Nowadays, you can do almost everything online, from placing a grocery order to creating an investment account. Along with all of these, LIC offers a wide range of online services. For the customers, this simplifies and makes things convenient. You might find this information helpful if you’re wondering how to check the lic policy maturity amount online. LIC has made things easy by providing online services to calculate maturity amounts. In this article, we will learn about how to check the lic policy maturity amount online as well as offline. Let’s begin.
What is the LIC Policy Maturity Amount?
A LIC policy’s maturity amount refers to the total sum that a policyholder receives when the policy matures. It can also refer to the sum or death benefit that the nominee or beneficiary receives in the event of the policyholder’s untimely demise. You must add the sum assured to determine the maturity amount. When a consumer purchases a plan, this is something that both the business and the customer commit to. Any profit made during the plan’s duration as well as any extra bonuses given by the company is included in this. You can learn how to check the license policy maturity amount above.
How is the LIC Policy Maturity Amount Calculated?
The lump sum amount you receive at the policy maturity date—which is the sum of your sum assured + bonuses + final bonus (FAB)—is the estimated worth of your LIC policy maturity.
Consider purchasing insurance with a 15 lakh sum assured and a 20-year term. In addition to a bonus and FAB, the insurer increases the maturity value. The FAB is INR 22/1000, and your insurance firm declares INR 42/1000 on the sum guaranteed as your yearly bonus.
You have to now calculate the Bonus and FAB first:
Bonus: (15,00,000/1000) x 42 x 20 = INR 12.6 Lakh.
The FAB amount is calculated as (15,00,000 divided by 1000) multiplied by 22, resulting in INR 33,000.
Maturity Value will therefore be INR 15,00,000 + INR 12, 60,000 + INR 33,000, or INR 27,93,000 Lakh.
Therefore, if the policyholder lives longer than the policy period, they will receive almost INR 28 lakh at maturity. In the event of death, the nominee is eligible to get a death benefit of INR 15 lakhs.
Read More: LIC Plans with Highest Return in India
How to Check LIC Policy Maturity Amount Online?
Due to the high probability that the insured’s life may fail to pay his charges on time because of the busy schedules of daily life. Each policyholder needs to keep an eye on the plans periodically.
To know about any modifications in the plan, the customer must check the status of the maturity amount once every two months. Also, if the life insured fails to pay the premium even after the grace period, which is typically 15 to 30 days according to the company’s rules, the policy may lapse.
To know how to get lic maturity amount online, follow the following steps
1. For New Users
Step 1- First you just need to visit the official website of LIC.
Step 2- Click on the new user on the home page of LIC.
Step 3- Fill in the personal details like name, date of birth, policy number, mobile number, and email address correctly.
Step 4- Now, you can select the username and password, and then you will get logged into an account.
2. For Registered User
After creating an account, the insured user can follow the given steps to learn how to check the LIC policy maturity amount online.
Step 1- When you are already a registered user, you can click on the registered user on the home page.
Step 2- On the Login page of LIC, enter the user name and password that you selected earlier.
Step 3- After you enter the name and password you will log in to the account.
Step 4- After logging in, now you can click on the policy status.
Step 5- Here, you can see the enrolled plans of your accounts.
Step 6- Now, you can check the maturity amount. Along with the maturity amount you can also look at the other details like Policy name, date of registration, policy term, and others.
On the login page of the LIC official website, you can check all the sums assured of the policyholder.
How to Check LIC Policy Maturity Amount Online Using a Maturity Value Calculator?
The simplest way to figure out how to check the lic policy maturity amount online is by using the maturity value calculator. You only need to click to get the maturity value in just a couple of minutes after providing some policy-related information.
You need to enter the following information and figures into an LIC calculator to know how to check lic policy maturity amount online:
- The sum assured is the first piece of data that you need to enter into the LIC maturity calculator.
- Then, you need to choose your LIC plan.
- To accurately calculate the maturity amount, make sure to input the policy term and the purchasing year of the insurance.
- You also need to provide the policyholder’s name, contact details, and birth date for additional data.
- Once you enter all the information accurately, simply click on the ‘Calculate Maturity’ button to view the results on the screen.
Things to Keep in Mind When Checking LIC Maturity Amount Online
There are a few things to keep in mind when looking at how to get lic maturity amount online:
- The webpage will ask for the specific plan’s policy number. As a result, the policyholder needs to remain familiar with the LIC policy’s details.
- The policyholder has complete liberty in selecting any user ID when setting up an account. Along with letters, numbers, and special characters like a dot, hyphen, or underscore, the user ID can also contain spaces.
- When creating a user account, the password’s length should fall between 8 and 30 characters. In order to stop any kind of account fraud, the password should be simple to remember, different, and private.
- A dot (*) cannot be left empty.
- You need to fill valid email ID for updates and other critical items while registering.
- Finally, the user ID entered at registration needs to be distinct and not similar to any other consumer’s user ID. The customer will be notified if a particular user ID is already in use and given the option to choose another unique ID for the account.
How to Check LIC Policy Maturity Amount Offline
The life insured can go to the closest branch office and get all types of help from the LIC staff in order to check the maturity amount offline. These services are accessible to customers with LIC plans both online and offline. You can check your lic policy maturity amount offline by following ways.
1. Through SMS
You now have the option of checking your LIC maturity amount by SMS. Furthermore, there is no requirement that you remember your login details each time you need to check your LIC maturity amount once you have completed the process. Send ‘ASKLIC’ to 56767877, followed by your policy number, to accomplish this.
The table below lists the many policy updates through SMS codes.
|Inquiry Type||SMS Code|
|Existing Plan Status||ASKLIC<Policy Number>STAT|
|Annuity Amount||ASKLIC<Policy Number>AMOUNT|
|Last Annuity Release Date||ASKLIC<Policy Number>ANNPD|
|Information on Cheque Return||ASKLIC<Policy Number>CHQRET|
|Due Existence Certificate||ASKLIC<Policy Number>ECDUE|
2. Through Customer Care
If you’re not comfortable with checking your LIC maturity amount online or through SMS, there’s no need to worry. You can always rely on our dedicated team of LIC professionals to guide you through any queries you have about your maturity amount. Simply dial 1251 from your mobile phone to reach our Customer Care services and get assistance.
Now you know how to check the lic policy maturity amount online as well as offline. So, you must check it frequently. It is important for Policyholders to be aware of any policy changes. It is necessary they thoroughly research and carefully select a plan that meets all their needs to ensure they get the most out of their policy. Before making a purchase, it is crucial to review the policy thoroughly, as insurance can provide financial security for the insured’s family even when income is unstable. So, Do check the Maturity amount after you have learned how to check the policy maturity amount online in this article to remain up to date about the policy.
How to Check LIC Policy Maturity Amount Online or Offline – FAQs
What is maturity value?
Ans. The maturity value of a financial obligation is the amount that needs to be paid to the holder on the maturity date.
How to check the lic policy maturity amount offline?
Ans. You can check the lic policy maturity amount offline through SMS, customer care, or visit the nearest LIC branch.
How to check the lic policy maturity amount online?
Ans. You can check the lic policy maturity amount online by visiting the official website of LIC. You need to fill in the personal details and then click on policy status.
How to check the lic policy maturity amount through Customer care?
Ans. You can check the lic policy maturity amount through customer care by simply dialing 1251 from your mobile phone.
How to set a password while making an account?
Ans. When setting up a user account, it is important to choose a password that is between 8 and 30 characters long. You should keep in mind that the password should be both memorable and unique, while also kept confidential.