How can I check my LIC policy maturity amount online?
Asked by: Dr. Therese Lynch | Last update: August 20, 2022Score: 4.2/5 (45 votes)
Steps to be followed by new users: Step 1:The insured needs to visit the official website of LIC. Step 2:On the home page, the user can select the option of "New User." Step 3:In the next step, he can fill up his personal details such as name, date of birth, policy number, mobile number, email address, etc.
How much will I get after maturity LIC policy?
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
How do I check my policy maturity status?
Step 1: Go to the official LIC website, fill in your credentials like username and password. Step 2: Login to your account and select the option 'View Enrolled Policies'. Step 3: You will be directed to a page where you can see all the listed enrolled policies.
How can I check my LIC policy online without registration?
The Life Insurance Corporation of India provides an SMS number. It can be used to verify the status of a policy without having to register. You need to SMS ASKLIC<policy number>STAT to 56767877 from your registered phone number.
How can I check my LIC annuity status online?
- Go to licindia.com.
- Register for a user id and password.
- Login.
- Click on 'Group Scheme Details' tab.
- Click on 'member' radio button.
How to check maturity date of LIC policy online?
Can I submit LIC maturity claim online?
Due to lockdown and policy restrictions, LIC allowed its policyholders to submit maturity claim related documents online. The required documents were required to be scanned and then submitted via email to the servicing branch. This facility was available till June 30, 2020.
What is maturity sum assured in LIC?
The sum assured refers to the amount guaranteed by an insurance policy whereas maturity value refers to the amount paid by an insurance company to the policy holder on maturity of the said policy.
What is total maturity amount?
Insurance Term - Sum Assured and Maturity Value
This is also known as the cover or the coverage amount and is the total amount for which an individual is insured. 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.
How can I know my sum assured in LIC policy?
Calculating the sum assured is easy. Even though most people struggle with determining the ideal amount for their family's future needs, using a Human Life Value (HLV) calculator can help you find out the sum assured for your policy. The HLV calculator can be found online.
Which documents are required for LIC maturity claim?
- Original LIC Policy Document.
- Identity Proof.
- Age Proof (if not submitted previously)
- Cancelled Cheque leaf or a copy of the Policy holder's Bank Passbook.
- NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder's account)
Can I submit LIC maturity claim at any branch?
Life Insurance Corporation of India (LIC) has permitted its policyholders to submit their maturity claim at any of their nearest LIC offices anywhere in the country till the end of this month.
How long does it take to get LIC maturity amount?
Maturity Claims:
1) In case of Endowment type of Policies, amount is payable at the end of the policy period. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment.
What happens when LIC policy matures?
If repayment of loan is desired within this period the interest for the minimum period of six months will have to be paid. In case the policy becomes a claim either by maturity or death within six months from the date of loan interest will be charged only upto the date of maturity/death.
What should I do after LIC maturity?
Once the documents are sent to the insurance company, upon verification, the insurance company will process the maturity claim and make the payment to the policyholder. The maturity proceeds will be credited directly to the bank account of the policyholder after the policy maturity date.
What is maturity value?
Maturity Value — (1) Under a whole life insurance policy, the amount payable if the insured person lives to the last age on the mortality table on which the values of the contract were based or because of the insured's death.
Is LIC matured taxable?
Therefore, the insurance maturity proceeds are taxable, and not entitled to exemption under section 10(10D) of the Income Tax Act. Sandesh surrendered the policy on maturity on 16 September 2019. Since the maturity payment is above Rs 1 lakh, the insurance company is liable to deduct tax on the maturity proceeds.
How can I register in LIC portal?
...
Services activated after validation of request:
- Policy and Proposal images.
- Claim history.
- Service Request Registration for Online Loan.
How can I know my LIC policy status through SMS?
You just need to send SMS on 56677 to know status of your LIC policy. If you want to know premium of your LIC policy, you need to type 'ASKLIC PREMIUM' and send the SMS on 56677. If your policy has lapsed, you can type 'ASKLIC REVIVAL' and send it on 56677.
What is annuity number?
An annuity is a fixed amount of money that you will get each year for the rest of your life. An annuity is a contract between you and an insurance company that requires the insurer to make payments to you, either immediately or in the future.
How can I check my LIC policy maturity date without registration?
- Users can also check their LIC policy using a simple SMS method. The company offers an SMS number for easy checking process.
- Avail your LIC details by sending an SMS to 56767877. They can check the status through the same number and the following descriptions.
How can I register my LIC mobile number?
- Online registration. Go to the link www.licindia.in/Customer-Services/Help-Us-To-Serve-You-Better. ...
- Call Customer Care. You can call LIC's helpline on 022-68276827. ...
- Letter.
How can I download LIC policy?
- Open licindia.in > Hover to Online Services.
- Click Registered User > Enter Login User ID > Password > Date of Birth > Click Sign In.
- Select Individual Policy Details.
- Open Basic Services.
- Click Policy Status.
- Check the status of All / Self / Spouse or Child Policies.
How are maturity benefits calculated?
Maturity benefit is calculated as the [Sum Assured + Bonus Amounts] which have been accumulated throughout the policy term + any [Final Addition Bonus] if declared. However if the policy holder does not survive the policy tenure, the nominee will additionally get the Sum Assured amount as the Death Benefit.
How is LIC endowment maturity amount calculated?
Let us understand with an example: Ramesh has purchased a LIC New Endowment Plan for 25 years and for Sum Assured of Rs 10 lacs. Now, if the Simple Reversionary Bonus for a particular year is Rs 30, then the Bonus that accrues for Ramesh is: Bonus= 30/1,000 X Sum Assured = 30/1,000 X 10,00,000= 30,000 for that year.
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.