LIC Maturity Amount – How to Check LIC Policy Maturity Amount

Updated on Feb 16, 2024

Wondering about how to check LIC policy maturity amount online? Then you may find this piece of information enlightening. The LIC maturity value is the sum payable to the policyholder after the completion of the policy. In this blog, you will understand the steps to check the maturity value via online and offline mode.

What is the Maturity Value of LIC Policies?

The Maturity Value in a LIC policy is the amount that includes the sum assured, the bonuses earned and the FAB, if any. If the policyholder dies during the term of the plan, the nominee receives a death benefit that comprises sum assured, final additional bonus (FAB) and vested bonus. However, if the policyholder dies after the maturity of the policy, the nominee receives an added amount equivalent to sum assured as death benefit.

How LIC Maturity is Calculated?

The estimated value of your LIC policy maturity is the lump sum amount you earn at the end of policy end date, which is the total of your sum assured + bonuses + final additional bonus (FAB).

For instance, suppose you buy a policy with 15 lakhs as sum assured for 20 years tenure. The insurer offers a bonus and FAB added to the maturity value. So, your insurance company declares INR 42/1000 on sum assured as your yearly bonus, while the FAB is INR 22/1000.

Now, you first need to calculate the Bonus and FAB:

Bonus = (15,00,000/1000) x 42 x 20 = INR 12.6 Lakh
FAB = (15,00,000/1000) x 22 = INR 33,000

So, Maturity Value will be INR 15,00,000+12,60,000+33,000, which is equal to INR 27,93,000 Lakh
So, the policyholder can receive around INR 28 lakh at maturity if he/she outlives the policy term. And if the person dies, the nominee can receive INR 15 lakhs as death benefit.

How to use a Maturity Value Calculator to Calculate LIC policy maturity?

If you want to calculate your LIC policy maturity, you can do so by using the maturity calculator in the simplest way. All you need is to submit certain information related to policy and you will get the maturity value within minutes by just a click of a button.

Here are some details and values that are required to be submitted in a LIC calculator:

• The first information that needs to be entered in the LIC maturity calculator is the sum assured
• The next input should be related to your LIC plan that you have chosen
• The term of the policy is also an important detail that you need to enter in the calculator to get maturity value. Further, you need to enter the policy purchase year
• Other details like name of policyholder
• Contact details of policyholder and
• Date of birth of the policyholder are also required

Once all the details are filled properly, you can just click on the button of ‘Calculate Maturity’ to see the information displayed on the screen.

Benefit of using the LIC Maturity Value Calculator

The benefit of using the LIC maturity value calculator is that it can easily evaluate the maturity value of any kind of LIC plan. Compared to the manual process, the use of a maturity calculator is error-free and a fast way to know how much one can receive at maturity of a term plan.

The calculator can also be used to evaluate the surrender value of the LIC policy. However, an LIC policy can be surrendered only after paying the premium for the plan for 3 complete years. Here, the policyholder needs to share information with the insurer such as policy papers, duly filled policy surrender form, document of identification etc. to carry on with the policy surrender process.

However, you must note that surrendering a policy is not advisable as the value earned by surrendering a policy is low as compared to the maturity value.

LIC policy maturity amount

The maturity amount of a LIC policy is basically the final amount that a policyholder receives upon maturity of the policy. It can also be the amount or the death benefit that the beneficiary or the nominee receives upon the sudden demise of the policyholder. To calculate the maturity amount, you have to add the sum assured. This is something agreed upon by the company and the customer while buying a plan. This also includes any kind of profit that was received during the tenure of the plan and the additional bonuses that are mentioned by the company.

How to check the LIC policy maturity amount Online, Offline, or through SMS?

If you have been wondering about how to check your LIC maturity amount, then you need to know that there are quite many ways to do it. Here are some of them mentioned below:

#1. Checking LIC maturity amount online – Steps for New Users

For your LIC maturity amount check online, here are the steps that you need to follow:

• You would be required to start it by visiting the official website of the LIC
• As you land on the Home Page, you have to click on ‘New User’
• At this point, you have to enter certain details such as your name, date of birth, mobile number, email ID, policy number, etc.
• Now you can choose the User Name and Password to log into the account.

#2. Checking LIC maturity amount online – Steps for Registered Users

If you are already a registered member, you have to follow the steps mentioned below:

• You have to land on the login page and use your username and password to log in
• Once you are logged in, you can click the ‘Policy Status’ tab
• You can now view the plans that are available in the account
• At this point, you will be able to check the LIC maturity amount along with other details such as policy name, date of paying the premium, policy term, etc.

#3. Checking LIC maturity amount through SMS

Another option for you to check your LIC maturity amount is through SMS. And as you do it, there is absolutely no need of remembering the credentials each time you have to check your LIC maturity amount. To do this, you have to type ‘ASKLIC’ which has to be followed by your policy number, and send it to 56767877.

#4. Checking LIC maturity amount through Customer Care

If you neither want to check the maturity amount online nor through SMS, you can do it through Customer Care. A dedicated team of LIC employees is always available on call to provide you with information regarding your LIC maturity amount. If you are a BSNL or MTNL user, you can make a call at 1251 from your mobile number. If your mobile number is from some other telecommunication company, you can get in touch with the Integrated Voice Response System (IVRS) and then follow it up with 1251.

