How much will I get after maturity LIC policy?

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You will receive the Basic Sum Assured plus accumulated simple reversionary bonuses and any final additional bonus declared by LIC.

📊 How the Maturity Amount is Calculated

Your total payout depends on your specific policy structure and performance:

  • Basic Sum Assured: The guaranteed minimum payout stated in your policy document.
  • Vested Simple Reversionary Bonuses: Annual profits added by LIC of India throughout your policy term.
  • Final Additional Bonus (FAB): A one-time loyalty bonus added at maturity, if declared.
  • Deductions: Any unpaid policy loans or pending premium dues are subtracted from the final total.
  • Exclusion: Pure term insurance policies do not pay any maturity benefit.

💡 How to Check Your Exact Amount

  • Online Portal: Log in to the Official LIC Customer Portal or use the MyLIC mobile app.
  • SMS Service: Send an SMS formatted as ASKLIC <Policy Number> STAT to 56767877 from your registered mobile number.
  • Direct Contact: Call LIC customer care at 022 6827 6827 or visit your servicing branch.

Can I withdraw money from my LIC policy after maturity?

Yes, you can fully withdraw or claim your money after your Life Insurance Corporation of India (LIC) policy reaches maturity.

How to Claim Maturity Proceeds

  • Receive Intimation: LIC usually sends a maturity intimation letter and a discharge form (Form No. 3825) about two months before your policy's due date.
  • Submit Documents: Send the completed and signed maturity discharge form, your original policy bond, identity and address proofs, and a cancelled cheque or bank passbook copy for direct NEFT bank transfer.
  • Online or Offline: You can submit these details by visiting your servicing LIC Branch Locator or logging into the LIC Customer Portal for online processing options.

How to check LIC amount after maturity?

You can check your LIC maturity details through the Official LIC Customer Portal or the mobile app.

Online Methods

  • LIC Customer Portal: Log in to your account on the Life Insurance Corporation of India website. Go to Policy Status or My Policies to view your maturity date, sum assured, and accrued bonuses. New users must sign up using their policy number, installment premium, and date of birth.
  • Mobile App: Download the official MiLIC app from the Google Play Store or Apple App Store. Log in and select your plan under Policy Status to check maturity values and bonuses.

Alternative Methods

  • WhatsApp: Save +91-8976862090 as LIC's official WhatsApp number and send a "Hi" message to navigate the chatbot for policy and maturity status.
  • SMS: Send an SMS formatted as ASKLIC <Policy Number> STAT to 56767877 from your registered mobile number.
  • Customer Care: Call the LIC helpline at 022-6827 6827 or use the IVRS service at 1251.

How does the LIC pay the maturity amount?

LIC pays the maturity amount directly to the policyholder's bank account via NEFT on the exact due date, provided all required documents are submitted in advance.

The Maturity Process

  • Advance Notice: LIC sends an intimation letter about two months before the maturity date to remind you of the upcoming payment.
  • Document Submission: You must submit the required paperwork to your servicing branch or via the official LIC Portal:
    • Completed and signed Discharge Form (Form No. 3825)
    • Original Policy Document (Bond)
    • NEFT Mandate Form with bank account details and a cancelled cheque or bank proof
    • KYC documents (such as PAN card and Aadhaar card)
  • Direct Credit: Once LIC verifies the documents, they process the payment in advance so the funds land in your bank account on the maturity due date. Cheques are no longer issued.

How long does a LIC maturity claim take?

A Life Insurance Corporation of India (LIC) maturity claim typically takes 3 to 7 working days to credit to your bank account if you submit your documents in advance, with a maximum official processing window of 30 calendar days.

If you want to ensure the money arrives right on the maturity date, submit your paperwork early.

Timeline Breakdown

  • On the Due Date: If you submit your documents 30 to 60 days before maturity, LIC processes the payment in advance so the funds hit your account directly on the exact maturity date.
  • Standard Processing: If submitted around or just after the maturity date, branch-level clearance usually takes 3 to 10 working days once all papers are verified.
  • Regulatory Limit: Under insurance guidelines, companies have a maximum service standard of 30 days to complete settlement after receiving complete paperwork.

Required Documents

To avoid delays, make sure you provide:

  • Original policy bond/document
  • Signed discharge form (Form No. 3825)
  • NEFT mandate with bank account proof (cancelled cheque or passbook copy)
  • Updated KYC documents (PAN, Aadhaar, address proof) if requested

For more guidance on submitting your paperwork, check out the Moneycontrol Guide to the Claims Process.

LIC JEEVAN ANAND SURRENDER AFTER MATURITY || LIC JEEVAN ANAND 815 AND 149

9 related questions found

Can I get a refund for my lapsed LIC policy?

You cannot get a direct refund of past premiums for a lapsed Life Insurance Corporation of India (LIC) policy, but you may be eligible for a surrender value or paid-up value if you paid premiums for at least three consecutive years.

Check your account options or policy details on the Life Insurance Corporation of India Portal.

