agent, i have selected the Life Insurance Corporation of India for my insurance policy. I paid the premium amount of Rs. 2500 for half yearly. I make the premium through online.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Not recommendable policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy from Life insurance corporation of India. I'm making the premium through online. Most of the policy got matured and I'm not satisfied with the returns. I have purchased policy in 1995. I have selected the quarterly payment mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Very Good Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this Jeevan Anand insurance policy almost seven years back and i am paying the premium half yearly. The premium amount was around 8944 which was not too high. The payment method has been simple and has been done easily. It is a good policy and suggestible to others.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My Life insurance with Life insurance corporation of India had got completed, for 15 years, i was been paying this premium amount, the premium amount was on half yearly basis, and now i am waiting for the money to get, there service was good, they have charged me nominal premium amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC LIFE, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Go for term insurance for the family future safety"
    0.5 4.0/5 "Great!"
    I have taken my term insurance policy from TATA AIG. This a a terms with returns policy. TATA AIG is providing a less premium with the sum assured amount of Rs. 1 Crore. I used to make the premium amount of Rs. 18000 per annum. I took the policy 1 month before. I have done the documentation process by online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    My endowment policy was taken from LIC because of the trust and secure. In 2000, i have purchased this policy. I used to make the payment through online. One of my friend has recommended me about this policy. I have visited the branch many times and they are providing average service to the customer.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    I have purchased a endowment plan from LIC. Bought my endowment plan in 2003. I have been paying the premium amount of Rs. 4000 per annum. I will get a sum assured amount of Rs. 1 lakhs. Total tenure period of the policy is 15 years. This is a tax benefit policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 3.0/5 "Satisfactory"
    I have invested a money back policy from Life insurance Corporation of India. I took this policy in the year of 2003. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 100000 per annum. Three times i have received a money back in my account. I have not faced any issue in this policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance policy was bought from ICICI Prudential. The plan name is money growth. I have been paying the premium amount of Rs. 250000 per annum. I have selected the annual mode. I used to make the premium through online. I will get a sum assured amount of Rs. 25 lakhs. Total tenure period the policy is 10 years.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My life insurance i have dealing with Life insurance corporation of India,the agent clearly explain about the policy , coverage ,they have send me hard copy, i pay premium on quarterly basis,they have charged me up to 2500-2400 approx, which was nominal, i pay off line via cheque.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have purchased a term insurance policy from TATA AIA. I opened this policy before 4 months. The claim ratio was 97% hence i have selected them. The premium amount is very less. I've chosen the coverage value of Rs. 50 lakhs. I make the premium by cheque.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Bad return value in this policy"
    0.5 1.0/5 "Really Bad"
    I hold a investment policy from HDFC LIFE. Friend has told me about this policy. They are not providing a good service to the customer. I took this policy in 2016. I have been paying the premium amount of Rs. 25000 per annum and the sum assured amount is Rs. 2.40 lakhs. This is a tax benefitable policy.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • Kotak Life Life Insurance
    "Good benefits"
    0.5 4.0/5 "Great!"
    I took my life insurance policy from Kotak Mahindra before 6years. It is a long term policy. I pay the premium through online, approx 20K per annum. I am happy with the benefits and their service. I got insurance paper. I need to pay for 15 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I am having a personal life insurance policy for the myself and my wife. All services are good and am fine mostly doing online payment. The tenure period is 15 years. I got an agent, he helps me out. It has good benefits. The premium was paid yearly through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using life insurance with Life insurance corporation of India,the agent had clearly explain the policy and the benefit coverage ,and the premium i pay is according to my convenient,like it is flexible option available,like whenever i want i can pay ,but i pay in monthly basis every time,the premium amount i use to pay up to 2000 in an monthly basis,it is nominal.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Good for investment"
    0.5 5.0/5 "Blown Away!"
    HDFC Life is best as per my experience, their claim ratio is good. They are providing terminal premium for the critical illness, disability cover. I took the policy cover for Rs. 10 lakhs, I make the premium of Rs. 30,000 on quarterly basis it has term of 10 years. They do have life cover for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with Life insurance corporation of India, i have been holding three policy , the agent had clearly explain me account the policy benefit,and there coverage,the premium amount i use to pay on yearly basis,which they have charged me was nominal,and i use to get deducted from my account.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 19, 2019
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