Do we get sum assured in LIC?
Asked by: Howard Kuvalis | Last update: February 11, 2022Score: 4.3/5 (44 votes)
Sum assured is a pre-decided amount that the insurance company pays to the policyholder when the insured event takes place. For example, when you buy a life insurance policy, the insurer guarantees to pay a sum assured to the nominee in case of the insured person's demise.
How can I get sum assured in LIC?
While deciding sum assured for a life insurance policy, you must consider the number of years for which you aim to provide you family with protection. Multiply your family's annual expenses to that number and then add that to the net liabilities t o get approximate sum assured.
What is difference between sum assured and maturity amount in LIC?
The sum assured is the amount of money an insurance policy guarantees to pay up before any bonuses are added. ... Maturity value is the amount the insurance company has to pay an individual when the policy matures. This would include the sum assured and the bonuses.
Will I get sum assured on maturity?
Not only do you get sum assured but you also get bonuses earned. While maturity sum is culmination of total premiums paid until the time policy matures, sum assured is a pre-fixed amount paid to the nominee of the policyholder after death.
Is LIC maturity amount guaranteed?
On maturity this plan offers a Guaranteed Maturity Sum Assured and Loyalty Addition, if any. Death benefit: On death, Basic Sum Assured shall be payable. The Basic Sum Assured shall be 5 times the Single Premium excluding extra premium, if any.
LIC Calculator - Premium, Maturity, Surrender Value, Return, Loan (Hindi)
What is a sum assured?
A sum assured is a fixed amount that is paid to the nominee of the plan in the unfortunate event of the policyholder's demise. The insurance company pays this money as per the sum chosen by you at the time of purchasing the policy.
How much LIC will I get after maturity?
Maturity Benefit: If the policyholder survives till the period of maturity of the policy, he/she will receive 40% of the basic sum assured coupled with reversionary bonuses and the additional bonus amount.
What is surrender benefit?
Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. ... Once you decide to exit the insurance policy, all the benefits associated with it, including the protection cover, will cease to exist.
What is sum assured in LIC with example?
Sum assured is a pre-decided amount that the insurance company pays to the policyholder when the insured event takes place. For example, when you buy a life insurance policy, the insurer guarantees to pay a sum assured to the nominee in case of the insured person's demise.
Why sum assured is less than total premium?
Sum assured is the money that the insurer pays in case the insured event takes place. So, in the case of a term policy on death of the policyholder, the beneficiary gets the sum assured. ... So for individuals below 45 years of age, the death benefit can't be less than 10 times the annual premium paid.
How can I know my LIC premium amount?
You can check details of your LIC policy including details of the LIC premium payment online, accrued bonuses, group schemes, etc. by simply logging on to the official website of LIC India with your LIC login credentials.
How much amount we will get if we surrender LIC policy?
The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
Is it good to surrender LIC policy?
Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules. Surrender of policy is not recommended since the surrender value would always be proportionately low.
Can I withdraw my LIC policy before maturity?
When you opt-out of a policy before its maturity, then it is called surrendering of the policy and the amount that you receive at the time, is LIC policy surrender value. ... However, surrender of policy is not recommended since the LIC surrender value will always be subsequently low.
What is LIC paid up value?
When the premium for a life insurance policy is not paid on time and it lapses, then the Policy acquires a Paid Up Value and it is considered a Paid Up Policy, such that the Sum Assured of the policy is reduced in proportionate with the number of premiums paid and total number of premiums of the policy.
What happens if I stop paying LIC premium after 3 years?
So if you have already paid 3 years' premium, not paying any future premiums will convert the policy into a paid-up policy. You won't get any money back in the year you turn it into a paid-up policy but will have to wait till the policy's original maturity.
How can I get money back from LIC policy?
- Visit the nearest LIC branch office.
- Fill out the loan application form.
- Submit the required documents.
- Once processed, the loan will be disbursed within 3-5days.
What is sum assured in PLI?
It is a Joint Life Endowment Assurance in which one of the spouses should be eligible for PLI policies. It is a Money Back Policy with maximum sum assured of ₹ 50 lacs, best suited to those who need periodical returns. Survival benefits are paid to the insurant periodically.
Is LIC maturity amount taxable?
The maturity proceeds of a life insurance policy enjoy exemption under section 10(10d) of income tax act provided the premium paid in respect of the life insurance policy does not exceed 10% of the sum assured for any year during the premium paying term for the policies issued after 01-04-2012.
What happens if premium is not paid?
Generally, you will be provided a grace period which is typically up to 30 days after your due date. If you fail to pay your premium in the grace period as well, then your insurance policy will get terminated.
What happens if I stop paying LIC premium after 1 year?
For single premium policies, the surrender value gets acquired after the first year itself. In case you haven't paid even 2 or 3 years' premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.
Can LIC premium be paid by Google pay?
Login to Google Pay (G Pay) mobile app and pay your LIC premium within 3 steps to avoid the rush for payment of insurance premium at online counters or bill pay portal on registration, Just link your Life Insurance Corporation of India policy number to Google Pay and complete your payment at any time…