Refund and Payout Rules

  • No Direct Refund: When a policy lapses due to unpaid premiums after the grace period, coverage stops, and premiums already paid go into the general life fund.
  • Surrender Value: If you paid your premiums for 3 full years or more, the policy may acquire a guaranteed surrender value that you can claim by surrendering the policy.
  • Paid-Up Value: If you stop paying after 3 years, the policy can automatically convert to a paid-up policy with a reduced sum assured payable at maturity or death, rather than a cash refund today.

Alternative Options

  • Revival: You can revive your lapsed policy within 2 to 5 years from the date of the first unpaid premium (depending on the plan) by paying the overdue amounts, late fees, and fulfilling health requirements.
  • Check Status: Log into your customer account on the official portal or visit a local branch office to see if your specific policy qualifies for a surrender payout.

Why isn't my LIC maturity amount credited?

Your LIC maturity amount is likely delayed because required documents like the Discharge Form or bank NEFT details have not reached your servicing branch.

⚠️ Common Reasons for Delay

  • 📄 Missing paperwork:
    • Original policy bond not submitted.
    • Unsigned or incomplete discharge form.
  • 🏦 Bank details issue:
    • Incorrect account number or IFSC code.
    • Canceled cheque or NEFT mandate missing.
  • 📅 Timing mismatch:
    • Expecting funds before the actual maturity date.
    • Processing takes 3 to 4 working days after complete submission.
  • 📭 Outdated contact info:
    • Address or mobile number changed without updating LIC.

🔎 Action Steps to Resolve

  • 💻 Check status online: Log in to the LIC Customer Portal to view your policy status and payout progress.
  • 📞 Contact servicing branch: Call or visit the specific branch where your policy is registered to confirm document receipt.
  • 📋 Submit pending items: Hand over your original policy bond, discharge receipt, and bank passbook copy directly to the branch if requested.

How is LIC maturity amount taxed?

LIC maturity proceeds are generally tax-free under Section 10(10D) of the Income Tax Act if your annual premium does not exceed 10% of the sum assured for policies issued after April 1, 2012 (or 20% for older policies).

When LIC Maturity is Tax-Free

  • Regular Policies: Annual premium is up to 10% of the actual sum assured (for policies issued on or after April 1, 2012).
  • Older Policies: Annual premium is up to 20% of the sum assured (for policies issued before April 1, 2012).
  • Death Benefit: Any amount received by a nominee upon the death of the policyholder is 100% tax-free with no conditions.
  • You can check specific rules or file details through the Official Income Tax India Portal.

When LIC Maturity is Taxable

  • High Premiums: If the annual premium exceeds the 10% (or 20%) limit, the maturity proceeds become fully taxable as "Income from Other Sources" at your applicable slab rates.
  • ULIPs (Unit-Linked Insurance Plans): For ULIPs issued on or after February 1, 2021, maturity proceeds are taxable as capital gains if your total annual premium across those policies exceeds ₹2.5 lakh.
  • TDS Deduction: If your maturity amount is taxable and exceeds ₹1 lakh, the insurer will deduct TDS (Tax Deducted at Source) at 2% (if PAN is provided).

How to check present value of LIC policy?

You can check your LIC policy value, status, and bonus details online through the LIC Customer Portal.

Online Methods

  • LIC Customer Portal: Go to the official site, log in or register with your policy number, installment premium (without tax), and date of birth to view your sum assured and accumulated bonuses.
  • LIC Digital App: Download the app, sign in using your registered mobile number, and tap on "Policy Status" to see your plan details and maturity value.

Alternative Quick Methods

  • WhatsApp Service: Save LIC's official WhatsApp number at +91 8976862090 and send a "Hi" message to navigate the menu for your policy status.
  • SMS Service: Send an SMS like ASKLIC <Policy Number> STAT to 9222492224 or 56767877 from your registered mobile number.
  • Customer Care: Call LIC support at +91 022 6827 6827 or use the IVRS line at 1251.

How much will I get after LIC maturity?

You will receive your Basic Sum Assured plus any accumulated bonuses and guaranteed additions, minus any unpaid loans or dues.

Because every Life Insurance Corporation of India (LIC) policy is different, there is no single fixed payout amount.

What is Included in Your Maturity Payout

  • Basic Sum Assured (BSA): The core guaranteed amount chosen when you bought the policy.
  • Simple Reversionary Bonus: The annual bonus declared by LIC based on its profits over the policy years.
  • Final Additional Bonus (FAB): A one-time extra bonus added at the very end of certain long-term policies.
  • Guaranteed Additions: Fixed extra amounts specified in certain specific plans (like Bima Jyoti).

How to Check Your Exact Maturity Amount

You can find the exact projected or final amount for your specific policy using these official methods:

  1. Online Portal: Log into the official LIC Customer Portal and check "Policy Status".
  2. Mobile App: Use the LIC Digital App on your smartphone.
  3. SMS Service: Send an SMS typing ASKLIC <Policy Number> STAT to 56767877 from your registered mobile number.
  4. Offline: Visit your local LIC branch office with your original policy document.