How to calculate LIC Maturity benefits?
LIC is been known to be one of the very important aspects of every person’s life that takes the oath of providing a secure future to the policyholder and his/her family. Maturity benefits usually differ from person to person and the policy plan he/she has selected. From choosing up a monthly plan to term insurance policies; there are several options to choose upon.
The term LIC maturity benefits have been simply defined by the life insurance corporation of India as the lump sum amount that one has to receive on the completion of his/her survival policy term. It is usually the sum assured by the policyholder which is usually received by the policyholder in case of survival and nominee in case of death of the policyholder. The maturity benefits include the basic term assured along with accumulated guaranteed additions, terminal bonus and vested simple reversionary bonus as well.
How to claim the LIC Maturity benefits?
The policyholder is only being able to claim the maturity benefits if he/she has the paid the required premiums on time and if the policy is in force. The process of maturity claims is absolutely a hassle-free process includes very little paper work. One can easily calculate the maturity benefits with the help of LIC Maturity Calculator. One needs to fill in a policy discharge form that sends intimation to the insurance provider regarding the maturity of the policy.
What are the documents needed to claim the maturity benefits?
Once you have calculated all the maturity benefits seamlessly; you can easily apply for the claim immediately. The maturity claim is usually being sent around one month before the date of maturity. Moreover, the policyholder also has to carry out certain other specific documents to carry out the process seamlessly. The mandatory documents that are usually sent along with the policy discharge form are:
- Policy document (original copy)
- Proof of Identity (copy)
- Address Proof (copy)
- Bank mandate form along with preferred details
- Canceled cheque
How to apply for the LIC Maturity Claims?
Once you have calculated all the maturity claims using the related LIC maturity calculator; you can go through the process given below to carry out the maturity claim settlement process seamlessly.
- Collect the policy discharge form and fill in the required information very carefully.
- Send the discharge form along with the required documents to the LIC head office.
- On receiving the form successfully the insurance company verifies the specified documents very carefully.
- On the successful completion of the verification process; the maturity claim is thereafter being processed by the insurance provider.
- On the successful transaction of the maturity claims made; the policyholder is being intimated by the related bank.
- That’s it. The maturity benefits are in your account now, you can easily compare the lump sum amount with the help of LIC maturity calculator and cross-check your doubts. The above process being mentioned only is applicable if the policy has encompassed maturity benefits such as survival benefits and bonuses. In case of the sudden demise of the policyholder before or after the date of maturity; the maturity benefits are being paid to the nominee or family of the policyholder.
How to calculate the maturity benefits?
Technology has made now absolutely easy to calculate the maturity benefits. You are just a tool away from calculating the near about same lump sum amount that you are supposed to get at the time of maturity. LIC maturity calculator is the tool that has made this task absolutely simple, fast and hassle-free. You just have to tap a button and you can easily calculate the maturity benefits of the related insurance policy.
Moreover, the LIC maturity calculator usually differs in case of policy plans one have to choose one. You can easily investigate the related premium and maturity benefits with the help of LIC maturity calculator. It is actually a tool that can well calculate maturity, endowment plans, children plans, term insurance policies and much more.
In case if you already have been located LIC maturity calculator and now is being confused with how to use it; here is the step by step process is given for you:
- Enter the sum assured the amount of the policy in the provided column.
- Read on the provided form very carefully and enter other details such as current age of the policyholder, policy term, full name of the policyholder, updated contact information required by the LIC maturity calculator over there.
- Once done with the above process successfully; tap on the Calculate Maturity option to go further with the process.
- Detailed information of the estimated maturity benefits along with Maturity year, age of maturity, sum assured, bonus, and total maturity amount are being displayed on your home screen.
Whether you are planning to start up with a new LIC policy or are thinking of calculating the maturity benefits of current policies; this article will help you a lot in calculating the LIC maturity benefits.