How can an Integrated Voice Response (IVR) System be used to check Policy Status?

LIC customers can use the option of IVR or an integrated voice response system available 24*7 all across the country. LIC offers a universal number 1251 which the customers can use to access the IVR and get in touch with LIC customer care.  The IVR system can be used to clear any query related to LIC policies as well as to check the policy status of your LIC plan.

Here are the IVR numbers to dial:

• Dial 1251 – BSNL and MTNL customers
• Dial your city code followed by 1251 – For other mobile network and landline users

LIC customers and also reach out to the regional and zonal offices of LIC spread across 7 regions, namely:

• Eastern Zone
• Western Zone
• Northern Zone
• Southern Zone
• Central Zone
• South Central Zone
• North Central Zone

Is there a way to check the LIC policy status in case you have lost the policy documents?

A LIC policy document is a significant paper that needs to be kept safely so that you don’t lose the document. However, if you still misplace it or lose it for any reason, it can give you a stressful time. However, despite losing the LIC policy document, you can still check the policy status if you have the LIC policy number and other details. You can check the status using online mode via the LIC website or app. You may also visit the nearest branch of your LIC office to check the policy status.

Things to do if you lose your LIC policy document:

Check thoroughly – To ensure that the policy paper is not lying somewhere in your residence or office, you must get a thorough check done to trace the document wherever you think it could be.

Check with the Concerned Authority if you have availed a Loan – If a policyholder avails a loan against LIC policy, the document may be shared with the concerned financial institution that you got the loan.  So, you may contact them to check if the policy is kept safely.

Apply for duplicate – Once you are sure that your policy document is missing and untraceable, you can apply for a duplicate one at the LIC branch where you bought the policy.

You may follow the steps below to apply for a duplicate policy document:

• Lodge a police complaint about the missing policy document
• Apply to the LIC branch to request a new policy document
• Submit the necessary details or proofs
• Pay the required fees
• Follow up with the LIC branch to know the policy status

Why you should check your LIC maturity amount?

No matter whether it is your maturity amount or any other LIC plan, you need to check it once in a while. Along with knowing the current status of the plan, you would also be able to know the recent updates that have come up.

Things to Take Note at the Time of Evaluating LIC Maturity Sum Online

Below are some points that you must remember at the time of checking:

• Keep the details of the LIC policy handy as it is required to be submitted
• The policyholder can choose any user ID as per their choice at the time of creating the online account using numbers, letters and special characters
• The password of your account should be within 8 to 30 characters and should be easy to remember. You must keep the password confidential to avoid fraud activities
• Also, while creating the account remember that the box that has an asterisk(*) mark is compulsory to fill for successful account opening
• Provide a valid email ID for registering into the account for easy message conveying
• The user ID that you provide for registering to the account has to be unique. If any particular user ID is already in use, the customer may not get any notification

Maturity amount can be checked offline by visiting the nearest branch of LIC.

How to use SMS option to Check LIC Maturity Amount and LIC Pension Plan?

It is very easy to check the maturity amount and other details of a LIC policy through SMS. This way, the hassle of remembering the password is reduced, which is needed for logging into the account. To get any update related to LIC policy through SMS, you simply need to type “ASKLIC” and the policy number. Now, SMS it to 56767877.

Below table shows the different updates that can be received regarding your LIC policy through SMS.

Why Check LIC Pension Plan Status and Other Information at Regular Interval?

Checking LIC pension plans and other related details on the plans at regular intervals is important because otherwise the insured may forget to pay the premiums because of their busy schedules. Thus, it is recommended that the customer should keep checking the details and status of their LIC plan once in two months at least. This is because if the insured person fails to pay the premium even after the grace period of 30 days, the policy might lapse. Hence, it is important to keep a check on LIC pension Plan Status regularly.

How to Check Surrender Value of LIC Policy Online?

Surrender Value is a sum of money paid by the insurer to the policyholder in case the insured wants to terminate/surrender the policy. So, in case the insured has been regular with his/her premium for a period of three years, the individual can consider to surrender the policy and get the surrender value.

To check the surrender value online, one can use an online LIC maturity amount calculator or go to LIC official website and fill in the details needed. Here’s the formula mentioned below:

Basic Sum Assured (total number of paid premiums) + Total Bonus Received x Surrender Value Factor.

How should you Claim the Maturity of a LIC Plan?

You are likely to receive maturity claim intimations two months before your policy is matured from the nearest LIC branch. In case the policyholder passes away within the policy term, the nominee has to submit a discharged receipt in form number 3825. Along with it, policy documents also have to be submitted a month before the due date of the policy, so that there is no hindrance in getting the entire maturity amount. The documents that have to be submitted are identity proof of the policyholders, age proof, a canceled cheque, a copy of the bank passbook, an NEFT mandate form, and in cases of the death of the policyholder, the death certificate.

Conclusion

To avoid any problem or issue in the later stage, it is always a great idea to go through the policy while buying it. The maturity amount can be helpful for the family even if the policyholder is not there anymore.

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