LIC policy maturity is the point in time when the policyholder’s insurance policy comes to an end, and the policyholder becomes eligible to receive the maturity benefits. When a policy reaches its maturity date, the policyholder is entitled to receive the sum assured, along with any accrued bonuses, as per the terms and conditions of the policy.
The maturity date is usually specified at the time of taking the policy, and it is calculated based on the policy term and the age of the policyholder at the time of taking the policy. Once the policy matures, the policyholder has the option to either receive the maturity benefits in a lump sum or in installments over a period of time, as per the terms of the policy.
Can I claim LIC Maturity online
Yes, you can claim LIC policy maturity online through the LIC website. Here are the steps to claim LIC policy maturity online:
- Visit the official website of LIC (www.licindia.in) and click on the “Online Services” tab.
- Select the “Policy Maturity Claim” option from the drop-down menu.
- Enter your policy number, date of birth, and other details as required.
- Upload the necessary documents, such as the policy bond and KYC documents, as required.
- Submit the claim request and make sure to note down the claim reference number.
- After submitting the claim request, LIC will process your request and verify the documents submitted.
- Once the claim is processed and approved, LIC will transfer the maturity benefits to your bank account.
Note: It is advisable to check the status of your claim online periodically and follow up with LIC if there are any delays in processing your claim.
Form for Maturity Claim
To claim LIC policy maturity online, you would require to fill and submit Form No. 3825, which is the Maturity Claim Form. You can download this form from the official LIC website or obtain it from any LIC branch office. Here are the steps to fill the LIC Maturity Claim Form:
- Fill in your personal details, such as name, address, contact details, and policy number.
- Enter the date of maturity of your policy and the sum assured amount.
- Fill in your bank account details, such as bank name, branch, account number, and IFSC code.
- Sign the form and affix your photograph, as required.
- Attach the necessary documents, such as the policy bond, identity proof, address proof, and bank account proof.
- Submit the form along with the necessary documents to the nearest LIC branch office.
Note: It is advisable to keep a copy of the filled-in form and the documents submitted for future reference.
Maturity Amount Calculator
LIC provides an online maturity calculator on their official website that can help you estimate the maturity benefits of your LIC policy. Here are the steps to use the LIC maturity calculator:
- Visit the LIC website (www.licindia.in) and click on the “Maturity Calculator” link under the “Online Services” tab.
- Select the type of plan from the drop-down menu that best matches your LIC policy.
- Enter the policy term, sum assured amount, bonus if any, and your age at the time of taking the policy.
- Click on the “Calculate” button to get an estimate of the maturity benefits.
- The calculator will show the amount of the sum assured, bonus, and the total maturity benefit that you can expect to receive at the time of maturity of your policy.
Note: The estimate provided by the LIC maturity calculator is only indicative, and the actual maturity benefits may vary based on the actual bonus declared by LIC at the time of maturity of your policy.
How to calculate maturity
To calculate the maturity amount of your LIC policy, you need to take into account the sum assured, bonuses, and any other benefits applicable to your policy. Here is the general formula to calculate the maturity amount of an LIC policy:
Maturity Amount = Sum Assured + Accumulated Bonus
The Sum Assured is the guaranteed amount that is payable by LIC to the policyholder on the maturity of the policy. The accumulated bonus is the additional amount that may be payable by LIC to the policyholder, depending on the performance of the insurance company and the type of policy.
The bonus may be of two types – Simple Reversionary Bonus and Terminal Bonus. The Simple Reversionary Bonus is calculated as a percentage of the sum assured and is added to the policy every year, while the Terminal Bonus is a one-time payment made at the time of maturity of the policy.
To calculate the maturity amount of your LIC policy, you need to take into account the sum assured and the total accumulated bonus that is payable by LIC. You can use the LIC Maturity Calculator available on the LIC website to get an approximate estimate of the maturity amount of your policy.