What is PPT in LIC policy?

What is Doc in LIC receipt?

2. DOC (Date of Commencement) DOC or Date of Commencement is the date from which your policy is started. But, sometimes it can be before the actual date of purchase of the policy.

What is sum assured on maturity?

Paid-up Sum Assured on Maturity: The Paid-up Sum Assured on Maturity is the amount paid at the maturity of the guaranteed savings plan after all the premiums have been paid.

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. Description: A mid-term surrender would result in the policyholder getting a sum of what has been allocated towards savings and the earnings thereon.

What are the types of premium?

What is sum assured in LIC?

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.

What is no-lapse premium?

The no-lapse guarantee premium is the amount that must be paid to ensure that the policy will stay in force for a set number of years, regardless of actual policy performance. During the no-lapse period, the insurer guarantees the coverage will continue, even if the cash value drops to zero.

What is inforce policy status?

Basically, referring to an insurance policy as being “in force” is just another way of saying it's active. The insurance policy's premium has been paid, and coverage now applies to the policyholder. The policyholder keeps their insurance “in force” by continuing to pay their premium.

What is guaranteed annual premium?

If you choose a term life insurance policy with guaranteed level premiums, you pay the exact same premium rate every month through the end of the term you select, no matter how long your coverage lasts.

What is DAB in LIC?

Double accident benefit under a life insurance policy refers to the double payment of the sum assured under the policy, should the insured die due to an accident during the tenure of the policy. Many life insurers offer this policy benefit on payment of a nominal additional premium.

What is maturity benefit?

Maturity benefits are the sum assured along with bonuses that your life insurance provider pays to you when you survive the policy tenure. Thus, maturity benefits turn regular life insurance products into saving instruments. However, term insurance offers pure protection without any maturity benefits.

What is LIC maturity date?

The date at which your life insurance policy matures, i.e., comes to an end is known as the maturity date of the policy. On the maturity date, you are liable to receive all the maturity benefits. For example, if you have taken a savings plan for 10 years in 2020.

What are the 4 types of life insurance policies?

What are the 7 types of life insurance?

How is premium calculated?

How much money will I get if I surrender my LIC policy after 5 years?

Moreover, if you have paid your premiums for more than four years, but less than five years, then you will receive 90% of the total maturity sum assured as a special surrender value. A 100% special surrender value is given out if the policyholder has regularly paid the premiums for five years.

Can we withdraw LIC policy before maturity?

When you opt out of a policy before its maturity, it is called surrendering the policy. The amount that you receive at the time is the LIC policy surrender value. The life cover stops immediately and you won't be able to revive it in the future.

How can I check my LIC policy surrender value?

How to Check the Surrender Value of your LIC Policy? You can calculate the surrender value of your policy using this simple formula [Basic sum assured (Number of premiums paid/Total number of premiums payable) + Total bonus received] x Surrender Value Factor.

How LIC maturity is calculated?

How is Maturity Calculated? The exact Maturity Value cannot be calculated but one can calculate a close estimate of the value to get an idea of the benefit at the end of the term. The basic format is Sum Assured + Bonuses + Final Additional Bonus (if declared).

What is the difference between sum assured and maturity benefit?

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.

How much LIC will I get after maturity?

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.