How Does LIC Maturity Calculator Work?
The LIC Maturity Calculator helps you estimate the maturity value of your LIC policy based on key parameters. It calculates the total returns including sum assured, reversionary bonus, and terminal bonus.
Formula Used:
- Reversionary Bonus = (Sum Assured / 1000) × Bonus Rate × Policy Term
- Total Bonus = Reversionary Bonus + Final Bonus
- Maturity Value = Sum Assured + Total Bonus
- Total Premium Paid = Annual Premium × Policy Term
- Net Gain = Maturity Value - Total Premium Paid
Note: This calculator provides estimated values based on assumed bonus rates. Actual maturity values may vary based on LIC's declared bonuses and policy-specific terms.
Frequently Asked Questions
A LIC maturity calculator is an online tool that helps estimate how much money you may receive when a LIC policy matures. It considers sum assured, policy term and declared bonuses.
The source describes it as a close estimate based on current bonus rates. Actual values can vary because final bonuses are declared by LIC at maturity.
The source says bonus information can be found in LIC's Bonus Declaration section or through trusted financial sources.
The supplied source states that qualifying maturity amounts may be tax-free under Section 10(10D), subject to the applicable conditions.
Surrender value is received when a policy is exited before the end of the term, while maturity amount is paid when the policy completes its term.
Yes. The calculator has a separate Final/Terminal Bonus input so it can be included in the estimate.
Yes. The source describes online calculation using sum assured, annual premium, policy term and bonus assumptions.
Annual premium affects total premiums paid and therefore the net gain calculation; the source's maturity formula itself is driven by sum assured and bonuses.
It is the bonus component calculated in the source as sum assured divided by 1000, multiplied by the bonus rate and policy term.
It is the one-time additional or terminal bonus entered separately in the calculator.